Dragons’ Den star Sara Davies’ business is £1MILLION in the red amid ‘reduced sales’ – sparking concerns for it’s future
DRAGONS’ Den star Sara Davies’ business is £1MILLION in the red after being hit with “reduced sales”.
The entrepreneur’s company Crafter Companion has dipped, sparking huge concerns for its future.
Crafter’s Companion is a leading company internationally which ships to over 40 countries worldwide including in Asia, South Africa, North and South America, Europe, and Australia.
The company also employs over 200 people across the world.
However, in notes to the accounts for the year to March 2022, the directors described the business as “challenging”, reports MailOnline.
The directors said the problems stemmed from the effects of the Covid pandemic as well as high freight costs and tariffs on Chinese imports.
The company’s auditors say: “The group and the company has suffered from reduced sales orders post year end and is in breach of banking covenants.
“As stated … these events or conditions indicate that material uncertainty exists that may cast doubt on the group and company’s ability to continue as a going concern.”
Accounts for 2023 show a loss of 1.27million – whereas in 2022 they recorded a £231,000 profit.
Sara founded her craft supplier company, Crafter’s Companion in 2005 whilst she was studying for her business degree at the University of York.
Her big break came when she designed and marketed her ground-breaking product The Enveloper.
She sold over 8,000 in the first 24 of hours of the product being debuted on shopping channel Ideal World.
When Sara graduated with her first-class honours degree, she already had a business with a turnover of over half a million pounds.
Sara has been rewarded for her contributions to the industry.
She has received as many as 25 business business accolades so far and an MBE from Prince William for services to the economy in 2016.
Sara was also a contestant on Strictly Come Dancing in 2021 when she was paired with Aljaž Škorjanec.
Overall, they were the seventh pairing to be eliminated from the show.
Sara also stars in Ultimate Wedding Planner alongside Fred Sirieix and wedding industry expert Raj Somaiya.
A Crafters Companion spokesperson said: “These figures only tell part of the story.
“Whilst these are incredibly challenging trading times, there is significant confidence in Crafters Companion hence the financial investment.
“This will support the company’s next stage of growth without passing any cost onto the consumer.”