UK Markets close in 7 hrs 32 mins

Brexit-supporter James Dyson to move Dyson HQ to Singapore

Lianna Brinded
Head of Yahoo Finance UK
James Dyson, founder and chairman of Dyson Ltd at a New York event. Photographer: Michael Nagle/Bloomberg via Getty Images

British billionaire and major Brexit supporter James Dyson is moving his vacuum cleaner and hair dryer company Dyson’s headquarters from Britain to Singapore.

Dyson’s CEO Jim Rowan said in a statement that the move was to “future-proof” the business and had “nothing to do with Brexit.” He confirmed that Dyson’s legal entity will switch from the UK to Singapore in “the coming months.” Rowan made it clear that Dyson’s top executives, including Dyson himself who owns 100% of the company, made the collective decision.

James Dyson was one of Britain’s most prominent business people to support the UK leaving the European Union. He said that Brexit would enable Britain to benefit from setting its own trade policy. He even said that it’s worth UK politicians walking away from talks in a no-deal Brexit because “they’ll come to us.”

Back in August last year, Dyson announced it would go ahead with a $2.6 billion (£2bn) push to start building electric cars. However, in October, the group announced that it would complete construction of a two-storey electric car factory in Singapore by 2020 and cars would begin rolling off the production line by 2021. It said that the decision was made based on a number of factors that offset the cost factor, including supply chains and access to markets.

Dyson already employs 1,100 people in Singapore. It also has manufacturing hubs in Malaysia and the Philippines.