Dragons’ Den Chocbox: Biggest-ever Success in the History of the Dragons’ Den

Dragons’ Den Chocbox: Biggest-ever Success in the History of the Dragons' Den

What is Dragons’ Den Chocbox?

Traditionally, electrical wires were tied using electrical tapes, which were potentially dangerous, difficult to manage and looked messy and untidy. To solve this problem, Peter Moule introduced Chocbox, an innovative product that safely stores electrical cables and wires. Chocbox is a patented simple plastic box that securely encloses cable connections and eliminates the use of messy and potentially hazardous electrical tapes. The Dragons consider Chocbox the biggest-ever success in the history of the BBC’s Dragons’ Den.

Who is the Founder of Dragons’ Den Chocbox?

Peter Moule invented Chocbox several years ago when a new regulation banned exposed bare connectors in residential and commercial places. In an interview, Peter stated, “In Britain, around 75% of houses had a connector wrapped in tape. It did not meet current rules, and thus, I knew if I invented the right product, I would have a huge target audience.” 

Peter is a British entrepreneur living in Hertfordshire, England. He originally sold a limited number of Chocbox to local electrical distributors through his firm, Electro Expo Ltd.

However, he sought extra funding to expand his business into the domestic and global markets. Peter mentioned in an interview that even though B&Q and Screwfix sold Chocbox, people needed to learn more about the product. He also wanted to use the Dragons’ expertise and do a TV campaign to enter the export market. Thus, he entered BBC’s Dragons’ Den to seek investment, mentorship, expansion and create brand awareness.

Journey of Chocbox on Dragons’ Den

In 2007, Peter Moule pitched his innovation on the BBC show Dragons’ Den. Telling about his experience on the TV programme, Peter stated, “I was very nervous about appearing on the BBC show. However, I was always confident and positive about Chocbox and its potential. So, I entered the Den with a sense of quiet confidence.”

He added, “The whole atmosphere of Dragons Den creates intense pressure, making it an intimidating experience. I was so happy and satisfied when the Dragons decided to invest in me”. Notably, Dragons James Caan and Duncan Bannatyne invested £150k in Chocbox for a 36% equity.

James Caan describes Chocbox as his best, most liked and preferred investment. He stated, “Entrepreneurs rarely pitch high-performing and existing businesses on the Dragons’ Den. Peter’s company was already creating excellent profit, had £100k in the bank and maintained a good reputation. However, most Dragons rejected Chocbox because they failed to understand why Peter needed a £100k investment. They did not notice that Peter was less interested in getting investment, and he instead wanted a good mentor.”

James added, “Moule was willing to expand his business globally, but he lacked the experience and network to help him do so. Chocbox required my little effort, and it paid off. Moreover, in 2010, I sold my share in Chocbox for an excellent profit. Peter’s story reminds us that capital, knowledge, experience, expertise and contacts can help achieve success.”

Where is Dragons’ Den Chocbox Now

After appearing on Dragons’ Den, Moule signed a three-year-long multi-million deal with a German company that loved Chocbox. This deal was a game-changing offer for the business. Moreover, in just three months, the junction box made international sales worth £25m, reaching new heights of success. Today, Chocbox delivers its appliances to 152 nations and sells its products through Toolstation, Wickes, Screwfix and local retailers.

Peter also signed a contract with GET Plc, one of the UK’s largest importers and distributors of electronic and electrical products. It was a five-year deal mentioning that Moule would sell five million units annually in 152 nations. However, the entrepreneur believed annual sales worth £100m were possible. He achieved exceptional success without utilising a single penny he received from the Dragons.

Moreover, Peter proved he was a dragon by negotiating with dragons Bannatyne and Caan. The Dragons and Moule agreed Peter would get 6% of his company back if Chocbox earned £1m in the first three years. The entrepreneur won the deal and got his 6% back in just one year. It was a one-of-a-kind moment in the Dragons’ Den.

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In one of his interviews, Peter stated, “Appearing on BBC’s Dragons’ Den has been a life-changing experience for me. I feel delighted because now other entrepreneurs see me as an inspiration. Several entrepreneurs bring their products to me, and luckily, we have signed up for two amazing innovations. Interestingly, these two inventions have more potential than Chocbox.”

He added, “Dragons’ Den has also given me a lot of fame. I started receiving recognition every week since the programme, even in the exhibition in Dublin and on holiday in Mauritius. Fifteen million people buy connector strips every year in the UK, and each connector uses four Chocboxes. Thus, we sell 60 million units yearly in Britain alone.”

At present, the product’s yearly sales target of 100m units. Dragons’ Den Chocbox proves that a great idea can help entrepreneurs make millions.

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