Which company did Rachel Elnaugh found before becoming a Dragon on the British show?

Rachel Elnaugh founded Red Letter Days before becoming a Dragon on the British television show.

Red Letter Days was an experience-gift company offering activities and events as presents. Elnaugh established the business in the late 1980s, and it became closely associated with the growing market for experience-based gifting rather than conventional physical products.

Her success with the company helped lead to her selection as an original Dragon when the British programme launched in 2005. The company later experienced financial difficulties and entered administration, an important part of Elnaugh's business history that occurred alongside her television profile.

Red Letter Days is sometimes confused with other British gift businesses that sell experiences or personalised presents. Its name refers specifically to Elnaugh's company and is the business most directly associated with her public career before Dragon's Den.