Dragons' Den star Sara Davies admits she's 'had a tough couple of years' after it was revealed her company is £1million in the red
Sara Davies admits she's 'had a tough couple of years' after it was revealed her company is £1million in the red.
The Dragons' Den star, 39, owns Crafter's Companion and in notes to the accounts for the year to March 2022, the directors describe the period as 'challenging.'
Revealing how she has had to work 'harder than ever before', Sara explained how her business has been affected by the cost of living crisis and Brexit.
Speaking to The Mirror on Wednesday, she said: 'I’m just going to be really honest, it has been a rough couple of years.
'I kind of don’t want to shy away from that because I always feel, especially with my role on Dragons’ Den, I’ve got that responsibility of being a bit of a role model.'
Sara Davies, 39, admits she's 'had a tough couple of years' after it was revealed her company is £1million in the red
Sara continued: 'I’ve had to work harder than I ever have in my life. We’ve been navigating all the other difficulties – the cost of living crisis, the raw materials cost increases, the energy crisis, war in, plus the effects of Brexit.'
In October 2023, the company's auditors said: '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.'
A loan was taken out to prop up Crafter's Companion in July 2023. Accounts show a loss for the year of £1.27 million, compared with the previous year's £231,000 profit.
Sara joined Dragons' Den in 2019, when she was only 35, becoming the youngest dragon.
Crafter's Companion was founded when she was a university student and spotted a gap in the market for an envelope-making tool which could be used by card makers.
She designed the gadget and had a local joiner make them from MDF. The company now employs more than 190 staff.
Davies has won more than 25 business awards and in 2016 was recognised for services to the economy with an MBE.
The Dragons' Den star owns Crafter's Companion and in notes to the accounts for the year to March 2022, the directors describe the period as 'challenging'
Revealing how she has had to work 'harder than ever before', Sara explained how her business has been affected by the cost of living crisis and Brexit
She appeared on Strictly Come Dancing in 2021 and this year was a judge on The Ultimate Wedding Planner for the BBC.
A spokesperson said: 'Whilst these are incredibly challenging trading times, there is significant confidence in Crafter's Companion; hence the financial investment.
'This will support the company's next stage of growth without passing any cost on to the consumer.'
