7 January, 2025
Sara Davies, the entrepreneur and business mentor, today announces that she has stepped in to rescue Crafter’s Companion (“the Company”) – the business that she founded when she was still at university.
Crafter’s Companion had been put into administration by its current directors who had pursued an ambitious growth strategy, which had not succeeded. The Company had reached a point where it didn’t have sufficient working capital to continue to operate, and it was put into administration on 7th January, 2025.
Recognising the strength of the brand, and the talent and loyalty of the Company’s employees, Sara Davies decided to immediately purchase the business from the administrator and organise a financial restructuring that will give Crafter’s Companion the working capital that it needs to flourish again. As a result of this restructuring, the large majority of jobs have been saved and the Company will continue to trade as a going concern. Sara herself, who under the previous owners had no operational control over the business, will return as its CEO.
The restructuring, financial details of which are being kept confidential, will allow Crafter’s Companion to continue to trade normally.
Commenting on this announcement Sara Davies said:
“Crafters Companion, as everyone knows, means a huge amount to me. Having founded it while I was still at university, to have this chance to bring the company back on track is an opportunity I grabbed with both hands.
“There’s no secret that the company was struggling post-pandemic, and its owners tried to pursue an expansion strategy at a time of real economic uncertainty, which was unfortunately unsuccessful – as everyone knows, it’s an unprecedentedly difficult time for many retail and consumer businesses.
“However, looking to the future, we have a new financial structure in place which means we have managed to save the large majority of jobs in the company – and in particular in the Northeast of England, and ensure that we continue trade as a going concern.
“This means a lot to me. To be going back into the business alongside the fantastic team at Crafter’s Companion is an opportunity I couldn’t pass up.
“Consumer interest in crafting has never been stronger, and with customers of every age recognising the well-being and mental health benefits of creating beautiful things, I am looking forward to help drive the strategy of the company again.”