Crown Agents announces staff cuts due to accounting losses.

TLDR:

• Crown Agents, a UK-based international development company, is planning layoffs in response to financial difficulties.

• Despite claims from a former leader, the company denies intentions to withdraw from Ethiopia and Zambia.

The United Kingdom-based Crown Agents international development company is shedding jobs in response to financial problems but has rejected a claim made by a former leader of its United States arm that it is pulling out of Ethiopia and Zambia. The not-for-profit firm, with offices in 20 countries and a colorful history dating back to the 18th century, has announced a “restructuring” that will involve “reducing our headcount, particularly in our London HQ office.” It is currently consulting on compulsory layoffs that are expected to lead to the loss of 8% of London posts. The company declined to say how many staff it currently employs in the U.K. capital…

The company’s former U.S. President Amanda Willett suggested the shake-up will close its offices in Ethiopia and Zambia, stating the firm was “facing accounting losses” and has been “struggling for many years to achieve and sustain economic profitability.” However, a spokesperson told Devex: “At this stage, we are not intending to withdraw from Ethiopia or Zambia and still intend to have a presence in both countries.”