What business did former Dragon's Den investor Rachel Elnaugh found?

Former Dragon's Den investor Rachel Elnaugh founded the experience-gift business Red Letter Days.

Elnaugh established Red Letter Days in 1989. The company sold vouchers for unusual experiences, such as driving activities, flights and leisure events, giving customers an alternative to conventional physical presents.

She became one of the original investors on the British version of Dragon's Den when the programme launched in 2005. Her business history gave her particular relevance to pitches involving gifts, hospitality and memorable experiences.

Red Letter Days later experienced serious financial difficulties and entered administration in 2005. The brand was subsequently acquired by another company, so Elnaugh’s founding role should not be confused with later ownership. Her story is frequently cited as an example of the risks of rapid expansion in consumer businesses.