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Home / Lifestyle

Ex-bankrupt has deepest pockets on <i>'Dragons' Den'</i>

By Martha McKenzie-Minifie
3 Nov, 2006 10:15 AM5 mins to read

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Paul Webb

Paul Webb

KEY POINTS:

Former bankrupt Paul Webb arrived on Dragons' Den New Zealand with the least cash - a mere $20 million to his name - but left the TV series agreeing to spend the most.

Mr Webb, who was declared bankrupt in 2000 after the collapse of the CityJet passenger airline service, agreed to invest $1.03 million on projects featured on the TV One show.

While he turned down the chance to buy into a moustache cleaner and cufflinks with back-lit photos, his deals included an electronic business card invention and a company that produces living herb holders.

The five wealthy "dragons" agreed on screen to invest around $3.4 million and made additional deals, including investing in a gambling website, that didn't make it into the final edit.

Property investor Sir Bob Jones, who is worth an estimated $200 million, put his hand up for $1 million of investments.

His $300,000 pledge for 40 per cent of a company that makes adjustable neck protection harnesses was the largest amount from one investor on a single project.

Publisher Barry Colman agreed to spend around $725,000, reality TV queen Julie Christie promised almost $400,000 and Annette Presley, founder of internet service provider Slingshot, pledged $275,000.

The on-screen deals were subject to due diligence, so some would not ultimately go ahead.

Mr Colman said that to go on the show the dragons needed at least $500,000 available to invest.

"It sounds like nearly all of us went to the races and spent twice that anyway."

He said the amount invested would rise because some projects would need more than first agreed.

Mr Webb shot down critics who said a former bankrupt might not have the cash to make the investments.

"I think if you check with the people that I invested in, I've clearly come to the party," he said.

On the show Mr Webb came under fire from Sir Bob who quipped: "Have you thought about taking up money lending in South Auckland? You'd have a field day, my friend. You could sit there and sign 'em up at about 400 per cent interest."

Sir Bob, who was in Australia yesterday and could not be contacted, also remarked that Ms Presley had "driven more men to homosexuality than any other woman in the history of the human race, and you can see why".

Mr Webb played down the hostility. "I think Bob and I actually got on quite well."

Ms Christie, whose production company made the show, said no one took life-long offence.

But Mr Colman said additional "confrontation" was edited out.

"None of us had really taken orders from anyone for a long time."

Mr Colman said he was inspired by the New Zealand entrepreneurs who faced the dragons.

A favourite investment was a collapsible clothes line presented by Bernie Wadell, who left the den in tears after Mr Colman's support.

"The old guy with the clothes line, he was the classic, he'd gone out to help himself," said Mr Colman. "While it was nice to help old Bernie Wadell I could also see there was potential there."

AGB Nielsen Media Research figures show the Dragons' Den final on October 26 was the top-rating show in the series. It attracted a 27.4 per cent share of TV viewers aged 5 and over.

TVNZ said it was pleased with the eight-episode series but had not yet decided if another series would be commissioned.


HOW THEY WENT

Paul Webb
Was declared bankrupt in 2000 after the collapse of passenger airline service CityJet but rebuilt his personal wealth to an estimated $20 million. On screen, he agreed to $1.03 million of investments, ranging from an electronic business card invention to a company that makes living herb holders.

Bob Jones

Amassed an estimated personal fortune of $200 million. Sir Bob agreed to spend $1 million on projects in the show, including $300,000 - the largest amount from one investor on one project - for 40 per cent of a company that makes adjustable neck protection harnesses.

Barry Colman

The publisher, 58, is worth around $130 million and, as owner of a luxury yacht and private jet, is well known for his love of the high life. He put his hand up to spend more than $725,000 on projects on the show, including a collapsible clothes line and a non-spill pet bowl.

Julie Christie

The reality TV queen, chief executive of TV production company Eyeworks Touchdown, is worth around $25 million. She agreed to almost $400,000 in investments on the show, including a range of cotton clothing to prevent children with eczema scratching themselves.

Annette Presley

The face and founder of internet service provider Slingshot made her $35 million fortune predominantly in the telecommunications industry. She agreed to spend $275,000 on the show, including the Ink'd Clothing range of men's underwear.

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