Which company did Rachel Elnaugh co-found before becoming a Dragon on BBC television?

Rachel Elnaugh co-founded Red Letter Days before becoming a Dragon on BBC television.

Red Letter Days sold vouchers for experiences rather than conventional physical presents. The idea allowed customers to give activities such as driving, dining or leisure experiences, creating a gift category built around memorable events. Elnaugh helped develop the company into a prominent British consumer brand.

Her business became closely associated with her public profile and helped explain why she was selected for the original Dragons' Den panel. The company's later financial difficulties are also part of the story: rapid expansion and cash-flow pressures eventually led to administration in 2005, an important reminder that strong brand recognition does not guarantee financial stability.

Red Letter Days is sometimes mistaken for another Dragon-linked consumer company. Moonpig belongs to Nick Jenkins, La Senza to Theo Paphitis and Bannatyne Fitness to Duncan Bannatyne. Those distinctions make Elnaugh's company a specific, single-answer fact.