Betaville |
| Posted: 11 Mar 2016 01:20 AM PST Sometimes in the world of business knock backs only strengthen your resolve to succeed. That appears to be the case for Shaun Pulfrey, a former hairdresser. Back in 2007, he went onto to the Dragons' Den (the hit BBC TV programme) seeking £80,000 for a 15pc stake in Tangle Teezer, which makes hairbrushes to comb through knotted hair. The Dragons - which at the time included Duncan Bannatyne, James Caan, Deborah Meaden and Peter Jones - all turned Pulfrey down. Apparently, Peter Jones described Pulfrey's pitch as a "hair-brained" idea. Here is a Financial Times interview with the entrepreneur: http://www.ft.com/cms/s/0/213382be-52c9-11e3-8586-00144feabdc0.html#axzz42a8fUAew However, Pulfrey will have the last laugh after little old Betaville discovered that Tangle Teezer, Pulfrey's company, has hired advisers from Baird, the corporate finance house, to field interest from potential buyers. Tangle Teezer has grown rapidly in the last five years and its products have become popular with celebrities such as Victoria Beckham, Cara Delevingne and Emma Watson. Reports last year claimed the company generated sales of over £30 million and distributed its products in over 70 countries. Any deal, which could be some way off, is likely to value Tangle Teezer at well above £100 million as I'm told the business currently generates between £10 million and £12 million of EBITDA (earnings before interest tax and amortisation). Insiders downplayed the likelihood of an imminent sale of Tangle Teezer, pointing out that the advisor at Baird (who was previously at DC Advisory) has been working with the company for quite some time to deal with expressions of interest, which the company receives on a regular basis. Still, once corporate financiers get appointed to advise a company on "expressions of interest" a deal, typically, is not too far on the horizon...  |
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