Dyson announced today that it is reportedly looking to cut a third of its UK workforce as part of a global restructuring and cost-cutting drive.
According to reports, the company has told workers that due to “increasingly fierce and competitive global markets”, it would have to scale back its global footprint.
“We have grown quickly and, like all companies, we review our global structures from time to time to ensure we are prepared for the future. As such, we are proposing changes to our organisation, which may result in redundancies,” chief executive Hanno Kirner said.
The company’s founder, Sir James Dyson, moved the group’s corporate headquarters to Singapore five years ago to better access Asian supply chains and customers.
He has previously been critical of the UK’s approach to the economy, accusing leaders of not “going for growth”.
Asia is its biggest market, although it competes against smaller and more flexible upstarts who often produce similar products shortly after its own appliances are launched.
“Dyson operates in increasingly fierce and competitive global markets, in which the pace of innovation and change is only accelerating. We know we always need to be entrepreneurial and agile – principles that are not new to Dyson.
“Decisions which impact close and talented colleagues are always incredibly painful. Those whose roles are at risk of redundancy as a result of the proposals will be supported through the process,” Kirner said.
Dyson boosted investment into research and development by 40 per cent last year, as it looked to make the most of rapidly growing technology sectors.
The company has also been experimenting with new products, such as active noise-cancelling and air-purifying headphones, to attract new customers.
Last year, it invested £100m into a technology centre in Bristol as part of a £2.75bn global investment plan.
The Dyson Institute in Bristol, which provides undergraduate engineering roles, will continue to operate.