Theo Paphitis and Peter Jones sell Red Letter Days
Dragons’ Den stars Theo Paphitis and Peter Jones have sold their Red Letter Days gift experience company to Smartbox Group for an undisclosed sum.
The move follows 12 years of ownership by the pair who took the business out of administration to an annual turnover in excess of £30 million and a pre-tax profit of over £2 million.
Red Letter Days now has around 500,000 customers a year.
Paphitis said: “Although not an official pitch this has undoubtedly been one of the most successful business ventures ever to come out of the Den! Peter and I have thoroughly enjoyed the journey together and in a way feel a tinge of sadness moving on."
Jones added: "The time felt right. Joining the Smartbox Group will ensure an exciting and progressive next chapter in Red Letter Days' evolvement. We have been honoured and privileged to be custodians of the business since 2005."
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