Peter Jones helped rescue Red Letter Days after the company entered administration following Rachel Elnaugh's ownership.
Red Letter Days was founded by Elnaugh as an experience-gift business. Customers could purchase activities and outings as presents, a concept that helped the company gain a high public profile during the growth of experience-based retail.
The business entered administration in 2005. Peter Jones, who had appeared alongside Elnaugh on the first Dragon's Den panel, became involved in acquiring and relaunching the company. The episode is notable because it connects a dragon’s television investment persona with the real-world recovery of another dragon’s former business.
This history is often simplified into the claim that Jones founded Red Letter Days, but that is incorrect. Elnaugh founded it; Jones later helped rescue and develop the business after its financial difficulties. The distinction between founding, owning and acquiring is important here.