Autistic Entrepreneur Turning Over £3.5M In Sales! | Dragons' Den
Summary
TLDRBen Pearson, a young entrepreneur with autism, presents his plus-sized clothing brand, 'Big Clothing for You,' seeking £150,000 for a 10% stake. Despite overcoming significant personal challenges, including homelessness and mental health issues, Ben's business turned over £2.9 million in 2021 and is on track for £3.5 million in 2022. He aims to expand internationally but lacks the resources. After a tense pitch, he secures investment from Tyhaan Suliman, whose e-commerce expertise aligns perfectly with Ben's expansion goals.
Takeaways
- 🧵 Ben Pearson is the founder of Big Clothing For You, a plus-sized clothing brand.
- 🌟 Ben has autism and has faced significant life challenges including homelessness and mental health issues.
- 💼 In 2021, Big Clothing For You turned over £2.9 million and is on track to reach £3.5 million in 2022.
- 💰 Ben is seeking £150,000 for a 10% stake in his business to help with international expansion.
- 👕 The clothing line starts at 2XL and goes up to 8XL, offering both casual and formal wear.
- 💷 Ben's grandfather left him a substantial trust fund, which he used to start the business.
- 🔑 The gross profit in the last year was 69%, with a net profit of £200,000.
- 🌍 The business does not yet have the capability to sell overseas, which is a key area for investment.
- 📈 Ben has a director's loan account of about £1.3 million, which he has been drawing from as needed.
- 📊 The balance sheet shows a high level of stock valued at £2.3 million, which is a concern for some investors.
- 🐉 Despite initial interest, four out of five dragons declined to invest due to concerns over the balance sheet.
- 🎉 Tyhaan Suliman, an e-commerce software company owner, decided to invest £150,000 for a 35% stake, seeing potential in Ben's business model and story.
Q & A
What is Ben Pearson's business?
-Ben Pearson is the owner and founder of Big Clothing for You, a plus-sized clothing company.
What challenges did Ben face in his life before starting his business?
-Ben was diagnosed with autism and several other disabilities, spent time in social care, young offenders institutes, and was homeless. He also struggled with mental health issues leading to significant weight gain.
What was the turning point for Ben that led to starting his business?
-Ben was unable to find clothing that fit him on the High Street, which led him to start Big Clothing for You from his bedroom in 2015.
What was the company's turnover in 2021?
-Big Clothing for You turned over £2.9 million in 2021.
What was Ben's investment ask on the show?
-Ben was seeking £150,000 for a 10% stake in Big Clothing for You.
What is the starting size of clothing that Big Clothing for You offers?
-The clothing sizes start at 2XL and go up to 8XL.
How much was the gross profit percentage for the business in the previous year?
-The gross profit was 69%.
What is the main reason Ben is seeking investment?
-Ben is seeking investment to expand into international markets, as he currently lacks the resources to do so.
How did Ben fund the initial start of his business?
-Ben's grandfather left him a large trust fund, which was released to him in his late teens.
What was the reaction of the Dragons to Ben's business and personal journey?
-The Dragons were impressed by Ben's journey and the business's performance, but they had concerns about the balance sheet and the amount of stock relative to other financials.
Which Dragon invested in Ben's business and what was the final deal?
-Tuas Suliman invested in Ben's business, offering £150,000 for a 35% stake.
What advice does Ben have for other people with autism?
-Ben advises others with autism to never give up and not let anyone stand in their way.
Outlines
👕 The Journey of Ben Pearson and Big Clothing for You
Ben Pearson, the founder of Big Clothing for You, shares his inspiring story of overcoming autism and disabilities to start his business. Initially facing challenges in social care and becoming homeless, Ben used his experience of not finding suitable clothing and turned it into a business opportunity. He started the company from his bedroom, selling on eBay and Amazon, and achieved a turnover of £2.9 million in 2021, with a projected £3.5 million for 2022. Ben seeks £150,000 for a 10% stake to help expand internationally, showcasing his range and samples to potential investors.
💼 The Business Pitch and Investor Interaction
The interaction between Ben and the investors, known as 'dragons', unfolds as they discuss the business model of Big Clothing for You. Ben explains that his company starts at 2XL and goes up to 8XL, offering great value for money with a £680 shirt sold for £29.99. The dragons are impressed with the business's growth and profitability, with a 69% gross profit and a net profit of £200,000. However, concerns arise about the balance sheet, with a large director's loan and high stock valuation. Despite the impressive numbers, some dragons decide not to invest due to these financial discrepancies.
📈 Final Negotiations and The Deal
After a series of discussions and revelations about the financial health of Big Clothing for You, only one dragon, Tuas Suliman, remains interested. Despite initial concerns about the balance sheet, Tuas sees potential in Ben's determination and the business's international ambitions. He offers £150,000 for a 35% stake, which Ben gladly accepts. The deal is celebrated as a perfect fit, with Tuas's expertise in e-commerce expected to help Big Clothing for You reach global markets.
Mindmap
Keywords
💡Autism
💡Big Clothing
💡Investment
💡Dragons
💡Turnover
💡Profit
💡International Markets
💡E-commerce
💡Balance Sheet
💡Director's Loan
💡Stock
Highlights
Ben Pearson, founder of Big Clothing For You, seeks investment despite his autism and past struggles.
Ben's business turned over £2.9 million in 2021 and is on track to exceed £3.5 million in 2022.
Ben is looking for £150,000 for a 10% stake in his company to expand internationally.
Ben's clothing line starts at 2XL and goes up to 8XL, addressing a niche market.
A shirt that takes 2.5 meters of fabric is sold for £29.99, showcasing great value.
Ben's business also includes formal wear, with suits priced around £50.
Ben aims to sell overseas but lacks an international website capability.
Ben received a substantial trust fund from his grandfather, which he used to fund his business.
The business had a gross profit of 69% and a net profit of £200,000 in the previous year.
Ben plans to use the investment to hire a dedicated resource for international market expansion.
Steven Bartlet is inspired by Ben's journey from a young offenders institute to a successful entrepreneur.
Ben admits to struggling with anxiety due to his autism but has learned to control it.
Ben started his business with an initial capital of £680,000.
Ben's director's loan account is at £1.3 million, indicating a large personal investment.
Ben's stock is valued at £2.3 million retail, but the cost is only £600,000.
The balance sheet reveals that Ben's business is not as financially healthy as initially presented.
Tuas Suliman decides to invest £150,000 for a 35% stake in Big Clothing For You.
Ben's success story serves as an inspiration for others with autism to never give up.
Transcripts
[Music]
I'm really proud to be here today having
autism it takes a lot of guts to be here
but I'd like to inspire others and show
them where there is a will there is a
way and we should not be held back for
having these slightly different ways of
thinking when it comes to a choice of
business partner Ben has a particular
investor in mind looking at the history
and expertise of the Dragons I think U
would be the one but I'm not rolling
anything
[Music]
out hello dragons my name is Ben Pearson
I'm the owner and founder of big
clothing for you from a young age I was
diagnosed with autism and several other
disabilities I've spent the majority of
my life in Social care young offenders
institutes and homeless I became nearly
30 Stone from having mental health
issues but I took a lot of counseling
and overcame these barriers but there
was one thing I couldn't do and I
couldn't find clothing on the High
Street there wasn't a thing that fitted
me so in 2015 I started big clothing for
you from my bedroom sewing on eBay and
Amazon in 2021 we turned over 2.9
Million in 2022 we're on track to turn
over 3.5 million I'm here today to
picture 150,000 for 10% stake in big
clothing for you but why I might look
like I've done it but I haven't I'm
stuck and I can't expand I can't get
into the international markets and
that's what I'm looking for so please do
have a look at our range and a couple of
samples in your boxes thank
you can I have a look of course please
do Tuka a plus-sized clothing company
with plus-sized International ambition
is the proposition from entrepreneur Ben
Pearson hope you like what you see
he's seeking
£150,000 in return for a 10% share of
his business good fashion Tycoon Tas
sulliman has already got handson with
Ben's products but now he wants to get a
feel for his
business Ben Tuka hi Tuka well done ah
thank you I'm very
impressed you know the funny thing is is
that this is a market that has been
ignored so your size starts from where
so we start at 2XL and we go right up to
8 XL 8 XL yeah so that shirt that
Deborah's got probably takes about 2 and
a half m y and how much does it cost you
uh that was £680 great and we sell what
you sell it for
$29.99 wow and nicely have you looked at
them they're really so that's great
value no wonder you're cleaning up over
here on the
turnover so you don't do Formal Wear do
you yes we do we have a collection that
covers yep formal shirt suits and how
much were we selling the suits for
around
£50 W you're cheaper than my
brand look to me there's a there's a big
opening
here how have you funded the business so
far so when I was 1 years old my
grandfather left me a big trust fund and
when I was late teens uh the trustees uh
decided that that could be released to
me wow and when you say a large amount
was that substantial in the hundreds
hundreds of thousands of pounds
sure so just take me through last year
you said you turned over 2.9 Million
yeah what was your profit on that the
gross profit was
69% and the net was 200,000 and the next
year we're looking about 5 million and
how are you going to start selling
overseas do you have an international
website capability good point no we
don't so this is one of the reasons why
we need the investment we actually need
a dedicated resource to display
correctly in these countries Ben this
could be quite interesting CU I happen
to own one of the world's leading
e-commerce software companies that takes
Brands to Global markets could be
interesting Peter Jones hints at a
potentially lucrative tie-in that could
see Ben's garments Go Global now Steven
Bartlet is Keen to find out more about
The Man Behind The Men's
Wear I have to say I'm I'm really really
inspired by your journey specifically
because you mentioned that you were in a
young offenders Institute at some point
yeah but I wanted to get some more
detail as to how your life has has
shifted in such an inspiring way sure so
I found there was a gap in the care
system and it rendered me homeless so I
hit rock bottom and I thought I got
nothing but I got nothing to lose so
while I sat on the streets food banks I
thought yeah I can pick myself up and I
just started plowing
forward okay and is that Harvey price it
is indeed how did you get to to meet
them um he was struggling to find
clothing and 18 months of persistency
knocking on Kate's best friend's door I
got to meeting with Kate and uh we never
look back and so is is he a brand
ambassador he is okay yeah what would
you say that you I'm not good at very
good question I often ask people in
interviews this so there's many things
I'm not good at I guess controlling my
anxiety because I've got autism so um
coming here today I'm not very good at
interacting with people or I don't think
I am in my mind it takes a lot of
Courage for me to do it we've just
demonstrated how good you are at
controlling your mind for for the
benefit of
yourself which is absolutely exceptional
you're one of the best pictures I've
ever I've seen since I've been in the
den oh thank you very much
Ben's temperament and tenacity are
winning him plenty of admirers in the
den will his business's numbers make a
similarly positive
impression when you started in 2015 how
much Capital did you put in to start the
business
680,000 so is the director's Loan
account still sitting at 680 uh no the
director's Loan account is about 1 Point
three I
think so you've got personal cash
invested in this business of 1.3 million
correct when do you plan to take that
out I don't rather than drawing a salary
I've been taking some out of the
director's Loan account as and when I
need it okay so what is your stock on
hand what's your balance sheet looking
like at the moment basically a balance
sheet I think stocks about 2.3
million you've got stock of 2.3 million
given that the high proportion of your
businesses Trend you're sitting on a lot
more stock than I was
expecting I don't know in a fashion
business tole but what's a normal Well
normally your stock cover should be
about 6 700 Grand so you've got too much
stock2 Million worth of stock offsets a
large director's loan money Ben could
withdraw from the business at any time
his books appear balanced but for one of
the Dragons things simply aren't adding
up Ben just take me through so where you
are today what's what's your sort of
retained earnings in other words the
profits that you've plowed back into the
business and you've retained in the
company where would where would they sit
out today yeah I think they're just
short of 800,000 and how much cash in
the bank have you got
143,000 and creditors I think it's about
250,000 and debtors under 5,000
,000 okay and your total stock is 2.3 is
that 2.3 cost or is that retail price uh
that's H the retail valuation by deits
yeah retail not cost yes that's the
retail oh that explains what's the cost
the cost of that
stock
600 when you first come in and say you
got 2.3 million of stock you're going
wow you've got some serious cash behind
this this business but when you deduct
the reality of Life youve put such a
large amount of capital in and you're
not taking any salary at all and any
money you do take out you're taking and
reducing your director's
loan is that a perfect summary of the
business it's a a good way of looking at
it certainly
yeah I'm good with numbers you certainly
are you say you like honesty so I'm
going to be really
honest I was going to make you an offer
y but I'm sadly going to say I'm not
going to invest because of that only
reason is that the balance sheet just
demonstrates that the business isn't
quite there so I I've got to say that
I'm
[Music]
out a Peter Jones probing reveals the
Ben's balance sheet is nowhere near as
healthy as it first appeared and he's
lost his first dragon
will Sara Davies see sufficient promise
in the business to make its CEO an
[Music]
offer I love you you are the most
straight talking person I've ever met in
business and it is so refreshing but on
the flip side that 1.3 million still Ed
out to you on a business that's been
highly profitable for so many years that
is just ringing really big alarm bells
for me
so I'm going to say that I'm
out Ben you are brilliant it's a real
pleasure to talk to somebody who you ask
a question they answer it and you
believe it you know I can work with that
any day of the week but I've been
sitting here battling with the balance
sheet I'm afraid that side of me is one
so I won't be investing I'm
out Ben I've wrote a lot of things down
here and there's a couple of words that
I wrote over and over again seemingly
and that is describing you smart
inspiring Relentless dogged and
trustworthy and then I wrote I want to
love and be inspired by this industry in
business as much as I am by the
entrepreneur I'm not incredibly
passionate about this
industry both aspects are incredibly
important for me to want to make an
investment cuz I'm really really
compelled by one of those aspect aspects
but not by the other that is the reason
I'm going to say that I'm
out four dragons down and the clothing
entrepreneurs prospects of a deal now
hang by the slimmest of
threads only tuas Suliman who was
originally Ben's Most Wanted is yet to
declare his
position you know I am sitting on that
fence because when you came out with
your B sheet just
thought
deflated it's not in the same healthy
State as you you pretend it to be
unfortunately you
know silence in the
den if you don't make an offer for this
one t I don't know what you're going to
make an offer
for just got your name written all over
it
yeah
look I I'm going to make you an offer
sure all the money 150,000 but I want
35% I'd love to accept your offer great
absolutely brilliant well done fantastic
so pleased brilliant thank you brilliant
it's a perfect fit as Ben sews up
£150,000 worth of investment and the
backing of a dragon whose skill set is
ideally tailored to his company's needs
I've never been so pleased somebody else
won an investment congratulations T well
done thank you having Tuka on board is
going to be a fantastic addition to our
business just what we need if anybody
else out there has autism what I would
say especially if they're young never
give up don't let anybody stand in your
way
[Music]
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