Rachel Elnaugh founded Red Letter Days before appearing as a Dragon on the UK television show Dragons' Den.
Red Letter Days was established in 1989 as a business selling experience gifts, including unusual leisure and entertainment activities. Elnaugh became one of the original investors when Dragons' Den launched in the United Kingdom in 2005.
The company later experienced serious financial difficulties and entered administration in 2005. It was subsequently bought by fellow Dragon Peter Jones, a development often mentioned alongside Elnaugh's time on the programme. This can cause confusion because Red Letter Days remained associated with the Dragons' Den brand after Elnaugh's departure.
Elnaugh's role was significant in the show's early history because she was one of its first female investors. She is distinct from Deborah Meaden, who joined the regular panel later, and from Sara Davies, who became a Dragon much later.