Travis Osborne’s phone has been ringing off the hook since he appeared on Channel 10’s Shark Tank on Sunday night.
But it hasn’t just been calls for new customers or potential franchises.
While Osborne secured a deal from sharks John McGrath and Steve Baxter on Sunday night’s episode, he told SmartCompany this morning due diligence for the $250,000 deal did not proceed.
Osborne, who founded Mobile Tyre Shop in July 2012, had pitched for a 10% stake in the company, which is currently turning over around $1 million in revenue.
John McGrath of McGrath Estate Agents and “internet pioneer” Steve Baxter liked what they heard and together offered Osborne $150,000 for 10% of the company, plus a loan to the business of $100,000.
Osborne declined to reveal the reasons why the deal fell through but confirmed Mobile Tyre Shop has appointed PwC to assist the company in raising capital ahead of an immediate national roll-out.
When pitching to the sharks, Osborne said he wanted to see 10 Mobile Tyre Shop vans on the road this year but now he is eyeing off a “significantly larger” roll out.
“I’ve had in excess of 250 enquiries from prospective franchisees,” he says.
While a deal was not done with McGrath and Baxter, Osborne bears no grudge and says, overall, the experience has been a positive one for Mobile Tyre Shop.
“I have the greatest respect for the sharks and what it has done is brought our plans to a head,” Osborne says.
‘We’re now actively raising capital with PwC.”
Osborne told SmartCompany earlier this week he believes Shark Tank is “a really good thing for Australia”.
“It shows what actually happens behind closed doors for many people,” he said.
Editor
Eloise is an experienced business journalist and editor, who has held senior editorial roles at SmartCompany since 2014. Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on LinkedIn, and Twitter at @ellykeating.
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