Dyson, the British vacuum cleaner and appliance manufacturer, announced plans to cut approximately 1,000 jobs in the UK, representing more than a quarter of its workforce in the country. The move is part of a global restructuring effort aimed at streamlining operations in increasingly competitive markets.

The job cuts, revealed to staff on Tuesday morning, will affect Dyson’s 3,500-strong UK workforce across its offices in Wiltshire, Bristol, and London. The company, founded by Sir James Dyson in 1991, employs around 15,000 people globally, 10,000 of which are employed in the company’s Britain offices.

Hanno Kirner, Dyson’s CEO, cited fierce competition and the accelerating pace of innovation as reasons for the restructuring. “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,” Kirner stated, in a statement.

“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,” he added further.

The decision comes despite Dyson’s recent financial success, with the company reporting record revenues of £7.1 billion ($9.1 billion) in 2023, up from £6.5 billion in 2022. However, the company faces increasing pressure from competitors, particularly in Asia.

Dyson has promised to support affected employees through the redundancy process. The company did not specify how many roles would be cut worldwide, as reviews are being conducted on a country-by-country basis.