A magical local business enchanted the dragons at Dragons’ Den – but walked away with nothing after turning down a £200,000 offer from business tycoon Peter Jones.

Business partners Ben Fry and Phil Pinder, from York, pitched an expansion of their wizarding mini golf to the dragons on Thursday night’s program (March 23), hoping to get £200,000 funding to open a new venue in Edinburgh.

But the entrepreneurs, who own Hole In Wand golf course in the Coppergate Centre, turned down a mega offer of £200,000 from Peter Jones, as the dragon wanted to own a third of the business.

The duo also owns the Potions Cauldron, an ancient shopfront in York Shambles, which sells magical drinks. 

Read more: Dragons’ Den's Sara Davies MBE to invest in Newton Aycliffe business

Ben and Phil are set to open a second venue of their golf venture in Blackpool, have ambitions for an Edinburgh location in the foreseeable future, and are planning on becoming the biggest mini golf chain in the UK.

The Northern Echo: The duo own a successful mini golf attraction in York - with hopes to expand across the nation. The duo own a successful mini golf attraction in York - with hopes to expand across the nation. (Image: Hole In Wand)

Going into the den, Phil said: “It is a complicated business to understand, I hope we get it right the first time around.”

Ben, the Chief Enchant Officer, said he hoped they could bring “magic, surprise, and mystery,” to the den with his businesses, which turned over £1.4 million last year.

But when the dragons were unable to make sense of the numbers, four dropped out.

Cuttingly, the youngest dragon, Steven Bartlett told the entrepreneurial duo that he “didn’t think the business had very many legs.”

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He added: “I don’t see a particularly ambitions concept or a particularly ambitious business.”

North East businesswoman Sara Davies said: “It is a brilliant business if the numbers you have talked about make sense, but the problem is that I have zero confidence that you know what to do with money. But very good luck with everything.”

Down to the very last dragon, Ben and Phil were apprehensive that they would not receive a single offer from the formidable dragons – but Peter Jones pulled through, offering then the requested £200,000 for a 33 per cent stake in their business.

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Despite kickstarting his entrepreneurial fortune in computers, Peter was not apprehensive about venturing into the potions and attractions business – and even reduced his potential stake to 15 per in negotiations.

Still, the pair decided that giving up that much of their business for £200,000 was out of the question – and turned Peter’s offer down – making it the largest offer from a single dragon to be rejected in the show’s 18-year history.

The pair still have plans to open a third Hole In Wand location.