Anthony Cherry, founder of thermostat company Timeostat, appeared on Dragons’ Den to pitch for investment to launch a new model of his landlord thermostat.
A statement said that the appearance marks a significant milestone for Anthony, who was seeking investment to help launch new models of the thermostat.
Anthony said: “Being a huge fan of Dragons’ Den, walking through the lift doors was both exciting and terrifying! It is every entrepreneurs dream to be pitching in front of the entrepreneurs, but I was definitely very nervous.”
Anthony, a landlord himself, said he noticed spiralling heating bills in his shared student houses (HMOs). Tenants would often leave the heating running when they went out to work or university, he added. 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.
Anthony explained: “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. 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.”
A statement said that a thermostat was desperately needed to help landlords reduce their heating bills, while allowing tenants to easily turn on the heating whenever required.
The first Time:o:stat was initially intended just for use in Anthony’s rental properties. After seeing 40% savings on heating bills and positive feedback from tenants, Anthony said 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, the statement added.
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.
Dragons’ Den Series 21, Episode 11 aired on BBC One at 8.00pm Thursday 14th March and is available on BBC iPlayer.