star Sara Davies has admitted she is “going to be pretty busy” after returning to the helm of Crafter’s Comapnion, a company she began while still a student.
Taking to she posted an image of a headline explaining she has put together a rescue package as the company was set to be placed into administration. “Well… looks like I’m going to be pretty busy! So excited for the future and to be back at the helm of @crafterscompanion!” she captioned it.
Sara launched the company while she was studying at York University. Initally it sold just one envelope-making product. It has grown over the decades to become one of the biggest businesses of its kind.
It sells crafting tools and supplies across the UK, Europe and the US through its website and has retail stores in Newton Aycliffe, Chesterfield and Evesham.
However the firm has struggled in recent times and an investment organisation stepped in last year, and ploughed several million pounds into the company.
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Dragons’ Den star Sara Davies has stepped in to save a company she started (Image: Getty)
This move led to a new management team being appointed to drive forward an aggressive growth strategy while Sara remained a minority shareholder and its figurehead. This strategy took away any control she had in its day-to-day operations though.
Sara revealed Crafter’s Companion was being put into administration by its current directors after the company reached a point where it didn’t have sufficient working capital to continue to operate.
It is being placed into administration on January 8 which triggered the expected pre-pack deal by Sara to rescue what she describes as “my third child”. The move comes just days before she returns to screens in a new series of Dragons’ Den.
The star has decided to purchase the business from the administrator and organise a financial restructuring that will give the company the working capital it needs.
As a result of this restructuring, the large majority of the 100-plus jobs will be saved and the company will continue to trade. Sara will also return as its CEO, although the restructuring and financial details are being kept confidential, they will allow Crafter’s Companion to continue to trade normally.
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Sara Davies is back on screens with Dragons’ Den on January 9 (Image: BBC)
Her fans were delighted at the news and took to the commetns of the post to praise the entrepreneur. “Omg Sara!!! Sending you so many positive vibes!! This is mega!!! A huge decision..i am in awe,” one gushed.
“Well done Sarah! This was one of the first crafting companies that I used when getting into crafting,” another added. A third chimed in: “Bravo! Don’t think I could sit back and watch a company I built from the ground be pulled to pieces if there were something I could about it – so great that you’re in a position to do so! Wishing you (and everyone at CC) the best for the future.”
“Well done Sara for stepping up. When I used to craft before having the children your products where some of the best on the market. Absolutely loved them. Glad you have stepped in to help x,” a fourth opined.
A fifth enthused: “I love @crafterscompanion have used it for years. Can’t wait to see how it improves now your back on board properly.”
Meanwhile a sixth commented: “Glad you can save the company!! All too often if a company is in trouble, it’s sold to ‘people’ to save, but who really only try to get a fast buck, but don’t really understand the business! Isn’t that why so many company’s have gone under over the past few years? At the time it seems like a great idea but all they do is run it into the ground. So glad you’re back at the helm. Time to sort out their mess! Enjoy!”