Peter Jones and Theo Paphitis bought Red Letter Days after it entered administration, before relaunching it as an experience-gift business.
Red Letter Days was founded by Rachel Elnaugh and sold vouchers for experiences, including leisure and adventure activities. The business became closely associated with Dragon's Den because Elnaugh later appeared as one of the programme's original Dragons.
The company experienced financial difficulty and entered administration in 2005. Fellow Dragons Peter Jones and Theo Paphitis acquired its assets and helped return the brand to trading. This purchase is one of the clearest examples of a Dragon becoming involved with a business outside the formal on-screen pitch structure.
Red Letter Days is often confused with other voucher and experience companies, but it specifically refers to the brand founded by Elnaugh and subsequently acquired by Jones and Paphitis.