ISIS forces Kiwi BurgerFuel firm to shut up shop in Iraq

New Zealand owned BurgerFuel has "suspended" operations in Iraq over the growing threat of ISIS.

Source: US ABC

CEO Josef Roberts informed shareholders of the news in last September's monthly meeting.

"The Middle East in general has experienced major ongoing turmoil and brutal separatist activity in the past 12 months," Roberts said.

"Whilst we are in general away from the primary areas, we cannot escape what is happening in Iraq."

BurgerFuel had only one store in Sulaymaniyah, in the Kurdish region of northern Iraq close to ISIS controlled areas.

"Our partners did have our approval to re-locate their store in Kurdistan to Baghdad - pre the ISIS insurgency and that was set for re-opening later this year.

"However, given what is happening in Iraq - we have suspended all further activity in that country and will review at a later date. We only had one low volume store there, so this is not material to our position.

"It's unfortunate that Iraq has slipped back into this situation as it was a country with enormous potential, but as we can longer enter that country for safety reasons, its best we cease activity there, which we have now done."

The burger company has also put a halt on plans to open in Libya as a result of bombings in that country.

The moves come as BurgerFuel's business booms in the Middle East, with revenue up over 50 % in the past year.