In the final phase of its three-year cost-cutting drive, Kenwood is closing and selling a 12-acre plant in Havant in southern England. "UK manufacturing is no longer a competitive option for us on most of our product lines," said Colin Gordon, Kenwood chief executive. "I deeply regret the loss of jobs, but in order to safeguard the long-term competitiveness and success of Kenwood, there is no alternative," he said.
The shares ended up 2.5p at 65p. Kenwood also said it was selling a specialist engineering business based on the Isle of White to management for pounds 1.1m.