It started with one woman, one problem, and one powerful idea. Lucie Macleod was just a university student trying to fix her hair. Years of bleaching and heat styling had left it damaged and dry. She searched for affordable, effective hair care but came up empty. So, during the Covid lockdown, she created her own natural hair oil blend in her parents’ conservatory.
What began as a personal fix turned into Hair Syrup, a fast-growing haircare brand offering pre-wash hair treatments made from natural oils. In June 2024, Lucie pitched her business on Dragons’ Den, asking for £190,000 in exchange for 3 percent equity. Although the dragons passed on the opportunity, Lucie gained something even more valuable. She gained nationwide exposure. Today, Hair Syrup is stocked in major retailers like Boots, has served more than 250,000 customers, and is on track to generate £6.5 million in revenue for the 2024 to 2025 financial year.
In this article, we’ll explore Hair Syrup’s estimated net worth, how the business began, what happened after the show, and what the future looks like for this thriving brand.
What is Hair Syrup’s Net Worth?
As of April 2025, Hair Syrup is estimated to be worth between £10 million and £20 million.
Although exact financial figures have not been made public, this estimate is based on the company’s projected annual revenue and growth trajectory. With £6.5 million in projected revenue for 2024 to 2025 and expectations of £8.5 million for 2025 to 2026, the valuation aligns with common industry benchmarks. These benchmarks are often used for consumer goods brands. These companies are usually valued at two to five times their annual revenue.
Lucie’s original Dragons’ Den pitch implied a valuation of around £6.33 million. With steady growth and increased visibility, the brand’s value has significantly increased since then.
How Hair Syrup Started
Hair Syrup began in 2020 during the height of the pandemic.
Lucie Macleod, then a student at the University of Warwick, was dealing with badly damaged hair caused by years of bleaching and heat styling. Frustrated by the lack of affordable, effective treatments, she started making her own natural pre-wash oils in her kitchen. She began selling them online from her parents’ home.
A major turning point came when one of her TikTok videos, showcasing her hair transformation, went viral.This organic exposure led to a surge in demand.
@hairsyrup I swear by these hair syrups, changed my hair dramtically!👏🍯✨🫶🧴 #hairsyrup #haircare #hairoiling #fyp #rosemaryoil ♬
Within three months, Hair Syrup had made more than £10,000 in sales. A year and a half later, annual revenue had climbed to £90,000. All this growth happened before the company even appeared on Dragons’ Den.
Journey on Dragons’ Den
Lucie appeared on Dragons’ Den Season 22, which aired in January 2025. The pitch itself was filmed in June 2024.
She asked for £190,000 in exchange for 3 percent equity, valuing the company at approximately £6.33 million. Her pitch focused on the brand’s viral growth on TikTok and the expanding customer base. She also highlighted projected revenue figures of £5 million for the 2023 to 2024 financial year.
Despite the strong pitch, the dragons were hesitant due to concerns about profitability. Touker Suleyman initially offered the full investment but added a condition. Lucie would need to repay the money within three months if certain targets were not met. He later retracted his offer. The other dragons declined to invest.
Even though Lucie walked away without a deal, she described the experience as “intense but the best decision I ever made.” She highlighted the incredible brand exposure it provided.
What Happened After Dragons’ Den?
Following the appearance on Dragons’ Den, Hair Syrup saw continued and significant growth.
As of April 2025, the business is projected to generate £6.5 million in revenue. That is up from £5 million the previous year. Revenue is expected to grow to £8.5 million in the 2025 to 2026 financial year.
The company has completed more than 250,000 customer orders and expanded its team to 14 employees. It now operates from two warehouse facilities in Pembrokeshire, West Wales.
Hair Syrup also achieved a major milestone by launching its products in Boots stores in October 2024. The brand continues to be available on popular platforms. These include ASOS, BeautyBay, Lookfantastic, and TikTok Shop. On TikTok, the company has seen a 700 percent increase in sales. This growth is thanks to strong engagement and viral customer testimonials.
Revenue Streams and Business Model
Hair Syrup has built a well-rounded and scalable business model:
1. E-commerce Sales
The company began as an online brand and continues to see strong sales through its website and TikTok Shop. Social media remains a key marketing driver.
2. Retail Partnerships
Being stocked in Boots has elevated Hair Syrup’s visibility and credibility. The retail partnership allows the brand to reach new customers and build trust.
3. Product Range Expansion
Hair Syrup now offers a wide selection of products. These include pre-wash oils, leave-in treatments, buttercreams, and accessories like brushes and scrunchies.
Challenges and Success Factors
One of the key challenges Hair Syrup has faced is profitability. This was a major concern for the dragons during the pitch.
While scaling up can be expensive, the company’s strong sales and growing customer base suggest that it is moving toward improved financial health. Continued success will depend on maintaining a balance between growth and operational efficiency.
Hair Syrup’s rise has been fueled by:
- Viral marketing through TikTok and other social platforms
- A strong brand identity built on natural, cruelty-free ingredients
- A loyal and growing customer base that continues to spread the word
By choosing to stay independent, Lucie has preserved full control of her business. This has allowed her to make decisions that align with her brand’s mission and values.
Conclusion
Hair Syrup’s journey from a homemade remedy to a multimillion-pound business is a powerful example of passion and persistence.
Although the dragons said no, Lucie Macleod proved that rejection is not the end of the road. With an estimated net worth of £10 million to £20 million, a growing product line, and strong customer loyalty, Hair Syrup is set for even greater success in the years ahead.
What do you think of Hair Syrup’s story? Would you have invested? Let us know and be sure to explore more stories of Dragons’ Den businesses that made it big on their own terms.
