FoodXervices, a food distributor in Singapore, is ceasing operations by the end of April after 92 years in business.
“Having witnessed World War II, Singapore’s independence, 97 Asian crisis, SARS, Covid-19 and the state of the world now, it is truly time for us to throw in the towel,” the firm’s third-generation owners Nichol and Nicholas Ng said in an Instagram post last Friday, adding that it has been “battling the tremendous headwinds for the last 6 years.”
The siblings said losing the firm’s headquarters, the Xpace commercial building, “expedited” the decision.
Nichol (R) and Nicholas Ng, owners of FoodXervices, Photo from the company’s website |
The business, which supplies a variety of goods to the city-state’s food and beverage sector, traces its roots to a food distribution arm of Ng Chye Mong, a multimillion-dollar global trading conglomerate that was founded by their grandfather in 1939 and collapsed during the 1997 Asian financial crisis.
The Ng siblings later acquired the sole surviving food distribution unit from their father and uncle in 2007, with plans to modernize operations, according to The Straits Times.
They said in the Instagram post that the business has a 92-year history dating back to 1934.
FoodXervices recorded a net loss after tax of S$2.3 million (US$1.79 million) for the financial year ended April 30, 2024, following two earlier years of losses, The Business Times reported, citing regulatory filings.
Its revenues, meanwhile, fell for four consecutive years, from S$65 million in the 2020 financial year to S$21.4 million in 2024.
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