In a recent development that has drawn public attention, a craft store operated by Crafter’s Companion, a company created by renowned entrepreneur Sara Davies, has been permanently closed. The store, located in Barlborough, near Chesterfield in Derbyshire, succumbed to a period of financial distress and went into administration. This closure took effect on January 7, leading to the redundancy of ten employees, though the Evesham location in Worcestershire remains operational.
The Crafter’s Companion brand is especially notable due to its founder, Sara Davies, who initially established the business in 2005 while she was still a university student. Over the years, she transitioned from ownership to a major shareholder, indicating her deep connection to the brand as it grew into a well-recognized name in the crafts sector. In light of the recent developments, Davies has purchased the company again from administrators, reinforcing her commitment to revitalize the brand.
In an official statement following the closure, Davies expressed her regret regarding the impact on employees, stating, “It’s never easy making staff redundant, and I understand why it has come as a shock to employees but there was no way this could be avoided.” She elaborated that the administration team determined that the Chesterfield outlet, which had been consistently reporting financial losses, could no longer continue operations. While the closure was distressing, it was a precursor to a larger strategy aimed at resuscitating the overall business.
Despite this setback, Davies remains optimistic about the company’s future. She emphasized the importance of focusing on the remaining operations, including the surviving Evesham store and their online platform. “I’m proud that we have saved over a hundred jobs in the North, but I’m very sorry that these colleagues had to leave the family,” she mentioned, underscoring her dedication to preserving as many roles as possible amid the restructuring.
Davies has also pointed out that she has personally reinvested in the business, collaborating with a new financial partner to stabilize operations and look towards growth. The business, which specializes in craft supplies, has its headquarters and warehouse in County Durham, indicative of a broader ambition that goes beyond just the recently affected store.
Additionally, Davies is recognized for her influential role in the business industry. Having become the youngest female investor on BBC One’s “Dragons’ Den,” she received an MBE in 2016 for her contributions to the economy. In 2024, she was awarded an honorary degree from the University of York, a testament to her impact on society through her work in entrepreneurship and her ongoing involvement in the craft sector.
Unfortunately, the financial overview preceding the administrative move was troubling. Crafter’s Companion was already facing challenges, with reported revenues decreasing significantly from £37.8 million in 2022 to £29.9 million in 2023, marking a notable decline of 21%. Such figures highlight the difficulties many businesses face in a competitive market, particularly in retail sectors reliant on consumer spending patterns.
In summary, the closure of the Crafter’s Companion store is a poignant reminder of the challenges faced by small businesses in today’s economy. Despite this setback, Sara Davies’s re-entry as a major shareholder signals a renewed focus on sustainability and growth for the brand moving forward. The emphasis will remain on leveraging remaining assets and operational avenues to safeguard the company’s future, all while honoring the legacy and values that Davies established during the brand’s inception. As the industry evolves, the ability to adapt, invest, and innovate will remain critical for Crafter’s Companion as it charts a new course ahead.
