Dyson sells loss-making subsidiary for £1

YORKSHIRE materials technology company Dyson Group has sold a loss-making subsidiary for £1.

The Sheffield group said that as part of its restructuring process its subsidiary Dyson Industries has sold its Kiln Furniture business in Stoke-on-Trest to its management for the nominal sum.

Kiln Furniture designs and manufactures products for the ceramic industry

The deal sees Kiln Furniture, which employs 70 staff and made a loss of £100,000 in the six months to September 30, sold to new company IPS Ceramics.

Kiln Furniture had gross assets of £4.3m at September 30 and in the eight months to November 2009 made a loss of £500,000 according to its latest unaudited management accounts.

IPS Ceramics has entered into a lease for a period of up to two years for the Dyson site in Stoke-on-Trent on a rent-free basis for one year but otherwise paying all holding costs such as rates, security and maintenance costs for the site during that time.