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Ronan gives a slick presentation of his modernised shoeshine brand, pointing out that he has just secured two concessions with the British Airports Authority, at London Heathrow Terminal 1 and London Stansted.

In a tetchy exchange with Deborah Meaden, Ronan takes some time to reveal that he could make up to £500,000 turnover per annum from a booth in an airport location.

James Caan asks how much each booth costs and is impressed with a £5,400 price tag that includes a mobile phone charging point.

Ronan has straightforward projections - in his first year he hopes to open 10 booths with a further 10 in each subsequent year, each site generating £55,000 income per annum.

Duncan Bannatyne is concerned about these figures. He says he knows a shoeshine operator who already works at Heathrow Airport and that he can barely making a living from it.

Ronan replies that he would hope to make a healthy profit on the basis of having seven customers a hour, based on a 16 hour, 7 day week.

Duncan is unconvinced - if Ronan is lucky he may break even he opines and for that reason he is out.

Peter Jones is equally sceptical. He simply doesn't believe Ronan would have the sort of footfall he is predicting and that even if he did he would not generate the returns he was predicting - for those reasons he, too, is out.

Deborah quickly follows suit, frustrated by Ronan and unpersuaded by his pitch.

Theo Paphitis is disappointed insofar as Ronan has only just opened and so therefore cannot possibly justify his figures - he too is out.

James Caan however likes the concept and the idea of targeting airports and train stations. He can even imagine on less optimistic figures, the young entrepreneur generating a profit. On that basis he is prepared to make Ronan an offer - the full £108,000 but for a 40% equity share.

The Dragon goes on to explain that his stake is so high because Ronan does not have a business with demonstrable turnover yet and his percentage then reflects the risk involved.

Ronan hesitates - the gulf between 40% and the 10% he was hoping to give away is huge. James senses that the young entrepreneur has no appetite for a deal. He withdraws his offer and Ronan leaves the Den empty handed.

The deal done in the Den:

No investment.