Entrepreneur Martin Dawes was having a tough time with his new business, Coffee Nation. He thought he had made a mistake with the business model – he was contemplating an eye-watering overdraft and was struggling to see a way forward.

He had founded Coffee Nation in 1999. The idea came from a combination of seeing how popular takeaway coffee was in convenience stores in New York and reading about the business model of a photocopier company. But getting the business off the ground was proving a challenge.

It was at this time that Martin met Arkle founder Mark Sargent. Mark worked with Martin, analysing the company, creating new concepts and reshaping the business model. Coffee Nation raised new capital for investment and appointed a new Chair.

With a new Chair and business model in place, Coffee Nation began a period of phenomenal growth. By the time the company turned five in 2004, it was turning over £20 million. By 2008, there were Coffee Nation machines in more than 550 outlets.

In 2008, Coffee Nation was acquired by its management, with the £24 million deal funded by Milestone Capital, Investec and RBS. The purchase included Mark’s minority stake. In 2011, Coffee Nation was bought by Whitbread for £59.5 million and was integrated into the Costa Coffee brand as Costa Express.