Imagination is off the hook. Canyon Bridge, the China-backed private equity company which owns Imagination, has given assurances to the government that it will remain domiciled in the UK and that it will consult over any board changes.

When Canyon Bridge bought Imagination in 2017 it assured the UK government that it would remain subject to US law. Since then it has moved to the Cayman Islands.

Recently, moves to acquire an Imagination boardroom majority by putting four representatives of China Reform Holdings, Canyon Bridge’s China-controlled backer, onto the Imagination board were seen as a precursor to changing Imagination’s domicile to China.

Earlier today, there was a  a conference call between Canyon Bridge representatives and the Secretary of State for Digital, Culture, Media and Sport Oliver Dowden.

“We discussed our ongoing commitment to Imagination Technologies as a UK-headquartered business and have agreed to maintain dialogue with the Secretary of State as we further build out our senior management team,” a Canyon Bridge spokesman told Reuters.

An anonymous source told Reuters that Canyon Bridge had committed to the majority of Imagination Technologies’ staff remaining in the United Kingdom and to continue investment in research and development and intellectual property development.