BEST PITCHES: Levi Roots' Reggae Reggae pitch lures Peter Jones! | Dragons' Den - BBC

put some music in my food for me and give me some regular regulars at reggae regis it's so nice i had to name it twice i call it rig registers at reggae registers put some reggae sauce on your lips thank you my name is levi roots i'm looking for fifty thousand for twenty percent in my reggae regis source i've been in the music business for over thirty years i'm a producer a singer a songwriter and a chef for 15 of those 30 years i've been doing the notional carnival supplying most of the stalls with my secret recipe sauce i entitled reggae sauce so without further ado i like just let you have a look right the sauce what is the sauce reggae reggie sauce is a hot to mild jerk barbecue sauce it replaces the typical tomato ketchup all your hot pepper sauce tomato ketchup is boring no flavors just tomato hot pepper sauce is hot no flavors it ruins your food with regular regular sauce it retains the flavors of the garlic the peppers the coriander the scallion and all the herbs and spices which we put in i've got a very nice order from a meat company in yorkshire for wait for it two and a half million liters of reggae reggae sauce as their first orders we've had just like a shook hands on a deal i've had a nice letter from them which i have with me now what we have to do now is just try and get production up to standard any questions please [Music] it's rare for the dragons to be serenaded for an investment but will that help levi root secure the 50 000 pounds he needs in return for a 20 share in reggae reggae source theo pathetis wants to know more about the entrepreneur in front of him levi roots what a great name is it your real name no it's my student my real name is keith no i don't think he would have been in 30 years in a regular house can i introduce keith you've just lost so much credibility you should have lied to him and said yeah what you guys not if my mother calls me keith right she calls me levi i've been knowing that ever since then oh yeah right you mentioned a letter you had with an order for 2.5 million liters yeah so have you got the letter with you i have indeed well would you pass that to theon let him read it well i'll ask you a few more questions no problem i think thea must be this handsome guy right in front of me here our soul i like you already so you've been selling this for 15 years yes at the carnival not in your carnival yes so how many bottles did you sell last year two and a half thousand two and a half thousand bottles at the carnival and approximately how much per bottle 149. so about four thousand pound turnover or something the sauce actually costs 32 pence to make each bottle of this size where do you make it how do you make it you make it in your kitchen or yes at the moment i make it at home in my kitchen and my children help me and and we just sort of do it as a family there um it's very small kitchen we're not we can't do a very large amount can you legally make things like that in your kitchen and go out and sell them nationwide absolutely because we've had we've had our lecture in a confirmation from the food standard okay which was one of the first thing that i did have you spoken to anybody about what it takes to produce the kind of volumes that are going to be needed to fulfill these and what do you need to do what i need to do is to rent a place i mean i won't buy or anything like that i would just rent a premises and i think the equipment will cost me about 25 000 for for all equipment you're 20 you need to spend 25 000 pounds on equipment levi's still sounding confident but his ambitious plans mean transforming a cottage industry into a mass production line virtually overnight theo pathetis has been studying levi's paperwork and has some concerns about the order itself i might have misunderstood you slightly because i thought you said that you had an order for two and a half million liters that's not what this letter says this letter says if they were to try market your product and if it was as successful as some of the other lines that are in national retailers that's the sort of level that they would have to produce to make it happen is that your understanding no basically what he's saying to me and says look we're ready to make an order as long as you can supply us with this this is what we will do right and and they're going to pay you a royalty of five percent five percent providing the knocking supply and he thinks that that will create about 390 000 packs yeah which will retail at about 1.7 million so 5 of that is so that would be to sing a song that would be that would be that would be your royalty yes roughly roughly yeah that'll be and then you're gonna be selling these guys at six pound fifty a liter per liter yeah what's that in real money i think it's 16 million something 16 16 and a half million although levi's letter is not a firm order he's still maintaining this potential deal could generate 16 million pounds a huge turnover for such a small business but richard farley thinks he spotted a fundamental flaw in levi's calculations [Music] libra can i just uh i just want to it's something i don't understand um uh you've got an order for two and a half thousand kilos is that the one you're saying is two and a half million liters yeah because i don't think that's right not two and a half thousand two hundred and fifty thousand isn't it two thousand five hundred kilos it's two so it's two it's a lot less than you think it is it's two and a half thousand the order is for two and a half thousand kilos well a kilo is about the same as a liter if it's water it's exactly the same so it's not two and a half million liters if you've got two and a half thousand of kilos it's two and a half thousand liters okay and then it says that's an initial requirement and then a potential every week thereafter of 500 kilos per week it's about 25 000 a year okay and you and you're getting six pounds per 6 pounds 50 per liter right so it's about 130 000 pounds worth per order per year it's not 16 million richard farley has exposed a disastrous miscalculation by levi potential royalties aside manufacturing the source himself would make him 130 000 pounds but not 16 million pounds duncan vanitine has heard enough be right there's no business in this um so i'm going to let you know what i am and i'm not going to invest so i wish you the best of luck but i'm out duncan bannertine thinks levi's source has no future will the four remaining dragons agree [Music] okay let me let me tell you where i am i think you've got a great business but it's for you and you will do well out of it it's not going to be on a big enough scale for me so thanks for bringing it here but i'm out thank you eva let me come in here that letter's not an order and it's a hugely complex difficult business to getting to major supermarkets in fact i've got as far to say you've got pretty well very little hope if on the other hand the uh that letter becomes reality the royalties alone on one line they're offering you is approximately 80 000 pounds then on top of that you'll then receive your money for supply and source so at that stage you actually don't need any help from anybody here if that comes to fruition so those are the two reasons why i won't be investing so i'm afraid levi i'm out levi is staring disaster in the face with three dragons out in quick succession his chances of securing the 50 000 pound investment are fading fast only peter jones and richard farley now stand between him and expulsion from the den it's a little bit confusing because i mean you're a fantastic guy a lot of fun right but they always get i mean that's completely irrelevant really because in terms of you managing a business i'd be a bit nervous because as i discovered you're not doing two and a half million liters you're doing two and a half thousand liters and i noticed you didn't sort of say oh in that case i'll only need a small room or less money so you probably admit to me that your business skills probably would need a little bit of help absolutely i would say that yeah so i'm just sort of sitting here thinking do i want to take a gamble you know can i just cut it gives rich a bit of time to think about whether he wants to gamble or whether think about it because i know where i'm going with it and i just want to be clear where i am okay um so you've got no illusions going forward um i think that trying to get into this market we know how competitive it is it's seriously seriously competitive to try and range run product it's kind of almost impossible so to let you know where i am i like impossible challenges good and i've been sitting here for 10 minutes i've been actually stuck i can't believe this is the first time ever i've actually started to sweat and i don't know whether it's the source that i've just taken or actually whether it's what i'm about to say um it is a complete punt but i kind of probably would enjoy it i've got a few people in the marketplace that i could introduce you to but i'd want a little bit more of a slice but i wouldn't want to take too much away from you because i think you need to earn a living but i would offer you half the money for 20 percent it's an extraordinary twist peter jones has stepped in and offered levi half of the 50 000 pounds he needs but he's demanding the whole 20 equity stake in return under the rules of the den levi must secure all the money he's asking for or he leaves empty-handed his fate now rests with richard farley is that an interesting offer to you i mean it just because on the one hand if this works it's great if if it doesn't it doesn't matter how many other sources you've got um well so we're talking about 25 000 for 20 so uh no i think i think that's a fair that's that's not a it is a gamble it is a punt uh i'd match that 25 000 for another 20 so you'd be talking 50 000 for 40 leaving you 60 percent richard finally thinks there is money to be made from levi's deal but only if he has a big enough slice of the company levi could have the 50 000 pounds he's come for if he's prepared to give the two dragons double the equity he was originally offering will he be prepared to sacrifice such a large chunk of his business well i came with you know thinking that i'm going to be tough like you guys but i must admit i have learned a few things here you know from you guys obviously i'm always up for learning and um i think that that deal it's not ideal for me but at the same time i think this is going to be fantastic for us for for the source so i would accept gladly and levi has done it after a rollercoaster ride in the den he's giving away 40 of his company having gained 50 000 pounds and two extremely influential business partners now he really has got something to sing about put some music in the food for me and give me some reggae regular sauce at reggae sauce it's so nice i had to let me twice i call it reggae regis [Applause] [Music] blessed

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Keywords: United Kingdom, British TV, British TV Shows, Watch UK TV Online, Watch British TV Shows Online, Watch British TV Online, Dragons, series, worst, pitches, funniest, most, ideas, products, businesses, peter jones, deborah meaden, dragons den worst pitches, dragons den funny, dragons den series 17, shark tank, new dragons den, new shark tank, Deborah Meaden, Sara Davies, Peter Jones, Tej Lalvani, dragons den 2020, shark tank 2020

Id: Odx8NV6dX0Q

Length: 13min 3sec (783 seconds)

Published: Tue Aug 04 2020