Major biscuit company plunges into liquidation – in business since 1967 | World | News

A major food conglomerate headquartered in Dubai is reportedly on the brink of provisional liquidation. IFFCO Group is alleged to have accumulated debts of around £1.5bn and restructuring talks have made little progress amid disagreements between key shareholders and the Iran war.

In addition to biscuits, the company is also known for selling olive oil, poultry and animal feed.

The conflict, which broke out in late February, combined with ongoing disruption in the Strait of Hormuz, is alleged to have put further pressure on the company’s supply chains. The United Arab Emirates, where most of IFFCO’s operations are based, is heavily dependent on food imports through its ports. IFFCO is considered one of the largest food companies in Dubai, if not the largest.

According to its website, the company operates as a conglomerate with brands spanning more than 20 food and personal care categories.

IFFCO’s product range includes olive oil, biscuits, poultry and animal feed.

It is perhaps best known to Dubai residents as the company behind the London Dairy ice cream brand, according to the Financial Times, which first reported the provisional liquidation.

According to FT news, based on sources familiar with the matter, a consortium of IFFCO lenders applied to the courts to take control of the company.

Business consultancy FTI Consulting has reportedly been put forward as provisional liquidator in courts in the Isle of Man and Singapore.

These places appear to be where two of IFFCO’s principal legal entities are registered. IFFCO, which has yet to respond to the reports, has more than 12,000 employees and operates in dozens of countries.

FTI Consulting also had no comment.