Sara Davies swooped to acquire the business she founded from administrators in a pre-pack administration. Crafters Companion which specialises in supplies for crafters – marketed via its own TV channel, online & via social media, was to be placed into administration in December by its backers following a period of falling sales and reduced margins.
During the downward spiral, attributed to the cost of living crisis and inflation, Davies had remained as figurehead and minority shareholder but had no involvement in the day-to-day running of the Crafters Companion business. She had instead focused on Dragon’s Den, further work for the BBC, and an assignment with Avon.
Crafters Companion is continuing to trade and has been able to retain most of its 100+ staff. It is now focused on reducing costs across its operations and Davies, who is steering the business once again, has secured the support of a silent partner to help turn it around.
The crafting market has, of course, become much more competitive during the past year or so with Temu having entered the UK with an extensive crafting product range at cut-throat prices. With this in mind, Crafters Companion will have a battle on its hands to convince customers who have been lured away to return.
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