A DRAGON’S Den business has gone into liquidation owing £250,000 in unpaid bills after being savaged by the show’s experts.
Brothers Sean and Alex Brassill, the co-founders of healthy cookie start-up Jnck Bakery, appeared before .
The dragons were not impressed by the losses JNCK was makingCredit: BBC
Steven Bartlett couldn’t quite wrap his head around why they’d named the business JNCKCredit: BBC
While Steven Bartlett seemed to enjoy the cookies, Peter labelled them a ‘disappointment’Credit: Instagram/@jnckbakery
The bakers wanted a £100k for just a five per cent stake in their business.
Sean and Alex told the dragons there was a gap in the market for healthy bakery treats and their cookie, with 90% less sugar would change that.
But after trying Sean and Alex’s three flavours of cookies, the
Kicking off the feedback said: “Why did you call your product JNCK?… Because it makes me think it is junk.
“If you call your product junk it’s eliciting connotations that this is not good for me.”
Peter said: “So I’ve got a sweet tooth but being really candid I didn’t find it that great as an experience. And the taste, I was a bit disappointed.”
then asked them how they are selling off the shelf.
Looking downcast Alex admitted it was only 4 per week, per store. Peter told the pair Tesco would’ve been expecting much more from their product.
While they attempted to fend off the negative feedback it seems the dragons were right as their business has now gone into voluntary liquidation.
A Statement of Affairs filed on back in September revealed a list of 22 JNCK Bakery creditors owed £250,722.
Peter told the pair a hard truth as he explained Tesco would have been expecting JNCK to sell way more than four products per shop, per weekCredit: BBC
Total estimated debt reduced to £194,015 after accounting for £57,000 worth of assets.
The businessmen managed to raise around £900,000 worth of investment through multiple crowdfunds and high networths but it seems it just wasn’t enough.
Sean told the dragons: “We’ve since quit our jobs and six months ago launched with in over 750 stores nationwide.
“And so far, financial year to date, we’ve achieved revenues in excess of £700,000.”
But when the brothers confirmed they only had £125k in the bank Touker asked them to dig into the business’ finances.
Alex revealed JNCK had suffered £150,000 worth of losses in the first year and in the second year their losses plummeted further to £325,000.
Although the business was forecasted to make £900,000 in revenue, their loss projection was still high coming in at £245,000.
Touker, seemingly unimpressed said: “So you’ve been losing right? And here we are backing a one-horse pony in a race, Tesco. If Tesco drops you in a year what happens?”
Sean told their exclusivity deal with Tesco had ended two weeks ago and were looking to launch in other supermarkets.
Alex sadly confirmed the closure of the business on during September last year.
He wrote: “Having placed so much love and energy into the brand, there is naturally a huge sense of loss. JNCK became our identity and for many reasons we believed it would continue to flourish.
“This has been and will continue to be a difficult process. However, the achievements, experiences and personal growth over the past five years fill me with pride, gratitude and hope for the future.”
JNCK bakery has sadly closed down with Alex calling it a ‘huge loss’ and an his ‘identity’Credit: Instagram/@jnckbakery
Eze Chidiebere Paul
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