Crafter's Companion, a crafting company founded by Sara Davies, has been acquired by investment group Modella Capital after facing substantial financial losses and administrative challenges. The business was sold for £425,000 in a pre-pack administration deal, preserving 134 out of 148 jobs. Despite past injections from Growth Partner, the company struggled with debts and declining revenues, prompting Davies to acknowledge management's slow response to market shifts. The deal leaves creditors with considerable losses, with Growth Partner facing an £8.2 million shortfall.
The recent acquisition of Crafter's Companion by Modella Capital aims to stabilize the business, preserving 134 jobs despite significant losses and lingering debt issues.
Founder Sara Davies acknowledged management's slow reaction to market changes, which contributed to unsustainable debt, ultimately leading to the company's need for administration.
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