Rachel Elnaugh founded Red Letter Days before appearing as a Dragon on the British series.
Red Letter Days sold experience gifts, such as activities and outings packaged as presents. Elnaugh established the company in 1989, building it into a prominent British gift business before becoming one of the original investors on Dragon's Den.
The company later ran into financial difficulties and went into administration in 2005. Theo Paphitis, another Dragon, was involved in buying and rescuing the business. This sequence is why Elnaugh’s entrepreneurial career is often discussed alongside her time on the programme.
A common mix-up is attributing Red Letter Days to Deborah Meaden, who is also strongly associated with leisure and consumer businesses. Meaden was an investor on the show, but Elnaugh was the founder of Red Letter Days. The business’s later rescue does not change the identity of its founder.