Red Letter Days owners and Dragons’ Den alumni Theo Paphitis and Peter Jones have sold the experience business to Smartbox Group.

The duo, who bought Red Letter Days out of administration in 2005, have concluded the sale of the business for an undisclosed sum.

During their time at the helm, Paphitis and Jones have steered the business to an annual turnover of over £30m and pre-tax profit of £2m.

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. We wish to pass on our appreciation and thanks to all our colleagues, partners and, of course, customers who have supported us.”

“Joining the Smartbox Group will ensure an exciting and progressive next chapter in Red Letter Days’ evolvement [sic],” added Jones.