Peter Jones bought Red Letter Days after its founder, Rachel Elnaugh, appeared on the first series of Dragon's Den.
Red Letter Days was an experience-gift company founded by Elnaugh. Customers purchased vouchers for activities such as driving experiences, flights, spa visits and other leisure events. The company became one of the earliest businesses closely linked to the BBC programme's investor culture.
After financial difficulties led to administration in 2005, Jones acquired the brand and assets from the administrator. He relaunched the business, preserving the name while changing its ownership and commercial direction.
This is not the same as Jones investing in the company during a televised pitch. The acquisition happened after the business encountered trouble, and Elnaugh was no longer running it. The story is often cited because one Dragon took over a company founded by another person who had also been a Dragon.