Our favourite Indie newbies Hamfatter have become the first band to sign a deal on Dragon’s Den.

Millionaire Peter Jones signed a £75,000 deal with the Cambridge trio in return for 30% of their profits.

The episode, filmed in April, was aired as the first in the new series on BBC 2 on Monday.

All five Dragons wanted to make a deal with the band but manager Jamie and band members Eoin, Jimbo and Mark chose Peter Jones.

“Peter Jones simply said ‘I just love music, I don’t play music but I love it.’ And that for me was something big“ said guitarist Jimbo. “…plus he was wearing stripey socks.”

“Plus he was like 7ft tall so he kind of feels like your dad.” added singer Eoin.

Jimbo summed up: “Yep, it was 33% music, 33% socks, 33% TALL.”

The band see the deal as a revolutionary new business model for the music industry, ignoring the concept of labels.

“We don’t get an advance so we’re absolutely skint.” explains Eoin. “But that is literally the only downside. We retain complete creative control over what we do; who we work with, release dates, tour dates, which tracks we choose. Hamfatter Ltd is essentially our own record lab el.”

“Normally record labels would be perfectly in their rights to rip out bits of your songs they don’t like and get somebody else to stick a bit in.” He continues “That way you end up with horrible mutilations of tunes. Hopefully, with Hamfatter Ltd we’ll sign a bunch of other bands and offer them a similar deal; ‘We think you’ve got it, we won’t tread on your toes, here’s a bunch of money, make a load more for us please!’”

The new single is available digitally now and is available on CD and vinyl from August 11th 2008. Keep checking the website for details of new tour dates coming soon.