North East-based company Crafter's Companion, the brainchild of Dragons' Den star Sara Davies, has allayed fears of mass redundancies. 

Rumours have recently swirled about the future of Newton Aycliffe-based Crafter's Companion, a well-known supplier of crafting supplies, but the company has spoken out, refuting claims of around 30 redundancies. 

Headquartered at Aycliffe Business Park, Horndale Avenue, Crafter's Companion underwent a strategic business review to audit its financial and operational position. This led to "personnel changes" at the business, though the company would not confirm how many staffing changes have been made. 

A recruitment drive is already underway, the business reports. 

A spokesperson said: “Crafter’s Companion is undergoing a strategic business review which means there have been some personnel changes.

"As part of this review, the board has committed to an exciting growth plan fully supported by both Sara and her investment partners, there is a recruitment drive underway and future plans will be announced in due course.” 

The company also disputed rumours that owner Sara Davies is in talks to sell Crafter's Companion. 

In October of last year, a report from The Sun revealed that Crafter's Companion was £1m in the red in the year to March 2022, which directors blamed on "challenging" conditions created by the Covid pandemic and high freight costs. 

But at the time, a company spokesperson said: "Whilst these are incredibly challenging trading times, there is significant confidence in Crafter's Companion hence the financial investment."

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Sara Davies founded her craft supplier company, Crafter's Companion in 2005 whilst a business student at York University. 

Her big break came when she designed and marketed her ground-breaking product The Enveloper, which was an immediate hit. 

When the Dragons' Den star graduated with her first-class honours degree, she already had a business with a turnover of over half a million pounds, which would eventually go on to earn her a spot on the BBC show.