Shop shuts as Dragons' Den star takes over company

A craft center in Derbyshire has closed after going into administration. The company was founded by British TV show "Dragon's Den" star Sara Davies.

The Crafter's Companion store in Balborough, near Chesterfield, was closed by administrators on January 7th, resulting in the loss of 10 jobs. However, the base in Evesham, Worcestershire, remains open. The company was founded by Ms. Davies in 2005 while she was at university.

Ms. Davies stated that she had later sold the majority of her shares in the company, but bought it back from administrators on January 7th, becoming the majority shareholder again. She said: "It's never an easy thing to make people redundant and I understand why this is a blow for those affected, but it was unavoidable."

The entrepreneur said: "The decision to close the loss-making Chesterfield store was made by the administrators, as part of preparing the business for sale to us." She added that "the actual closure happened after we acquired the business." Ms. Davies stated that the store "had not been profitable for quite some time and it could not continue to be part of the Crafter's Companion family."

The company, which sells craft supplies, has its headquarters and warehouse in County Durham, a store in Evesham, and the former Chesterfield store. She said: "I'm proud that we have saved over one hundred jobs in the north, but I am also incredibly sorry for those colleagues who have had to leave the family."

Ms. Davies added that as the business had been rescued from administration, saving over one hundred jobs, it was "important to ensure we focus our efforts" on the remaining store and website "to ensure the future success of Crafter's Companion." She also said: "I have reinvested my own money into the business and with a new financial partner who has also invested, I am now the majority shareholder again."

Ms. Davies became the youngest female Dragon to join the BBC One show "Dragon's Den," and was awarded an MBE in 2016 for her contribution to the economy. She received an honorary degree from the University of York in 2024, recognizing her "outstanding contribution to society."

Crafter's Companion Limited's accounts for the 2024 financial year were overdue before the company went into administration. The most recently filed accounts showed that its revenue fell by 21% from £37.8 million in 2022 to £29.9 million in the 2023 financial year.