Rachel Elnaugh was associated with the company Red Letter Days before appearing on Dragons' Den.
Red Letter Days sold experience gifts, such as unusual leisure activities and special occasions, through gift vouchers. Elnaugh became closely identified with the business and was one of the original investors on the British programme when it launched in 2005.
Her entrepreneurial background made her a natural fit for a show built around evaluating new companies. However, Red Letter Days later encountered financial difficulties and entered administration in 2005. The business was subsequently bought by Peter Jones, who was also an original Dragon.
This history creates a common mix-up: Jones was connected with the later acquisition, while Elnaugh founded and built the business before its financial problems. Elnaugh left the Dragons' Den panel after the first series.