Jones Scones All Natural Cream Scones
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 17, 2013
Asking For:
$100,000 for 25%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Jones Scones offers authentic English-style scones, free from artificial ingredients, aiming to replicate the taste found in England.
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Background Story
J. Jones, originally from Denver, Colorado, fell in love with traditional English scones during his time in England. Disappointed by the lack of authentic scones in the U.S., he began baking them himself, eventually putting his law career on hold to pursue his passion.
Starting with minimal capital and delivering scones in his Jeep, Jones managed to secure a place for his scones in Whole Foods after much perseverance and hard work. However, a misstep in expansion led to a decline in sales, forcing him to seek investment to recover and grow his business.
The Product
Jones Scones are crafted to resemble the authentic taste and texture of English scones, distinguishing themselves from mass-produced alternatives found in some coffee chains.
Made with natural ingredients and a unique cream style, Jones Scones are currently available in select Whole Foods stores in the Denver/Rocky Mountain region and Utah. They retail for approximately $5 per scone and have the potential to generate significant sales revenue, as evidenced by previous success in Whole Foods.
How It Went
The company’s position before Shark Tank
Jones Scones initially experienced considerable success, with sales reaching $113,000 per month at its peak and securing placement in multiple Whole Foods stores. However, a failed expansion and manufacturing error resulted in a significant decline in sales, highlighting the need for additional capital to recover and expand operations. Despite setbacks, Jones Scones maintains a loyal customer base and has demonstrated potential for growth with the right support and strategy.
The Negotiations:
Despite J. Jones’ likability and the quality of the product, the Sharks ultimately declined to invest in Jones Scones. Concerns were raised about the declining sales, the need for external guidance, and the lack of proprietary elements in the business. While Jones emphasized the potential for growth and the importance of building a strong team, the Sharks were unconvinced, leading to a unanimous decision to pass on the opportunity.
However, Lance and Tom countered with a joint offer of $300,000 for 25% equity, which the Sharks ultimately rejected. Barbara criticized the founders for changing their offer and ultimately declined to invest. Ultimately, Pink Shutter Photobooths left the Tank without a deal, but the founders remained optimistic about their partnership with Barbara and the company’s future prospects.
