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Dyson has made it clear its centre of gravity now lies in Asia, where it sees the biggest opportunities for growth. There may be business logic in the move - but as the UK struggles to define a coherent vision for its own future, it is unlikely to be applauded here.
Sir James Dyson: From barrows to billions. Dyson wins ruling over vacuum cleaner tests. Dyson chooses Singapore for new electric car plant. Other work at Malmesbury will not be affected and no jobs will be lost. British bases. Most of its products are designed in the UK, but manufactured in Asia.
Sir James Dyson: From barrows to billions Dyson wins ruling over vacuum cleaner tests Dyson gears up for electric car testing. The company was keen to stress that it will still be investing money in its British bases. Theo Leggett, business correspondent. But the change is still highly symbolic. Related Topics. More on this story. Featured Gallery James Dyson Singapore house. Celebrities Green Electric. Sign in to post.
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The move by the appliance maker means two executives will relocate - chief financial officer Jorn Jensen and chief legal officer Martin Bowen. He added: "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.
Most successful companies these days are global. Dyson already has a presence in Singapore and in October announced plans to build its new electric car in its new factory there. However, because its roots are in Britain and its founder Sir James Dyson has been a vocal supporter of Brexit, the decision to move its headquarters to Singapore is likely to make political waves. In practical terms, the change is a minor one.
Two senior executives will be transferred to the Singapore office, where the company itself will now be registered. There will be no impact on its 4, workers in Britain, and according to Mr Rowan, little impact on its tax affairs either. It will continue to invest in its UK research and engineering sites in Malmesbury, London and Bristol, as well as a new centre in Hullavington, where it plans to develop a groundbreaking electric car.
Dyson has made it clear its centre of gravity now lies in Asia, where it sees the biggest opportunities for growth. There may be business logic in the move - but as the UK struggles to define a coherent vision for its own future, it is unlikely to be applauded here. Sir James Dyson: From barrows to billions. Dyson wins ruling over vacuum cleaner tests. Sir James Dyson , the British billionaire inventor and outspoken Brexiter who called on the government to walk away from the EU without a deal, is moving the headquarters of his vacuum cleaner and hair dryer technology company to Singapore.
There was no comment from Number 10 on Tuesday. It is utterly unbelievable that the business face of Brexit is moving yet another part of his business out of the UK. This can only be seen as a vote of no confidence in the idea of Brexit Britain. The company said the decision to move to Singapore was not made for tax reasons.
There is no capital gains or inheritance tax in Singapore. The company said some of the investment money would be spent in the UK, where it employs 4, people and has a research and development campus. Dyson employs a total of 12, people worldwide. Relocating the HQ will not lead to job cuts in the UK, the firm insisted.
He is not the first Brexit-backing billionaire to pull back from the UK since the Brexit vote.
Mr Rowan confirmed that Sir James was integral to the decision to ditch Britain. Around 3, people work for Dyson in the UK, part of a workforce of around 12, worldwide. Relocating the HQ will not cut staffing, the firm insisted. James owns property in Singapore. Sir James Dyson has insisted that his decision to move his top executives from his British headquarters pictured to Singapore is nothing to do with Brexit. The Dyson London HQ pictured has been a symbol of British entrepreneurialism - but that has been dealt a blow by the latest decision.
Why is Sir James Dyson deserting Britain? By Guy Adams. Gags were bouncing around cyberspace yesterday amid news that Sir James Dyson is transferring his corporate HQ from Britain to the morally-wonky tax haven of Singapore. Yet, with one ill-judged, and appallingly timed, act of corporate desertion, that noble legacy now looks hopelessly tarnished.
Back in , for example, Sir James announced he was moving production of his vacuum cleaners to Malaysia, making loyal members of staff redundant in the process. The cash helped them buy magnificent Dodington Park in Gloucestershire the following year. Sir James seemed unfazed, though. We have to go looking for one another! Aside from the inevitable allegations of hypocrisy for taking EU cash, not to mention the harrumphing of Left-wing critics who believe very wealthy plutocrats ought to be denied public subsidies on principal, this particular affair also raised the tricky issue of tax avoidance.
For cynics were quick to point out that, unlike other property holdings, farmland makes a cute investment for wealthy men of a certain vintage, since it happens to be exempt from inheritance tax. Like many canny businessmen, Sir James has long demonstrated a willingness to minimise his personal tax liabilities via creative but perfectly legal means. Given his political profile, this, too, has spawned controversy. In , the Guardian revealed that various parts of his business empire were registered in the tax haven of Luxembourg.
Tamar and Tyne are run by Ingenious, a now notorious accountancy firm involved in a long-running dispute with HMRC over movie schemes, which such luminaries as David Beckham, Gary Lineker and Andrew Lloyd Webber joined in an effort to keep their hard-earned cash from the Exchequer.
It is, of course, a very good point. The son of a classics teacher from Greshams — a minor public school in Norfolk — Dyson like many highly driven people lost his father in childhood, in his case at the age of nine. He never went to university, but instead studied at the Byam Shaw School of Art in London — where he met Deirdre, a painter — before transferring to the furniture and interior design course at the Royal College of Art. It was there that he encountered a then-famous inventor called Jeremy Fry, who took Dyson under his wing developing boats at his engineering firm Rotork.
At weekends, James Dyson and Deirdre spent their time renovating a year-old farmhouse near Bath. The product, launched in , was a moderate success, winning the British Building Design Innovation Award. But within a few years, Dyson had managed to fall out with his business partners, one of whom was married to his sister Alexandra.
Next, Sir James turned his attention to the invention that made him famous. Renovating his farmhouse had also seen him become frustrated with the way the vacuum cleaner he was using quickly lost suction because its bag frequently got clogged. Between and , he therefore devoted himself to designing a bag-less alternative, creating and testing an incredible 5, prototypes. But major manufacturers to whom he initially tried to sell the design were unimpressed, pointing out that selling replacement bags was a highly profitable part of their business.
At the time, Dyson was virtually penniless, and Deirdre kept the family afloat by selling illustrations to British Vogue and teaching still-life classes. It would be another five years before he was in a position to start his own company and make the product in the UK. But after that, things began to move quickly. John Lewis started selling Dyson vacuums in , and within two years they were the bestselling brand in Britain.
Each is developed by armies of mostly young engineers, who build thousands of prototypes. In , it was the subject of a famous legal battle, after Dyson attempted to sue Which? Humiliatingly, he lost. To men as wealthy as Sir James, such trifling sums are perhaps chump change. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.
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