Chesterfield shop shuts as Dragons’ Den star takes over company

She said: “It’s never easy making staff redundant, and I understand why it has come as a shock to employees but there was no way this could be avoided.”

The entrepreneur said: “The decision to close the loss-making Chesterfield store was taken by the administrators in preparation for the sale of the business to us.”

“The actual closure happened after we acquired the business,” she added.

Ms Davies said the store had not traded profitably “for quite some time, and it couldn’t remain part of the Crafter’s Companion family going forwards”.

The company – which sells crafts supplies – has a head office and warehouse in County Durham, a store in Evesham and the former shop in Chesterfield.

She said: “I’m proud that we have saved over a hundred jobs in the North but I’m very sorry that these colleagues had to leave the family.”

Ms Davies added as the business has been rescued from administration, saving more than a hundred jobs, it was “important to make sure that we focus our efforts” on the remaining store and website, “to ensure Crafter’s Companion’s future success”.

She added: “I have invested my own money back into the business, and alongside a new financial partner who has also invested, I am now a major shareholder again.”