Merseyside perfumers Owen Drew have confirmed that they had signed on the proverbial dotted line after successfully securing £50,000 on BBC One’s Dragons’ Den last October. Founder of the business, Drew Cockton, pitched 10% equity in his business which produces scented candles, perfumes and luxury bath and body products in exchange for the cash, eventually securing funding from retail magnate Touker Suleyman in exchange for a 30% slice of the company.
Owen Drew was started by then financial services manager Drew Cockton as a hobby in 2016. Cockton explained that he found making scented candles in his kitchen a welcome distraction from the pressures of corporate life and an outlet for his stifled creativity.
The entrepreneur progressed to selling at craft fairs and via social media but after being inundated with orders, he took the gamble to quit his stable position and launch the cottage industry business. Six months later, his then partner Michael Skeggs joined the business and the two began establishing Owen Drew as a brand.
Cockton impressed the Dragons with impressive sales figures and a healthy balance sheet as well as tales of the business’s novel product inventions including the ‘World’s Most Expensive Candle’, encased in 24 carat gold and imbued with the most expensive oils available.
It is a little known fact that more than half of deals agreed on the television show do not come to fruition after the entrepreneurs or the respective investors get cold feet or change their mind. It is also not uncommon for those businesses pitching to exaggerate claims or inflate their figures and so a 10-month process of due diligence and contract negotiation was yesterday brought to an end when contracts were exchanged and monies deposited.
The business is now undergoing a rebrand with the help of a London based creative agency. “We have chosen a more modern, sleek and minimalistic approach which better suits the tastes of a London-based clientele. It has been difficult to move in this direction as I am a fan of a more ornate and detailed look but to grow the business, we have to appeal to a new demographic” Cockton explained.
Suleyman – worth an estimated £200m – is widely regarded as one of the most successful retail tycoons in the country with contacts to every major retailer in the market and it was this which appealed to Drew. “We’ve managed to get the business this far but with Touker’s help, we will take things to the next level. We are already in talks with a major retailer about a Christmas collection, so stay tuned”.
For more information, please see www.OwenDrew.com.
