A major food conglomerate based in Dubai is reportedly on the verge of being placed into provisional liquidation. IFFCO Group is alleged to have accumulated debts of nearly £1.5 billion, with restructuring negotiations making little headway amid disputes between key shareholders and the Iran war.

The company is known for selling biscuits as well as olive oil, poultry and animal feed.

The conflict, which erupted in late February, coupled with the ongoing disruption in the Strait of Hormuz, has heaped further pressure on the firm's supply chains, it is claimed. The United Arab Emirates — where the bulk of IFFCO's operations are headquartered — is heavily dependent on food imports through its ports. IFFCO is widely regarded as one of the largest food companies in Dubai, if not the biggest.

The firm operates as a conglomerate, with its brands spanning more than 20 food and personal care categories, according to its website.

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

It is perhaps best recognised by Dubai residents as the company behind the London Dairy ice cream brand, according to the Financial Times, which first broke the news of the provisional liquidation.

A consortium of lenders to IFFCO has approached the courts in a bid to seize control of the company, the FT reported, citing sources close to the matter.

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

These locations are where two of IFFCO's principal legal entities are understood to be registered. IFFCO, which is yet to respond to the reports, employs more than 12,000 members of staff and operates across dozens of countries.

FTI Consulting has also not commented.