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Lawrence Webb and Frank Drewett pitch for £50000 investment in their patented pedal device to open a wheelie bin lid and Frank gives a demonstration of the simple labour-saving product.

Duncan is quickly on his feet inspecting the Lid Lifter, seemingly unimpressed by the plastic, string and tape construction. Under James's interrogation the Dragons find that the patent on the Lid Lifter was granted 12 years ago and they have sold just 2000 since. Asked how many that is per year Duncan cuts in "not a lot."

Theo wants to know why sales have been slow and Frank reveals that he actually acted against advice from retail experts because he thought £20 was too high a price for the consumer.

Frank is clearly a man of principle and he explains to an interested Deborah Meaden the intricacies of the patent. Deborah asserts that the product isn't very attractive but believes it solves a problem and is willing to take a "punt". She offers Frank and Lawrence half the money for a 25% share in the company.

Duncan remains unconvinced that the business is viable and declares himself out while James tells the duo "I'm not in the lid lifting business and I have no desire to be in the lid lifting business."

Theo's the next Dragon to declare his interest. After pondering whether Mrs P would use the device he decides to match Deborah's offer. At this point an unusually quiet Peter Jones breaks his silence, stating that he agrees with Duncan and James that this is not a business, but that it could be a perfect opportunity for him to buy a valuable patent.

Peter makes his case to Frank and Lawrence, pointing out that he thinks their product is "superb" and worth more than a punt. Telling the pair that it's their lucky day, Peter paints himself as the ideal Dragon investor and offers £50,000 for 50% of the patent.

His tactics have riled fellow Dragon Deborah who clarifies that by "punt" she means a proposition that is high risk rather than just a bit of fun. Lawrence and Frank retreat to the back of the Den to consider their options and return with their minds made up. Thanking all the Dragons for their input, the Lid Lifter entrepreneurs accept Peter's offer.

The deal done in the Den:

Peter Jones: £50,000 for 50% equity in the Lid Lifters.

Last updated: 29 July 2009