Sara Davies, a star on Dragons’ Den and Strictly Come Dancing, shared that her company, Crafter’s Companion, is facing financial difficulties and debts. Despite having a successful business supplying arts and crafts products to over 30 countries, the company was €1 million in debt last October and is expected to report further losses. Sara, who founded the company 18 years ago, attributes these struggles to a combination of factors, including the cost of living crisis, rising raw materials costs, energy crisis, war in Ukraine, and the effects of Brexit. In response to this challenging situation, Sara is implementing a multi-million pound restructure, hiring experts, and appointing a new CEO specializing in digital retail.
The restructure of Crafter’s Companion will see investor firm Growth Partner becoming the majority shareholder, while Sara will remain the owner, founder, and director of the company. Despite the difficulties, Sara remains optimistic about the future, mentioning that the craft industry has continued to grow, especially during the pandemic. She emphasized that she is working harder than ever to navigate the various challenges her business is facing. The company’s headquarters are located in Darlington, County Durham, and Sara is confident in the new leadership team, including CEO David Stern. She is also dedicating time to her investments on Dragons’ Den, her new BBC show Making It, and spending time with her family.
In a candid interview, Sara Davies spoke to The Sunday Mirror’s Invite Only podcast, opening up about the struggles her business is currently facing. She emphasized the importance of honesty and transparency, especially given her role as a role model on Dragons’ Den. Sara expressed her commitment to being open about the challenges she is dealing with, as it has been a tough couple of years for her company. Despite these challenges, she remains positive and excited about the future, particularly with the new CEO and investor firm on board. Sara’s honesty about her business difficulties highlights the reality of entrepreneurship and the resilience required to navigate such challenges.
The financial struggles of Crafter’s Companion serve as a reminder of the complex and unpredictable nature of running a business, regardless of its initial success. Sara’s willingness to share her company’s challenges offers a candid view of the realities of entrepreneurship and the need for adaptability and resilience in the face of adversity. The restructure and strategic hiring decisions made by Sara demonstrate her commitment to overcoming these difficulties and positioning the company for future growth and success. As a prominent figure in the business and entertainment world, Sara’s transparency about her business struggles sets a valuable example for aspiring entrepreneurs and business owners, showcasing the importance of resilience, adaptability, and transparency in navigating challenges. Despite the setbacks faced by Crafter’s Companion, Sara’s optimism and dedication to her company’s future are a testament to her entrepreneurial spirit and determination to overcome obstacles in pursuit of success.
