Book Store

Norton Motorcycles has indeed filed for Bankruptcy

February 18, 2020

Yes, it’s true. It has been confirmed that Norton has gone into Administration, similar to Canada’s CCAA filing, or US Chapter 11 Bankruptcy. Determined on January 29, the long-time British motorcycle manufacturer has now been taken on by Lee Causer, Danny Dartnaill and Ryan Grant of BDO LLP.

Founded in 1898, and starting production of motorcycles in 1902, Norton is one of the longest-running British motorcycle companies. This isn’t the first time Norton has admitted it’s financial trouble, in 2008 Norton was rescued by entrepreneur and property developer Stuart Garner, bringing the company to its feet again.

Norton is legendary in its own right, creating classic and timeless designs, some of which have been featured in the James Bond movie Spectre, and the Che Guevara memoir The Motorcycle Diaries. The Norton Interpol was also used by UK Police forces in the 1980s. Also participating countess years in the TT Isle of Man.

In May 2019, Mr. Garner said that the firm was doing well and planned to open a new factory. Now, this January, Garner stating that Norton owed authorities £300,000 and could be liquidated if it was not given more time. This isn’t the only financial trouble Mr. Garner is experiencing as currently two of his other companies have also gone into administration, including his 42-bedroom Priest House in Castle Donington.

Lee Causer of BDO said, “We are taking all necessary steps to ensure that customers, staff and suppliers are supported through the administration process.”

Even with this sad news of Norton we are hopeful that, yet again someone will step up and save the company from its demise. Currently the news puts 100 jobs at risk with the closure of its factory in Castle Donington.

Causer goes on to say “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 minimize distress for all parties.”

Your Commment

Email (will not be published)

*

WordPress Video Lightbox Plugin
X
X
Back to Top