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After a polished pitch, Julie Meyer discovers that Richard's website offers around 1400 videos to 54,000 users across a range of gym activities at a price radically lower than a gym.

Richard tells Shaf Rasul that in February 2009 the site made �15,000 and he confidentially claims the business is currently worth �1.8million. He bases such a bullish valuation on projected growth and not on actual turnover to date.

Julie concedes he has created an interesting substitute to gym membership and she can help him scale up his corporate membership and reach millions of users fast, but she is not convinced by his numbers. She guardedly proposes a deal whereby she would claim more equity than he is prepared to give away but that he can then claw it back if he hits the targets he is predicting.

Richard is comfortable with this as a way forward. Julie then asks him to recap his figures.

Richard suggests that with the �50,000 investment he will have a turnover of �800,000 in 2009 with a net profit of �420,000. This will increase in 2010 to a �1.2million turnover with a net profit of just under �700,000.

The Dragons are stunned by Richard's bold predictions.

Julie confesses she was almost ready to invest but the figures are so "off the charts" that it causes her to question Richard's judgement completely. "I hope I'm wrong but I can't buy into these figures". With that, she declares herself out.

Shaf is equally staggered. "Either you're a genius or a fool" he opines. He then declares himself out.

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