James Caan’s "Dragons’ Den" investment has breathed new life into a North West car manufacturing legend.
The Isle of Man-based Peel Engineering Company still holds the Guinness World record for producing the smallest production car of all time - the Peel P50.
The company originally made the micro cars on the Island in the 1960s before it ceased trading in the 1970s.
The car enthusiast Gary Hillman who saw one of the 20 remaining original Peel P50s at an auction and knew that he wanted to be part of the invigoration of the brand.
He took over the task of reinventing Peel from the original inventor Cyril Cannell.
Gary found himself a business partner in Faizal Khan and together they have started to produce the Peel 50 and Peel Trident (with a bubble roof) exactly to Cannell’s specifications - except that they are using a ‘green’ electric motor.
The cars received huge coverage when they were featured on Top Gear, London Tonight and the Paul O’Grady Show.
However, the duo entered the Dragon's Den with some trepidation. Their pitch was to open-up new revenue streams from their business by producing a merchandise product range that epitomises the Peel brand: British, quirky and compact.
The guys were delighted with the eventual deal they struck with James Caan, selling £80,000 for 30% of the company (plus two Peel cars, one of each model) which will allow them to push the Peel brand to new heights.
“When investing, I often look for things that are a little bit different. Rare opportunities can surprise you and add a bit of fun to the process,” said Caan. “As a British made product, Peel encompasses traditional values and manufacturing. Not only will there be plenty people who want to own a piece of history by having a Peel but the brand is ideally placed to expand into a larger product range. You never know, soon you might even see me driving around Mayfair in my own Peel Engineering car”.
Peel Engineering’s plan is to produce a range of merchandise to sell within retail outlets and through their website such as mugs, t-shirts, key-rings and stationery.
They are also selling a limited amount of cars via the website to an ever burgeoning waiting list.
Since the Den, the duo has launched an online competition to design Peel inspired products.
Anyone can apply and the winner will get to pitch their idea to James Caan himself. If he likes the idea then it will go on to be produced and sold worldwide as official Peel merchandise.
Details can be found on their website www.peelengineering.co.uk
--
The Peel P50 is a three-wheeled microcar manufactured in 1962 and 1965 by the Peel Engineering Company on the Isle of Man. It retailed for £199 when new, and currently holds the record for the smallest-ever automobile to go into production.
Designed as a city car, it was advertised as capable of seating "one adult and a shopping bag." The vehicle's only door was on its left side, and equipment included a single windscreen wiper and only one headlight. Standard colours were Daytona White, Dragon Red and Dark Blue.
At 54 in (1,372 mm) long and 41 in (1,041 mm) wide and with an unladen weight of 59 kilograms (130 lb), the P50 holds the record as the smallest ever to go into production.
The P50 used a 49 cc (3.0 cu in) DKW engine which gave it a top speed of approximately 61 kilometres per hour (38 mph), and was equipped with a three-speed manual transmission that had no reverse gear. Consequently, turning in a confined area could only be achieved by pushing, or lifting the car using the handle on the rear and physically pulling it round. The makers and users claim fuel consumption of 100 mpg-imp (2.8 L/100 km; 83 mpg-US).
At least one prototype, the Peel P55 Saloon Scooter, has also survived. Unlike the production Peel P50 (along with all developments and replicas thereof), this prototype used the less stable layout of a single wheel at the front and two at the back. Approximately 50 Peel P50s were sold at £199 each.
On 28 October 2007, the P50 was featured in a segment of the BBC motoring programme Top Gear on BBC Two, during which the presenter, Jeremy Clarkson, entered the car and drove through central London to work.
Clarkson, who is 6 ft 5 in (196 cm) tall, demonstrated that it was possible, although difficult, for tall people to get into the P50. Upon arriving at the BBC, he drove past the car parks, between bollards, to the front of the building, after which he pulled the P50 behind him to his office.
He then drove the P50 through the corridors of the office building and used a standard passenger lift to get to a meeting, which he attended inside the P50.
At the end of the meeting Clarkson drove out of the building and stated that, if the car had a reverse gear, it would be the "ultimate in personal mobility".
debbie apostolou, cheshire around 1 year, 3 months ago