What gets wetter as it dries?
A TOWEL
You are going to hell if you had other answers in mind. Anyway, a compact towel becomes a priceless thing while traveling or at the beach and if this compact towel functions like a regular one, what more could we ask?
Dock and Bay became the E-commerce ruler of this niche-seeming marketplace even before it appeared on the Dragons’ Den and went on to become its emperor post that.
Let’s see whether or not Dock and Bay was able to water the mouths of Dragons using its cash-rich moisture.
Index:
Dock and Bay at a Glance:
| Idea | Compact polyamide and polyester towels |
| Founders | Andy Jefferies and Ben Muller |
| Asked For | £75,000 For 5% |
| Accepted Deal | £75,000 For 10% |
| Dragons | Deborah Meaden |
| Business status | Active |
| Episode No. | Season 15, Episode 4 |
What is Dock and Bay?
Dock and Bay is a towel manufacturing company founded in 2015. It came up with a compact product with much better absorbent characteristics than the normal cotton towel.
The company’s first product was the quick dry beach towel. Since then, their product range has expanded to include hair wraps, home towels, ponchos, and even a Kids & Babies range.
Its products are perfect for traveling and camping purposes as they are very compact. They occupy a separate segment that caters to different needs altogether due to which the company benefitted a lot to begin with.
The company has a worldwide online as well as offline presence.
Who are the Founders of Dock and Bay?
Dock and Bay were founded by office colleagues Andy Jefferies and Ben Muller in 2015. Andy has a management degree from the University of Leeds and Ben went to the Macquarie University in Sydney. Both served as business managers in corporate giants for several years before starting up themselves.
Quoting the founder,
“The story goes that Andy (Head Poncho) and Ben (Towel Wizard of Oz), shared the same struggle of standard towels being too chunky for their backpacks while traveling (poor guys).
Following some intense brainstorming – drunkenly pulling down a big red curtain and sticking pieces of white paper to it to create our now-iconic stripes – D&B’s quick dry, compact wonders were born.”
Did Dock and Bay get a deal on Dragon’s Den?
The founders wandered into the Den as if it were a beach. They wore flip-flops and Capri to accurately present the theme of their product to the Dragons.
Their pitch was accurate and convincing but the idea of selling towels was not that appealing to the Dragons and the counter followed.
The financial health of the company was quite good with a juicy profit of £300,000 just from online sales; this had the Dragons wondering as to why the founders needed them at all. The fact that the company had not till then encountered any segment-oriented worried the Dragons nonetheless.
But it is common knowledge that Dragons follow the money trails which meant that the two beach walkers would end up receiving multiple offers one of which was competitive as per Peter Jones and became the reason for his exit.
This ‘competitive’ offer was from Deborah for just a 10% stake in the business which the founders ended up accepting.
What happened to Dock and Bay after Dragon’s Den?
The Dragons’ Den effect unfurled a huge amount of increase in revenue for the company in the following financial year. The turnover of the company increased from £1 million in 2017 to £4 million in 2018 and went to grow in multiples ever since.
Although the Chinese virus had a negative effect on this travel-oriented product, the company dealt with it by introducing a whole new range of products and an increased presence in the US.
The company’s presence has increased rapidly and it has a stockist in almost all economically viable countries. Below is an image depicting the significant presence of Dock and Bay around the world.
Product Details:
- It is a polyester-based towel.
- It is compact and dries quickly.
- It is three times more absorbent than the cotton towel.
- It is optimum for traveling and outings.
- It is available in multiple colors and designs.
- It is available online and offline throughout the world.
Competitors of Dock and Bay:
Dock and Bay was the first to offer towels for a specific purpose altogether and remained undisputed for some time but now the segment-oriented competition has emerged but comes nowhere close to its well-established brand.
Although, the new products that the company launched after some time face some good competition from existing players in the market around the world.
Some of the alternatives to Dock and Bay are:
What is the Net Worth of Dock and Bay?
The founders valued their company at £1.5 million when they presented it in the Den. This valuation was split in half by the Dragons and it seemed like a generous offer over there.
Even the company’s healthy profit margin could not get Deborah to value it at more than £750,000.
However, the company’s net worth increased rapidly after that to about £4 million in 2018 and approximately £10 million as of 2023 if the revenue and the company presence are considered.
Is Dock and Bay still in Business?
Yes, Dock and Bay is currently in business and it is spreading its reach to every corner of the world.
It has captured a huge market share in the United States as well and is continuing to grow in terms of revenue every year. Their product solved an actual problem and was magnificently designed which led the company to success.
Dock and Bay has reiterated the fact that when two managers get fed up with their jobs, they subsequently manage to succeed in the most terrible way or fail in the most satisfying way.
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FAQs:
What is Dock and Bay?
Dock and Bay is a towel manufacturing company founded in 2015. It came up with a compact product with much better absorbent characteristics than the normal cotton towel. The company’s first product was the quick dry beach towel. Since then, their product range has expanded to include hair wraps, home towels, ponchos, and even a Kids & Babies range.
What's the net worth of Dock and Bay?
The company’s net worth increased rapidly after that to about £4 million in 2018 and approximately £10 million as of 2023 if the revenue and the company presence are considered.