Dragons’ Den star’s company suffers major blow & suddenly COLLAPSES – as owner says ‘bottom has fallen out of her world’
A DRAGON’S Den star has said the “bottom has fallen out of her world” as her company collapses suddenly after a major blow.
Sara Davies, who created the papercraft company Crafter’s Companion, was forced to liquidate her company just three days before Christmas.
In an interview with Chronicle Live Sara told how she initiated a “rescue package” plan as soon as she was presented with the bad news.
This week, the entrepreneur bought her company back from administrators after what she called a very “busy Christmas”.
Sara invested a large amount of her own money and received backing from an unnamed partner to get her company back into shape.
Her biggest concern was losing staff who she said have worked for me for her for some 20 years.
Whilst some job roles will be made redundant, she said the majority of employees will be able to stay adding she is “really confident” in her new plan.
“In all honesty you don’t realise how valuable something is until you think you’ve lost it – and I guess last year I lost it,” she added.
Crafter’s Companion was launched in 2005 when Sara was studying at university. The business sells everything from papercraft and art to sewing and needlecraft.
The company counts more than 200 employees around the UK and rest of the world, and has offices in North East England and California.
Despite early successes, the last couple of years – with the cost of living crisis and inflation- have dealt a serious blow to the business with revenue dropping over 20 per cent in 2023.
For Sara, watching her company which she had built over 18 years struggle was the “most upsetting thing.”
Growth Partner became a major shareholder last year but despite the multimillion-pound investment the firm continued to lose money.
The entrepreneur called the decision “emotional” – referring to her company as her third child.
Despite the agony of having to liquidate her company she said she understood her investor’s motivation because it was a financial decision.
“I can’t say if I wasn’t in their shoes, I wouldn’t have made the same decision,” she said.
The Dragon’s Den star was unsure whether she would return to the show but said she will “wait and pray and hope” the BBC give her the contract.
She also regularly appear on Morning Live and was a contestant on Strictly Come Dancing.