Rachel Elnaugh from Dragons' Den

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Rachel Elnaugh-Love (born 12 December 1964) is a British entrepreneur and former Dragon on the BBC Two business series Dragons’ Den. She appeared on the first two series of the show in 2005 and 2006, where she was the only female Dragon on the panel. She is best known as the founder of the experiential gift company Red Letter Days, which she launched in 1989 at the age of 24.

Dragons’ Den During Rachel Elnaugh’s Tenure (2005–2006)

The Dragons who appeared alongside Elnaugh across series 1 and 2 were:

Peter Jones CBE — original dragon since 2005.
Duncan Bannatyne OBE — original dragon, on the panel from 2005 to 2015.
Doug Richard — original dragon, series 1 and 2.
Simon Woodroffe OBE — original dragon, series 1 only.
Theo Paphitis — joined in series 2 (2006), replacing Simon Woodroffe.
Rachel Elnaugh — series 1 and 2 (2005–2006).

Elnaugh and fellow Dragon Doug Richard departed at the end of series 2 and were replaced for the third series by Richard Farleigh and Deborah Meaden.

Rachel Elnaugh: Career Summary

Elnaugh was born in Essex and grew up in Chelmsford, where her family lived above her father’s electrical shop. She attended Chelmsford County High School for Girls and originally hoped to study art history at university, but after being rejected by her chosen institutions she trained as an accountant and later qualified as a tax consultant at Arthur Andersen in London.

In 1989, at the age of 24, she founded Red Letter Days, pioneering the experiential gift voucher market in the United Kingdom. The company offered customers vouchers redeemable for activities such as hot air balloon rides, supercar driving days, and spa experiences. By the early 2000s, Red Letter Days had grown to a turnover of around £17.5 million and Elnaugh had been shortlisted for the 2001 Veuve Clicquot Businesswoman of the Year award and won the Ernst & Young Entrepreneur of the Year award in 2002.

Following a period of rapid retail expansion from 2002 onward, Red Letter Days was placed into administration on 1 August 2005. The remaining assets and inventory were acquired by her fellow Dragons Peter Jones and Theo Paphitis, and the business continues to trade today.

After leaving the show, Elnaugh moved into business speaking and mentoring. She published Business Nightmares: When Entrepreneurs Hit Crisis Point in 2008 and Prosperity in 2016, and co-founded the digital publishing platform SourceTV in 2013. She has spoken at venues including Harvard University, TEDx, the Oxford Union, and the Scottish Parliament. She has also stood as a candidate in local and general elections in Derbyshire under the name Rachel Elnaugh-Love, including the 2024 general election for the Derbyshire Dales constituency.

On Dragons’ Den

Elnaugh agreed five investments during her two series on the show: Grails Ltd (a made-to-measure suit company, jointly with Doug Richard), Le Beanock (a hanging beanbag chair), Elizabeth Galton Ltd (custom jewellery, jointly with Duncan Bannatyne), Snowbone (snowboard accessories), and Bedlam Puzzles (3D puzzles, jointly with Theo Paphitis). Her largest single offer was £100,000, though that particular deal fell through after filming. Only two of the five agreed deals completed off-camera, and both businesses subsequently dissolved.