Crown Agents, one of the U.K.’s most established development contractors, says it is experiencing “severe financial difficulties” and is understood to be days away from closure.
The nonprofit company is one of the Foreign, Commonwealth & Development Office’s, or FCDO, largest suppliers, but has faced financial problems for years due to historic pensions deficits and aid cuts. It said that after months of negotiation, it failed to secure the financial backing it needed to continue.
Crown Agents has offices in 20 countries and 340 staff members, who are understood to have today received only 50% of the pay they were due for July.