Did you notice the electrical work that was done at your house during the time it was constructed or renovated? Was your electrician using a semi-solid substance to make wire connections?
If yes then congratulations! You are at risk of getting a refreshing electric shock and if you get luckier, your house could catch a marvelous fire! A mere Chocbox could have spoiled this amusement.
I might be joking but your electrician is not. Wire connections made with unregulated material have serious repercussions. This problem is screwed tight by Chocbox, which is an affordable tool that connects wires with utmost safety and as per safety regulations.
Electricity has been wired successfully but could Chocbox get Dragons’ money wired to it?
Index:
Chocbox at a Glance:
| Idea | Plastic enclosure for electrical connections |
| Founders | Peter Moule |
| Asked For | £150,000 For 10% |
| Accepted Deal | £150,000 For 36% reducible to 30% |
| Dragons | James Caan and Duncan Bannatyne |
| Business status | Active |
| Episode No. | Season 5, Episode 8 |
What is Chocbox?
Chocbox is a connecting tool (or junction box) for electrical wires owned and marketed by Electro Expo LTD. It has a plastic body that encloses screw connectors inside it that ensure secure and safe wire connections.
The product was patent-protected in the UK when it was featured in the Dragon’s Den. Later, it acquired an EU patent and a patent valid in the USA as well. It was a well-established product in the domestic market even before being featured at the Den.
Chocbox today sells in humongous numbers in 152 countries globally and is undoubtedly one of the most successful products to have been featured on the Dragon’s Den.
Who Is The Founder Of Chocbox?
Peter Moul is the founder of Electro Expo LTD which owns Chocbox. Peter invented Chocbox when the UK government deemed cheap connection methods unsafe.
Peter went to Tottenham School in 1965 and completed his education there in 1973. He started heading his family business in 1981 which provided electrical services to the exhibition and event industry; He founded Electro Expo LTD in 1987 and started selling his invention Chocbox through it quite profitably.
As of 2023, he still serves as the CEO of Electro Expo LTD as well as his family business. He has successfully transformed his innovation into a financial success and continues to innovate demonstrating the fact that ‘age is just a number’.
Did Chocbox Get A Deal On Dragon’s Den?
Peter comprehensively demonstrated Chocbox to the Dragons.
The Dragons also for a change were surprised to see a man with such a huge life and business experience walk into the Den for retail guidance and international contacts. Peter clearly stated that he was ready to give the Dragons a risk-free deal.
Unlike most of the others, Peter’s business was making constant profits for many years with the profit in that year amounting to £300,000. These numbers seemed too good to be true for Jones, Deborah, and Theo leaving Peter just two interested Dragons.
James Caan and Duncan Bannatyne presented Peter with a combined offer of £150,000 in exchange for a 45% stake in his business.
After a round of tough negotiations, Peter settled for £150,000 for 36% conditionally reducible to 30%. Peter was one of those rare pitchers at the Den who came to employ Dragons and not their money.
What Happened to Chocbox After Dragon’s Den?
Chocbox turned out to be the actual Dragon with the company giving excellent returns to its investors in just 3 years. Peter had set sales targets of 10 million units initially but after the sky-rocketing of sales, these figures were revised to 100 million.
James Caan recently opened up about his Chocbox investment.
“Peter came into the Den with an existing, high-performing business.
His business was already generating excellent revenue, had £100,000 in the bank, and strong traction with customers.
Most Dragons dismissed Chocbox because they couldn’t understand why he needed an investment of £100,000.
What I believe they overlooked was that Peter was less concerned about acquiring investment and instead looking to acquire a mentor.
He wanted to grow the business internationally but he had no prior experience of this or the contacts that could make that happen.”
The company received an order worth £25 million shortly after the episode aired and there has been no looking back since then. The Chocbox is now available in 152 countries and is sold in millions. According to the company’s sales targets, its revenue seems to be more than £100 million.
Chocbox 2 launched a month ago, and the company is helping to save the planet with their new development on Rapstrap the i-tie.
Product Details:
- Chocbox is a patented plastic box for safely enclosing electrical connections with screw connector strips.
- It was invented by entrepreneur Peter Moule.
- It is owned and marketed by the company Electro Expo LTD.
- It is in accordance with global regulatory standards.
- Its unit cost is £1.
Competitors Of Chocbox:
Chocbox enjoyed patent protection in the UK to begin with but since then, similar products that do away with the patent have entered the market. Cheap knockoffs also remain a concern (minor) for the company.
Companies like Wago and Schneider manufacture and market legitimate products that have applications similar to Chocbox.
What Is The Net Worth of Chocbox?
Peter Mole initially put the value of his company at £1.5 million. Considering the financial position of the company, this valuation seemed just a little over the top but the Dragons realized that Peter was not looking for cash, he was looking for a mentor.
Consequently, the Dragons got themselves a bargain by making Peter settle with them valuing Chocbox at £415,000
Within three months of this deal, a German firm ordered £25 million worth of Chocbox, rocketing out the revenue of the firm.
According to the company’s sales targets, its revenue seems to be more than £100 million. As per the revenue estimate, the valuation of the company can be estimated to be more than £150 million.
Is Chocbox Still In Business?
Chocbox is pretty much in business as of 2023. Both the Dragons have booked their profits on the investment they made.
With no news of any acquisition, it would be safe to guess that Peter still is the majority shareholder in the London-based electrical accessories supplier.
Chocbox has achieved tremendous volumes globally. The company seems to be on its way to becoming the most successful company to have been featured in the Dragon’s Den. We would even say that Chocbox can touch the £1 billion mark in terms of sales soon.
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FAQs:
Is Chocbox patent protected?
The product was patent-protected in the UK when it was featured in the Dragon’s Den. Later, it acquired an EU patent and a patent valid in the USA as well. It was a well-established product in the domestic market even before being featured at the Den.
What's the net worth of Chocbox?
According to the company’s sales targets, its revenue seems to be more than £100 million. As per the revenue estimate, the valuation of the company can be estimated to be more than £150 million.