I understand that Max Conze, sacked abruptly by Dyson in October for a series of alleged "breaches", received a multi-million-pound settlement.

In November the company filed a claim in the High Court claiming Mr Conze breached his duties in several ways.

They included "disclosing confidential product information to third parties".

The writ also said Mr Conze was "using Dyson resources and information to evaluate an investment opportunity for his own benefit and/or for the benefit of a venture capital firm, rather than for Dyson's benefit".

Mr Conze was appointed to the role in 2011 after a stint running Dyson's US business.

His period as chief executive coincided with a huge increase in sales of Dyson's products.

Profits at the vacuum cleaner and air purifier maker rose 41% last year to £631m.

When the charges were bought against him in November, Mr Conze strenuously denied them saying, "This ridiculous allegation is merely trying to distract attention from the claims that Dyson know I am about to issue."

Sir James confirmed that the matter had been settled, but would not comment on the amount.

A spokesman for Mr Conze, who denied the allegations, told the Press Association: "All claims have been settled."