Which company did Rachel Elnaugh found before appearing on Dragon's Den?

Rachel Elnaugh founded the experience-gift company Red Letter Days before appearing on Dragon's Den.

Red Letter Days sold vouchers for memorable activities rather than conventional physical presents. Customers could buy experiences such as driving, flying and leisure activities as gifts, helping establish a market that later became common in online retail.

The company expanded rapidly, but it entered administration in 2005 after financial problems. Businessman Peter Jones bought the assets and relaunched the brand. This later connection is sometimes confused with Elnaugh's role as a Dragon, but the company was founded by Elnaugh before Jones acquired it.

Red Letter Days is also distinct from retailers such as Buyagift and Not on the High Street. Those brands operate in related gift markets but are not the company Elnaugh founded.