Peter Jones and Theo Paphitis bought Red Letter Days after it entered administration in 2005.
Red Letter Days was a gift-experience business founded by Rachel and Simon Elnaugh. Customers bought vouchers for activities and special experiences, a model that helped make the company a prominent British consumer brand during the 1990s and early 2000s.
The company experienced financial problems and entered administration in 2005. Peter Jones and Theo Paphitis, both associated with Dragon's Den, acquired its assets and helped continue the brand. This is a notable connection between the programme's investors and a business that had already become part of the show's wider entrepreneurial story.
The acquisition should not be described as the company's original founding. Rachel Elnaugh was the entrepreneur associated with creating Red Letter Days, while Jones and Paphitis became later owners after the administration process.