18 April 2020
Norton Motorcycles is bought by Indian Company, TVS Motor Company. The £16 million deal brings the troubled company out of administration.
TVS Motor Company is the sixth largest bike manufacturer in the world. It is a part of the TVS Group, worth £7.2 million.
Joint managing director of TVS Motor Company, Sudarshan Venu, said: "This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world and presents us with an immense opportunity to scale globally.''
''We will extend our full support for Norton to regain its rightful glory. Norton will continue to retain its distinctive identity with dedicated and specific business plans. TVS Motor Company will work closely with customers and employees in building the success and pre-eminence of the Norton Motorcycles brand and we look forward to growing together globally in the years to come.”
This deal has been welcomed by the UK Minister for Investment, Gerry Grimstone.
''It's fantastic news that this British motorcycle company can carry on producing their world-class motorcycles with its headquarters in the UK. DIT is here to support and stand by businesses during this time, and we look forward to seeing the firm grow from strength to strength.''
30 January 2020
One of the last British motorcycle companies has gone into administration following its inability to pay its tax bill to HMRC.
Lee Causer, BDO business restructuring partner said; “As joint administrators, we are taking all necessary steps to ensure that customers, staff and suppliers are supported through the administration process.''
“Our job is to determine and execute the most appropriate strategy as swiftly as possible to protect creditors’ interests, bearing in mind the need to minimise distress for all parties.''
“We are currently assessing the position of each of the companies in order to conclude upon the options available to them and the most appropriate way forward.”
Mr Garner rescued the historic bike brand in 2008, moving it to Leicestershire from its traditional home in the West Midlands.
Established in 1898 as a manufacturer of "fittings and parts for the two-wheel trade", the company became famed in the late 1940s and early 1950s after a series of wins in the Isle of Man TT races.
It employs around 100 people making bikes such as the Commando 961 Cafe Racer, Dominator and V4RR, which are now sold around the world.