Which company did Rachel Elnaugh found before becoming an original Dragon on Dragons' Den?

Rachel Elnaugh founded Red Letter Days before becoming an original Dragon on Dragons' Den.

Red Letter Days sold experience gifts, allowing customers to buy memorable activities rather than conventional physical presents. The business became closely associated with Elnaugh and helped establish her public reputation as an entrepreneur before the BBC programme began.

Elnaugh joined the original Dragons' Den panel in 2005. Her experience-business background gave her particular relevance when evaluating companies involving consumer products, retail and gift experiences.

Red Letter Days later encountered serious financial difficulties and went into administration in 2005. The company was subsequently acquired by Peter Jones, who had been Elnaugh's fellow Dragon. That later business history is why the company is often discussed alongside both entrepreneurs.