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Martin makes a polished pitch for his golf accessories designed to decorate and protect clubs.

Shaf Rasul asks about his markets and Martin replies that he sells exclusively in the US, with 65 retailers involved and a further seven reps working on a commission only basis around the country.

When Shaf asks why he isn't trading in the UK he says it is mainly due to currency fluctuations.

The Scot then asks about his costs and Martin reveals figures that indicate a healthy mark up between manufacturing costs and retail price.

Julie Meyer wants to know more about the man from County Down and he informs her he trained as an industrial designer before working for companies specialising in fast moving consumer goods.

Sceptical that he will make money from the business, Julie asks how he would spend the funds he requires.

Martin replies that the lion's share of the funding would go into marketing and PR but he would also need to put some of it towards a salary for himself.

When Shaf asks how much net profit the business has made to date, the young product designer reveals that it is in fact trading at a loss - despite putting �30,000 of his own money in there is a further �127,000 in family loans.

When Shaf asks how he survives currently without a salary, Martin confesses his wife, a financial adviser, is currently supporting "my folly, my passion for the last three years".

Concerned by the company's continued reliance on loans rather than sales-generated profits, Julie suggests that without the loans Martin might have been forced to become profitable much sooner.

The entrepreneur agrees, pointing out that since he is a designer by training, acting the businessman has involved a steep learning curve. What he needs is someone with business impetus to make his project "catch fire".

This won't wash with Julie Meyer. She observes that every business person has had to start somewhere and Martin has been working on this idea for three years. "It doesn't grab me" she asserts and declares herself out.

Shaf Rasul wants to know how he came to a �500,000 evaluation for his business and Martin tentatively suggests it is based on projected business.

The Scot tersely reveals that he doesn't buy into Martin's idea that the exchange rate is stalling opportunities in the UK. He suggests UK golfers are simply more conservative when it comes to decorating their club shafts.

When he then presses the entrepreneur about his evaluation, Martin reveals his accountant came in with a much lower figure of �300,000.

Shaf doesn't believe even this lower figure accurately reflects the value of the business. He points out that once Martin begins to include overheads like salaries, costs will escalate and the business will continue to lose money. For those reasons he, too, is out.

An over-evaluation of his business has been Martin's major handicap in the Den and he leaves empty handed.

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