Timeostat, a thermostat company founded by landlord and entrepreneur Anthony Cherry (pictured), turned up the heat on Dragons’ Den last night – taking on the dragons to pitch for investment to launch a new model of his landlord thermostat.
The appearance marks a significant milestone for Cherry, who was seeking investment to help launch new models of the Time:o:stat. Cherry showcased the success and potential of Time:o:stat to the formidable panel of Dragons, who are well-known for their impressive business acumen.
He says: “Being a huge fan of Dragons’ Den, walking through the lift doors was both exciting and terrifying! It is every entrepreneur’s dream to be pitching in front of the entrepreneurs, but I was definitely very nervous.”
Timeostat The Time:o:stat has rapidly grown to be a leading solution to high heating bills in rented accommodation. Anthony, an experienced landlord himself, noticed spiralling heating bills in his shared student houses (HMOs).
Tenants would often leave the heating running when whey went out to work or university, resulting in wasted energy. As landlords are often responsible for the bills in HMO properties, these high heating costs would ultimately be passed on to tenants in rent increases.
Cherry adds: “Whilst carrying out routine maintenance at a property, I noticed a big problem. It was a hot summer’s day, the tenants were out, the heating was on full blast, and the windows were wide open.
TOO COMPLICATED
“When I spoke to the tenants, they said the thermostat was too complicated. They had no idea how to set the different heating times, so they just left the heating running continuously.”
The first Time:o:stat was initially intended just for use in Cherry’s rental properties. After seeing 40% savings on heating bills and positive feedback from tenants he decided to refine his invention, so other landlords could benefit. Since launch, Time:o:stat has garnered a loyal customer base among over 10,000 HMO and student landlords and can also be found in Airbnbs, holiday caravans and other serviced accommodation.
HMO AWARDS
The current model, the Time:o:stat Classic, is manufactured in the UK and recently won an award at the HMO awards. The Time:o:stat Classic is aimed at the student and professional HMO markets. The new Time:o:stat One, available for pre-order, is perfect for the guest markets of Airbnb and holiday caravans.
Cherry grew up in Chesham and attended Chesham Grammer School. In addition to being a property developer and inventor, he is a qualified podiatrist. He has run a popular podiatry clinic in Aylesbury for the last 15 years called Cherry Feet. He now lives with his wife and 3 children in Chesham Bois, close to his friends and family.
Dragons’ Den Series 21, Episode 11 aired on BBC One at 8.00pm Thursday 14th March and is available on BBC iPlayer.
