![]() Over time it was revealed that things were not in order and contributed to the bust. She has said that they should not have printed £20 million onto the gift vouchers without securing and ensuring that everything was well in order. ![]() Not that they were incompetent but they just didn’t make the best decisions for the benefit of the company. Fortunes changed and the company was turned around and sold to Buyagift to Elnaugh’s relief as she once confessed that it seemed like a weight had been lifted off of her shoulders.Įlnaugh has said before that the business ended up failing because the person with whom she left in charge to handle operations were not fully operating properly. There was a reported loss of £10 million in the first year. She had to look to her colleagues with whom she worked on Dragon’s Den to get her out of administration for a sum of £250, 000. In 2005, the business was forced into administration even though it had £3.3 million in cash at the bank. So, in 2002, the expansion began and failed drastically. I mean you can’t blame her for wanting to take her company to greater heights. Did Red Letter Days go bust?Īfter seeing how well the business was doing, Rachel Elnaugh thought to expand it with a retail company much further. The company grew to an £18 million turnover and put her in the lineup of several prestigious awards as a result. She made 1.4 million in profit with a total number of 150 staff members. This was a successful strategy as the fortunes of her business turned around. People did not fully understand the concept just yet as the company had just been recently founded.Īfter trying and trying again for one year, Rachel Elnaugh had a breakthrough after rebranding the company an idea as well as launching it in 1990. ![]() So, at the age of 24 years old on July 5 1989, Elnaugh founded Red Letter Days, a gift company to offer such experiences to clients.Įlnaugh has admitted and recalled that at first, it was difficult to convince retailers to get on board with her business simply because it was a relatively new concept. Red Letter DaysĪs for Red Letter Days, Rachel Elnaugh came up with the idea for experiential gifts one day as she was buying tickets for cricket matches for her father’s birthday. She also did a lot of accounting work for dad’s business, which also gave her time to spend with him. Instead, she made her way up the corporate ladder from having a position as an office junior in a local firm of accountants to becoming a qualified tax consultant with Arthur Andersen which is located in London. Unfortunately, Elnaugh was rejected by all 5 universities she had applied to. Initially, she had the desire to study art history at university. She attended Chelmsford High School for Girls, which was an all-girls grammar school. ![]() Biographyīorn 12 December 1964 in Essex, Elnaugh lived above an electrical sop owned by her father in Chelmsford. Who is Rachel Elnaugh?Įlnaugh is a successful entrepreneur from the UK and an investor, who is mostly known for her self made and founded a company called Red Letter Days, as well as her appearance on Dragon’s Den for several seasons. This fortune is thought to have been earned from Red Letter Days, which is a gift company that she founded at age of 24 years old and sells experiential gifts such as spa days. Her net worth is thought to be around $7 million. Rachel Elnaugh is a successful businesswoman from the UK. That happens to be equivalent to $114.6 per hour! This means Elnaugh earns $2, 793.73 per day. Rachel Elnaugh’s net worth is reportedly worth $7 million.
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