Rachel Elnaugh co-founded Red Letter Days before becoming a Dragon on the British show Dragons' Den.
Red Letter Days was an experience-gift company offering vouchers for activities and special occasions. Elnaugh co-founded the business with her then-husband, and it became a prominent example of the experience-gifting sector in Britain.
Elnaugh joined the original Dragons' Den panel when the BBC series began in 2005. Her background made her a particularly relevant investor for entrepreneurs proposing consumer, lifestyle and gift businesses. She remained a Dragon for the first two series.
The company later encountered serious financial difficulties and went into administration in 2005. Peter Jones subsequently acquired parts of the business. This later corporate history is often omitted when Elnaugh's Dragons' Den career is discussed, but it is an important reason the company is frequently mentioned in biographies of both Elnaugh and Jones.