Following 12 years’ ownership of Red Letter Days, Dragons’ Den stars Theo Paphitis and Peter Jones CBE have successfully concluded a sale of the business to Smartbox Group, for an undisclosed sum.
Theo commented, “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. We wish to pass on our appreciation and thanks to all our colleagues, partners and of course, customers who have supported us.” Peter 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.”
It has been quite a journey for Paphitis and Jones in taking the business out of administration to annual turnover in excess of £30m and pre-tax profit £2m+. Today some 500,000 customers a year enjoy the wide range of experiences on offer.