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Entrepreneurs - Peter Harrison and Wesley Downham

Peter Harrison and Wesley Downham

FGH Security

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Peter & Wesley in the Den and other videos from this episode:

From the Den http://www.bbc.co.uk/dragonsden/media/emp/playlists/entrepreneurs/peterharrison.xml
Red Button http://www.bbc.co.uk/iplayer/playlist/p0091jy4
Roadtests http://www.bbc.co.uk/iplayer/playlist/p0091kh9

Name	Peter Harrison and Wesley Downham
Pitching	FGH Security
Investment Required	拢75,000
Equity Offered	10%
Brief Description	A security company that provides manned security, electronic security (alarms) and now CCTV

Glossary terms:

Peter and Wesley in the Den

A confident pitch from two imposing men in grey suits has the Dragons sitting up and paying attention. Peter and Wesley describe an impressive success story from their security company, which began as bouncers for a students' union and has gone on to win large public and private sector contracts with the goal of becoming a domestic and commercial security brand.

Their unique selling point, they claim, is that they are "unlike any other security company". Clearly these two, just as they claim, are not just stereotypical bouncers.

Deborah Meaden wants to know why they are in the Den at all. Wesley and Peter explain that they have "taken risks" with money management, including employing a debt collection agency that didn't work out for them, and that investment will remove that financial pressure.

I'm finding myself in a situation of how to play this so that I make sure I win

Peter turns alpha male

James Caan is impressed by the number of staff they employ and with their projections. He is particularly excited that they are growing through acquisitions and immediately offers them exactly what they asked for: 拢75,000 for 10%.

Theo Paphitis believes this is a fair offer, but wants to know if the stake of 10% will be worth his time and expertise in getting involved with the company. Peter and Wesley respond that they shouldn't need too much help: they're doing well at attracting clients on their own.

Duncan Bannatyne asks Wesley and Peter to explain their backgrounds and how they got into security. From their answers, it's clear the men know their industry.

Deborah is also keen to make them an offer, but she agrees with Theo that a 10% stake is too low. She asks for 15%. Duncan, sensing a lot of interest, leaps in to beat both the other Dragons' offers at 拢100,000, but he wants 20% of the business.

Theo is still unconvinced that 10% will be worth his while, but he likes Peter and Wesley and matches James Caan's offer of 拢75,000 for 10%.

Peter Jones has been uncharacteristically quiet up to this point, but he has an ace up his sleeve. Peter offers something that no other Dragon can, which is access to the top technology company in the UK industry. In addition, he offers 拢75,000 and asks for a 15% stake.

With a clean sweep of Dragon offers, Wesley and Peter need some time to talk it over.

They ask if Theo and Peter would be willing to make a deal together for 7.5% each. Theo is stumped for a moment. He and Peter offer 拢100,000 between them for a total of 20%, which will be reduced to 15% when the money is repaid. Peter and Wesley are overjoyed to accept.

The deal done in the den:

Peter Jones and Theo Paphitis: 拢100,000 for a 20% stake in FGH Security, to be reduced to 15% when the money is repaid.

Comments

1. At on 26 Jul 2010, dsuk wrote:
200 people to generate 100k profit LOL. Great scalable business Dragons, no wonder the NHS snapped them up with those margins...

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2. At on 26 Jul 2010, Brian Sims wrote:
As the Editor of Security Management Today (SMT) Online and the Group Content Editor of United Business Media Live Division's Security Portfolio, I would like to take this opportunity to publicly congratulate Peter Harrison, Wesley Downham and all of the team at FGH Security on this fantastic achievement.

Not only is this a pivotal moment for FGH Security as a company, but also for the security guarding and door supervision sectors in their entirety. Sectors in which the companies operating within do so professionally and with benefit of Security Industry Authority regulation.

This is the very kind of positive news about security that the national media often ignores, and yet achievements such as this evidence what the UK security guarding sector is capable of in the real world.

Absolutely fantastic!!!!

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3. At on 27 Jul 2010, Cosmo-Security wrote:
Working for a rival security guarding team at Cosmo Security Solutions, it was interesting to see the reactions of all 5 dragons fighting for a share in relatively small security guarding company. It was a good move giving away a relative small equity for 拢100,000 as working with the dragons will give them a huge client base.

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4. At on 28 Jul 2010, mally wrote:
On behalf of the members of Close Protection World I would like to congratulate Peter and Wesley on a successful pitch.

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5. At on 28 Jul 2010, mally wrote:
On behalf of the members of Close Protection World I would like to congratulate Peter and Wesley on a successful pitch.

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6. At on 01 Aug 2010, sweetie darling wrote:
I think these guys were absolutly fantastic, they have worked so hard.With or without the Dragons, they clearly were going to go along way.well done im so proud of you both.A credit to the security industry.

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Entrepreneurs - Peter Harrison and Wesley Downham

Peter Harrison and Wesley Downham