It is unclear how this will affect previously signed MOUs, including one inked three weeks ago with SBF
[SINGAPORE] Home-grown food distributor FoodXervices will “wind down all operations” by the end of April, after 92 years in business, the wholesaler said in an Instagram post in the early hours of Friday (Apr 3).
The company had been “battling… tremendous headwinds for the last six years”, said the family business’s third-generation owners Nichol and Nicholas Ng in the post.
The closure was “expedited” by the loss of its headquarters – commercial building Xpace, located at 218 Pandan Loop – though no details were given of how or when this “loss” occurred.
The Business Times has reached out to the company’s management for comment, including on the potential impact on employees.
“Our team will take this time to ensure that our clients and brand partners find ways to continue their business in the best way possible,” said the Ngs.
“We will also focus on clearing our inventory in bulk, so let us know if you (would) like to stock up on your favourite items.”
A check on FoodXervices’ website showed that some items – from tins of Russian caviar to heavy-duty cleaner and degreaser solutions – remain available for purchase.
It is unclear how the closure will affect memorandums of understanding signed by the company, including one inked just three weeks ago with the Singapore Business Federation (SBF).
Under the agreement signed on Mar 13, FoodXervices was meant to help equip companies with skills intelligence tools to identify skill gaps, redesign jobs and build stronger talent pipelines.
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In August 2024, FoodXervices was appointed as a SkillsFuture Queen Bee for the wholesale trade sector, to support the training needs of its 4,000 customers.
Such “Queen Bees” are industry leaders that SkillsFuture Singapore taps to help with the training needs of the wider industry: peers, suppliers and customers.
Third-gen business
In 2007, the Ng siblings took over the family business, Ng Chye Mong – a food distribution outfit started in 1939 by their grandfather – rebranding and incorporating it as FoodXervices.
The company’s primary business activity is the wholesale trade of a “variety of goods without a dominant product”, and it employs more than 50 staff, based on filings with the Accounting and Corporate Regulatory Authority.
In their Instagram post, the siblings said the business has a history of 92 years, dating back to 1934.
The Ngs are also co-founders of local charity The Food Bank Singapore, which was the Republic’s first food bank when it was set up in 2012.
FoodXervices posted a net loss after tax of S$2.3 million for the 12 months ended Apr 30, 2024, based on its latest regulatory filings.
This was after a net loss of S$3.5 million in FY2023; a net loss of S$2.5 million in FY2022; a profit after tax of S$557,490 for FY2021; and a net loss of S$1.3 million in FY2020.
Revenue has declined each year since FY2020, when it was S$65 million: to S$57.2 million in FY2021, S$54.9 million in FY2022, S$37.1 million in FY2023 and S$21.4 million in FY2024.
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