‘Magic’ result for most successful reality show entrant.

 

Theo Paphitis, the owner of one Britain’s leading retail stationery chains and a panellist on the top-rating reality TV show Dragon’s Den, knows a good idea when he sees one.

 

Husband and wife duo Neil and Laura Westwood entered into the Den in 2008 seeking an investment for £100,000 (A$135,000) for a 15 per cent equity stake in their company. 

 

Their ‘Magic Whiteboard’ has been labelled one of the most successful ideas showcased on the Den. 

 

Despite one panellist describing the 'sticky’ whiteboard as “ridiculous”, Paphitis and fellow judge Deborah Meaden could see the pair’s vision and offered them an investment of £50,000 each.

 

The Magic Whiteboard is a roll of A1 whiteboard sheets that will stick on anything, thanks to its static qualities.

 

Paphitis was able to put the product into 237 of his Ryman office stationery stores and the product is now a classroom and office staple that is sold globally .

 

Having achieved huge growth and increased sales from £45,000 to £1.2 million a year by 2014, the Westwoods bought back their shares from Meaden and Paphitis, who each shared a return of £400,000 on their £50,000 investment.

 

The Westwoods have since branched out into other innovative office supplies, including children’s tabletop whiteboards, reusable sticky notes and ‘tree-free’ notebooks.