Viewers who saw the programme will recall that the deal looked attractive partly because of the projected revenue derived from subscriber fees.
The number of paying subscribers was also used as a deal breaker in the final share allocation.
Dominic Killinger, managing director of Square Mile, told the panel that he would be charging over £100 per subscriber per year and would secure 2,500 subscribers within 12 months.
This gave the panel the view that the business was on target for a steady revenue of a cool £250,000, making investment all the more attractive.
As a result panel members Peter Jones and Theo Paphitis offered £75,000 each for 40 per cent of the business. After shrewd negotiation by Killinger they agreed to reduce this to 38 per cent if Killinger managed to hit his target of 2,500 subscribers within a set time.
"We have hit the target and gone beyond it," Killinger told vnunet.com, adding that subscriber numbers are currently between 7,000 and 10,000.
But he confirmed that the business model has changed fairly radically since the programme was broadcast because connection to the service is now free at least until the end of 2006.
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