GIFT company Red Letter Days is said to be on the brink of administration after a number of suppliers stopped accepting its vouchers.
The firm, which sells vouchers for activities from motor racing and hot air balloon flights to bungee jumping, is believed to have called in restructuring specialists.
It was said to have held an emergency meeting yesterday to reassure staff it remains solvent - but according to the Sunday Times administration is the most likely option. Nobody from the firm was available to comment today.
It was unclear whether customers would be entitled to refunds if this happened.
Red Letter Days was founded 16 years ago by entrepreneur and television personality Rachel Elnaugh.
Ms Elnaugh shot to fame on BBC show Dragon's Den, appearing on a panel giving out advice to budding businessmen and women.
It is understood Ms Elnaugh spent last week battling to defend the firm after reports suppliers had not been paid.
Both Thruxton Motorsport Centre and Everyman Motor Racing Activities said in a statement that they could no longer accept Red Letter Days vouchers for driving days. They claimed Red Letter Days owed them "substantial" sums.
Difficult
Bill Coombs, managing director at Thruxton Motorsports Centre, said: "We have been put in a very difficult position by Red Letter Days."
A report in the Sunday Telegraph said a fellow Dragon's Den adviser may rescue the company. Telecoms entrepreneur Peter Jones was said to be discussing a possible takeover and was quoted as saying the firm was "in a bad way" but not bust.
Ms Elnaugh set up the business at the age of 24 while working as a freelance tax consultant. The company offers vouchers for more than 1,000 activities, such as piloting a jet fighter, climbing Mount Everest and learning to cook with a celebrity chef.
Its vouchers are sold online and at department stores such as Harrods, Selfridges and House of Fraser. The company claims on its website that more than 90% of FTSE 100 Index companies use Red Letter Days to incentivise their staff and customers.
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A very sad time let,s hope theirs a little magic left As the owner of tanksalot and having 40 % of my business come,s through Red letter and being owed B#32,256.00 im more than concerned it may not bust me but im glad i took on all sorts of crazy tank related work over the last couple of months .Its even rumoured im responsible for a bright pink tank been seen rattling round london just lately and a full stretch one could be in the pipeline .Surely i woudent stoop that low.
Nick mead
I guess there arent enough rich (or stupid) people left to pay for such things.
Maybe people will keep their cash their your pockets instead of giving it away
Ha ha ha
Ha ha ha? Why? You people just love to see others fail. Grow up.
We bought a gift voucher for a friend (motor racing) and Thruxton Racing Centre refused to accept his voucher even though B#200 was spent on it.
So we are not happy at all that our friend has now lost his gift and we have lost the money.
We are not impressed at all with Red Letter Days as you can imagine.
I have bought an experience fro my partner for the 1st September do you know who to call im worried about