BusinessCompany NewsBBC Dragon gets own red letter day

BBC Dragon gets own red letter day

Gift experience company and Dragon's Den star receive own red letter as the threat of administration or as possible buyout looms large

Gift experience company Red Letter Days is under threat of administration due
to ‘accounting issues’, and management have been locked in a meeting since
8am to decide the company’s fate, Accountancy Age has learned.

The adventure gift and event business run by BBC 2 Dragon’s Den
entrepreneur Rachel Elnaugh should have filed its accounts with Companies House
more than six months ago. The last published figures showed Red Letter Days made
a loss in 2003 of £4.7m.

A spokesman said the company was dealing with ‘accounting issues’, but had
£3.3m in the bank to make payments once its accountants had ironed out these
concerns.
Reports in the press have suggested that Elnaugh’s business, which she set up at
the age of 24, could be saved by telecoms entrepreneur Peter Jones, who is also
one of the BBC 2 show’s ‘dragon’ panelists. A spokesman said that Jones was
‘looking at opportunities with the company’.

The spokesman added that Red Letter Days was ‘still trading’, with thousands
of gift events taking place this weekend and thousands more booked for coming
weeks.

However, the company has recently made redundant 17 staff redundant – 10% of
its workforce – while many ‘gift experience’ suppliers are said to be owed
money.

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