Leading British business figure and Brexiteer Sir James Dyson is relocating his company’s head office from the UK to Singapore.
This means that Dyson is no longer a British registered company and its main tax base is now in Singapore.
Key figures at the company have said that the move has nothing to do with Brexit; and that he has made the decision in order to be closer to emerging markets in Asia.
As part of the move, two executives will relocate – chief financial officer Jorn Jensen and chief legal officer Martin Bowen.
Other work at Malmesbury will not be affected and no jobs will be lost the company has said.
Chief executive Jim Rowan comments: “It’s to make us future-proof for where we see the biggest opportunities.”
“We have seen an acceleration of opportunities to grow the company from a revenue perspective in Asia. We have always had a revenue stream there and will be putting up our best efforts as well as keeping an eye on investments.
“We would describe ourselves as a global technology company and in fact we have been a global company for some time. Most successful companies these days are global.”
Mr Rowan also said it would be spending £200m in new buildings and testing facilities in Hullavington, and £44m in refreshing office space and adding new laboratories in Malmesbury as well as investing £31m for the young undergraduates at its university on the same site.
The vacuum and appliance maker recently revealed profits of greater than £1bn for the first time, up 33 per cent to £1.1bn for 2018.
Turnover also grew 28 per cent to £4.4bns.
Analysis to follow.