The international development agency Crown Agents has gone into liquidation after 191 years of operation, resulting in the loss of 150 jobs. Established in 1833 to manage financial transactions with British colonies, the not-for-profit organization faced a combination of funding cuts and a significant pension liability that led to its closure. Despite having weathered major challenges in the past, such as the decline of the British Empire and a financial scandal in the 1970s, Crown Agents could not secure the revenue needed to sustain its operations.
The agency’s directors filed a winding-up petition after realizing they could not attract sufficient funding to continue. They cited several contributing factors to the agency’s downfall, including reductions to a taxpayer-supported aid scheme for low and middle-income countries and complications related to an energy procurement contract in Ukraine. The £50 million pension liability also hindered efforts to secure external investment.
Liquidators from Kroll Advisory are currently working to recover debts and assess the status of Crown Agents’ overseas subsidiaries, some of which are still operational. In 2016, the organization sold its financial services divisions, Crown Agents Bank and Crown Agents Investment Management, to Helios Investment Partners. However, CAB Payments, the holding company of Crown Agents Bank, faced significant challenges last year, losing nearly 65% of its value since its flotation in July 2023.
Throughout its history, Crown Agents played a vital role in international development, managing supply chains, enhancing government systems to combat corruption, and providing project and fund management services. The organization has been involved in various humanitarian efforts, including responses to the 2010 Haiti earthquake, the 2014 Ebola outbreak, and the devastation from Hurricane Irma in 2017. As Crown Agents concludes its operations, its directors reflect on the agency’s 191-year legacy of collaboration with governments and its contributions to improving lives globally. The liquidation of Crown Agents and its subsidiary, Greenshields Cowie & Co, signifies the end of an era for this historic institution.
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