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 today.
But recognising the strength of the brand, and the talent and loyalty of the Company’s employees, Sara 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.
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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.”
One her website, she says: “I’ve never done anything by halves”
“I’ve worked hard to craft my own success story forging my way through the world of business – What has always seen me through is drive, determination and inspiration.
“Something I’m passionate about is sharing the knowledge, expertise and insights that I’ve picked up along the way. I’m here to keep that door of opportunity wide open for others keen to turn their dreams into a reality.”
A spokesperson for the company said: “Our founder, Sara Davies, has purchased Crafter’s Companion and will return to the business as CEO, taking over the day-to-day running of the business.
“We wanted to let you all know that we are still business as usual and you can still continue to buy and receive your favourite crafty goodies.
“We’d like to thank you so much for your continued support over the last 19 years, it means so much to Sara and everyone at Crafter’s Companion and we’re looking forward to a great year.”