Crown Agents, one of the largest suppliers of development services to the U.K. government, has announced that it will close its operations with immediate effect.
The not-for-profit company, which employed around 340 people, said in a statement on its website that it had been struggling with a £50 million pensions deficit — equivalent to almost a year’s revenue — as well as cuts to British official development assistance, and a frustrated contract in Ukraine.
Devex exclusively reported last week that the company was expected to close.