It was a simple idea but it looks set to make Peter Moule one of the most
successful contestants to have appeared on the BBC Two reality programme Dragons’
Den.
Mr Moule persuaded two of the show’s wealthy entrepreneurs to invest in his
Chocbox, a £1 plastic junction box that makes it safer to join electrical
cables together.
Since the deal, which was shown on last night’s programme, was agreed, Mr
Moule has won a distribution contract from one of Europe’s largest
electrical wholesalers, GET. On conservative estimates the product is
expected to sell 25 million units over the next five years, making Mr Moule
a multi-millionaire and adding significantly to the fortunes of the two
“dragons”, Duncan Bannatyne and James Caan.
Mr Moule, who is 53 and a grandfather, sold 36 per cent of his company in
return for £150,000 of investment. But yesterday he conceded it was not the
money he was really after.
He said: “My business was already doing well, what I really wanted was their
contacts and business acumen. It was a good investment for them but a good
investment for me too.”
The Chocbox is being produced in Harlow, Essex, rather than imported from the
Far East like most electrical goods. The deal with GET, which was arranged
by Mr Caan, means that the product will be sold in 152 countries.
In the TV programme, entrepreneurs judge the likely success of business ideas.
Mr Caan, who joined the Dragons’ Den panel this series, said: “The
deal that Peter has struck with GET is phenomenal. Duncan and I are
delighted that we saw potential where the other Dragons could not.”
The Chocbox is a simple plastic housing. The only surprising thing about it is
that no one had come up with the idea before Mr Moule.
He was working for the family firm installing electrics for displays and
exhibitions when new EU rules were introduced. Until then most electricians
used a connector strip to put the wires together, then wrapped it all in
tape. The EU decreed the junction must be protected in a rigid case.
He said: “I went round a number of electrical retailers but although I could
buy a connector strip there was nothing to put it in. I was told there was
no such product available so I invented the Chocbox.
“Around 75 per cent of homes in Britain have got a connector wrapped in a
piece of tape which does not meet current regulations, so the market was
huge. Fifteen million connector strips are sold in Britain alone each year.”
He added: “Although I was nervous about appearing on Dragons’ Den, I have
always been confident about my product and its potential and I went in with
a quietly confident air about me. The whole atmosphere puts you under
intense pressure and it is a daunting experience, so I was delighted when
the Dragons decided to invest in me.”
