In recent years, EFP International's turnover declined. The trading company went bankrupt at the end of January, after which a quick restart was achieved through a takeover by Farmhouse International. The first bankruptcy report reveals the causes of the bankruptcy.
Market conditions, which put pressure on tariffs, changing, more locally focused purchasing policies from customers and also a substantial outstanding invoice from a major customer brought the trading company into trouble. A liquidity problem emerged, and arrears of payment from suppliers developed. Net turnover fell from €52.5 million in 2022 to €44.6 million in 2024.
At the time of the bankruptcy, some €6.3 million in invoices were outstanding. Among those accounts receivable items an item of around €2.7 million from Qatar. In other bankruptcies in the trade, collecting outstanding invoices from the Middle East proved challenging. For instance, in the bankruptcy of Levarht, which also specialized in distant exports, the trustees spent a long time dealing with several Middle Eastern debtors.
The first bankruptcy report shows that, for now, there is an estate balance of over 162,000 euros. A total of 104 unsecured creditors have come forward, amounting to over 4.2 million euros.
(Far) export
Farmhouse International has acquired the operations of EFP International. The operations will be added to the Valstar company, strengthening its sales activities in markets such as the Middle East, Ireland, Malta and Cyprus. Following EFP International's bankruptcy, more than 40 companies showed interest, after which two companies submitted bids after understanding more information.
EFP had traditionally been strongly focused on exporting fruit and vegetables to the Middle East, England and Ireland, among others. Besides its headquarters in Poeldijk, the company has branches in Ter Apel and Perpignan. Bankruptcy proceedings will also be initiated for the French branch.
EFP International was declared bankrupt by the District Court in The Hague on 28 January. Mr M.J.H. Vermeeren from The Hague was appointed trustee. The bankruptcy was registered under reference: 09.dha.25.20.F.1306.1.25. The restart was announced on 10 February.