CHEMICAL company Ineos has begun moves to relocate its headquarters to Switzerland to cut its tax burden.

Owner Jim Ratcliffe warned on March 4 this year that he was considering moving his HQ operations from the UK.

Now papers have been filed at Companies House showing several senior directors, including Mr Ratcliffe, have resigned from the board of the UK holding company and a new holding company has been registered in Switzerland.

This came after Ineos revealed that it had received the consent of its lenders to relocate to Switzerland on March 24.

About 20 Ineos executives are believed to be on the verge of moving to Switzerland to manage the new holding company.

Group subsidiary Ineos Chlor, in Runcorn, employs about 2,000 staff.

But the company has reassured its workforce that moving headquarters will have no impact on its global operations, including its Runcorn site.

Chief executive Tom Crotty said at the time: “We remain committed to the UK and our facilities will continue to play an essential part in the long-term growth of Ineos.

“Investment in people skills, plant and technology is an important element of our ongoing competitiveness and the change of tax residence would allow us to increase investment to the benefit of all stakeholders in our business.”