Rachel Elnaugh was the founder of the businesses behind the Red Letter Days brand.
Red Letter Days sold experience gifts, allowing customers to buy activities and outings as presents. Elnaugh built the company before joining the original Dragon's Den investment panel, making her one of the programme's earliest female Dragons.
The company later encountered financial difficulties and entered administration. It was subsequently associated with other ownership and investment arrangements, which can make the history easy to confuse with Elnaugh's original role. The key distinction is that Elnaugh founded the original Red Letter Days business.
Elnaugh appeared in the first series of the British programme. Her story is often discussed alongside the show's broader lesson that entrepreneurial success, investment expertise and business outcomes can change over time.