Crown Agents, the renowned international development agency with a storied history of 191 years, has entered liquidation due to funding cuts and a substantial pension liability. The closure will result in the loss of 150 jobs.

Founded in 1833 to manage financial transactions for British colonies, Crown Agents faced numerous challenges throughout its long history, including the fall of the British Empire and significant financial scandals. However, recent cuts in government aid and mounting pressures from a £50 million pension liability proved insurmountable. The directors decided to wind up the company after failing to secure necessary funding.

The not-for-profit company was liquidated this month, and Kroll Advisory is handling the recovery of debts and assessing the status of its overseas subsidiaries, some of which are still operating. Crown Agents sold its financial services divisions, Crown Agents Bank and Crown Agents Investment Management, to Helios Investment Partners in 2016. Since then, CAB Payments, the holding company of Crown Agents Bank, experienced a dramatic decline in value, losing nearly 65% since its flotation in July 2023.

Crown Agents began with just two employees, George Baillie and Edward Barnard, managing payments and procurement for British colonial governments. Over time, its services expanded globally, including construction projects, issuing stamps, and providing marine insurance. The organisation grew to 1,600 staff by 1960 but struggled with disastrous property investments and a major corruption scandal in the 1970s, leading to a government bailout and extensive criticism.

Under new leadership, Crown Agents refocused on traditional functions, such as managing supply chains and strengthening government systems. The agency played a crucial role in global crises, including shipping vaccines during the pandemic and assisting in emergency responses in Haiti, Ebola-affected regions, and Hurricane Irma’s aftermath.

Despite efforts to secure new investment and funding, the agency’s directors concluded that they could not sustain operations. The organisation’s legacy includes significant contributions to international development, having reached millions of people across over 100 countries.

Crown Agents’ subsidiary, Greenshields Cowie & Co, is also undergoing liquidation.