Guilsfield man snubs Dragon’s cash!

A Guilsfield entrepreneur snubbed a television Dragon’s offer of cash to go it alone following a dramatic exchange on the popular BBC2 programme Dragon’s Den last night.

Tim Morgan (pictured), who created the Mountain Trike all terrain wheelchair, impressed the Dragons with several expressing an interest to invest, but the 30-year-old’s £2 million valuation of his company didn’t meet the business tycoons’ estimates. He was looking for a £100,000 investment for just 5% of his company.

“Your £2 million estimation is bordering on the delusional,” said Peter Jones, but when another Dragon tried to lure him in with an offer but for more equity the now Crewe-based Tim stood firm.

“You’re great, it’s great, but your valuation is crazy,” said Deborah Meaden. “If it is 5% I cannot invest, but I would be willing to offer the full money for 15% of the company.”

However, it wasn’t enough to entice Tim who revealed that his company expected to break America next year and sell up to 100 units worldwide, generating revenue of around £400,000 for 2014.

The former Welshpool High School pupil is Managing Director of Mountain Trike, the all-terrain wheelchair company which manufactures the only manual wheelchair on the market using mountain bike technology to give users the independence and freedom to go off-road in comfort. He described his invention as “revolutionary” and already supplies the British Army.

He is a keen mountain biker and graduated from Bath University with a first class degree in a Masters of Engineering. He was a design engineer with one of the world’s most prestigious car manufacturers before turning his hand to developing Mountain Trike and working on other designs.

Despite not securing the deal he was after, the huge television exposure can only be good news for business.