Dragons’ Den success stories: Magic Whiteboard
The product start-up which got Theo Paphitis and Deborah Meaden on board now counts Sainsbury’s and Ryman among its stockists…
Company name: Magic Whiteboard Ltd
Description: Portable whiteboard in a roll
Investment received: £100,000 for 40% equity
Dragon investors: Deborah Meaden and Theo Paphitis
Still in business? Yes – the founders have since bought back their shares from the Dragons
Said to be Meaden and Paphitis’ most successful investment to date, portable whiteboard “in a roll” invention Magic Whiteboard has achieved impressive growth since appearing in the Den seven years ago.
Founded by husband-and-wife team Neil and Laura Westwood, Magic Whiteboard is now stocked in over 240 Ryman stores (thanks to Paphitis), Sainsbury’s stores and Viking Direct, with a global customer base.
The Worcester-based company has expanded its range to Blackout Blinds, available at JoJo Maman Bebe and Argos among others, and more recently launched reusable self-stick notes which attach to most surfaces.
In September 2014, the Westwood’s bought back their shares from Meaden and Paphitis, giving the investors an £800,000 return on their £100,000 investment, and now own 100% of the business.
Peter Jones had originally dubbed Magic Whiteboard “ridiculous” but, given the company’s longevity and investor returns, it has shown itself to be anything but.
Watch the original pitch here.