Peter Jones acquired Red Letter Days after the gift-experience company entered administration in 2005.
Red Letter Days had been founded by Rachel Elnaugh, an original Dragons' Den investor. It sold vouchers for memorable activities, including leisure and adventure experiences, rather than ordinary packaged gifts. The brand became prominent in Britain before encountering financial problems.
Following the company's administration, Jones acquired the Red Letter Days brand and some of its assets. This created an unusual connection between two Dragons: Elnaugh was the founder, while Jones became the owner who helped continue the brand after its collapse.
A common mistake is to describe Jones as the founder. He was not. The acquisition happened after the original business had run into trouble. The distinction between founding a company and later acquiring its brand is central to this question.