Dyson Holdings, James Dyson’s technology firm has moved 1.3 billion pounds ($1.8 billion) over the last year, which has shifted his fortune away from his firm.
According to registry filings, Dyson Holdings paid a dividend of 400 million pounds to Weybourne Holdings in 2020, which was the biggest annual cash payout for the billionaire’s family.
“The family is, in effect, diversifying its interests”, said Richard Murphy, professor of accounting practice at Sheffield University Management School.
Dyson is 74 years old, with his technology company running operations in Europe, Asia, and the U.S. He is the wealthiest individual in the U.K and has a net worth of around $26 billion. Majority of his fortune is a result of his stake in Dyson Holdings.
His family office received capital transfers and dividends that reached 300 million pounds in 2018, and 465 million pounds the next year. Following this, Dyson Holdings mentioned that it would shift its headquarters from the U.K to Singapore to focus on Southeast Asia.
Dyson Holdings borrowing increased by about 300 million pounds when the firm shifted its money to Weybourne in 2020.
Weybourne was set up eight years ago and had assets of about 1.5 billion pounds as of May 2019. Although the firm no longer has activities in real estate or reports financials, it has expanded its staff to more than 24 employees across the U.K and Singapore.
Dyson’s Moves
Dyson founded his company in 1991 and has extensive U.K holdings. His agricultural firm disclosed that it oversaw 150 homes and 637 acres of woodland. Dyson owns an estate in the country side in England and has recently switched his residency from Singapore back to the U.K.
According to filings, Dyson Holding’s profit increased to 797 million pounds last year, which shows a profit of 12 percent, and a revenue increase of 5.7 percent to 5.7 billion pounds.
After he abandoned his project to build an electric car in 2019, the company focused more on robotics, and machine learning. It will also be launching a new manufacturing hub in Singapore, which will also include a university program teaching product development.
‘James Dyson’s Firm Moves $1.8 Billion to His Family Office‘- Benjamin Stupples, Bloomberg
