Norton Motorcycles crashes into administration
Malcolm Offline
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#1
Norton Motorcycles crashes into administration
[Image: 350ManxNorton.jpg]
A restored 1953 Works Norton motorcycle at the Goodwood Revival

Norton Motorcycles is seeking a buyer after falling into administration with a £300,000 tax bill.

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.

Earlier this month the Donington Castle-based manufacturer faced a winding up petition from HMRC over a tax bill.

According to its last full-year accounts, the company had sales of £6.7m on which it made a £33,701 pre-tax profit. It had 85 staff at the time.

Norton is owned by motorbike fan Stuart Garner, who bought the business in 2008 for what is understood to be a “single-digit amount of millions”.

A related hotel business is also understood to have gone into administration, with BDO taking over the running of both companies.

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.”
29-01-2020, 10:21 PM
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Sam Pato Offline
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#2
RE: Norton Motorcycles crashes into administration
Shame. Hopefully it gets picked up / resolved.

Hopefully not to many people who've paid for bikes have lost their money.

Sam
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29-01-2020, 11:24 PM
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Azman Offline
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#3
RE: Norton Motorcycles crashes into administration
Hope Garner doesn’t blame Brexit!



"Its turned out quite nice ....." Beer2
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30-01-2020, 07:36 AM
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Alfie Noakes Offline
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#4
RE: Norton Motorcycles crashes into administration
6.7m received = 33k pretax profit ?? - behave yourself .. those figures stink whether produced by actual business or sharp tax accounting. Based on a few decades experience of being self-employed and motorcycle/car retail HMRC / VAT would take one look at the figures and go "oh yeah Mr Garner lets have a close look at your books then".
30-01-2020, 12:00 PM
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Alfie Noakes Offline
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#5
RE: Norton Motorcycles crashes into administration
I suspect there'll be more bad news to come reference pensions and suppliers etc and this is from 10 years ago - "In 2010 or 2011 Bob Stevenson sold his half of the Spondon company to Stuart Garner, owner of Norton Motorcycles. Due to a misunderstanding with the UK Tax Office, the original Spondon company was all but dismantled, with Garner taking over the Spondon name."
30-01-2020, 12:52 PM
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c iom tt Offline
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#6
RE: Norton Motorcycles crashes into administration
Not surprised. There is more to this than meets the eye.
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If you want something bad enough, you'll find a way. If you don't, you'll find an excuse
30-01-2020, 01:58 PM
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AntG Offline
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#7
RE: Norton Motorcycles crashes into administration
Not surprising when you consider the respected people who have left the company over the years, I remember Brian Crighton being particularly scathing of Norton's ownership.
30-01-2020, 05:12 PM
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eman1948 Offline
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#8
RE: Norton Motorcycles crashes into administration
How many did he con to pay up front for bikes ? Their money is gone for sure but why were they so foolish to pay up front with the reputation Garner has.
30-01-2020, 06:47 PM
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Revvin rich Offline
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#9
RE: Norton Motorcycles crashes into administration
It's a shame it's come this but it looks like his accounants haven't done a very good job looking after his books 6.7m and only 33k to show something definitely not right there.
31-01-2020, 11:19 AM
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Malcolm Offline
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#10
RE: Norton Motorcycles crashes into administration
Guardian and ITV Report on the Shenanigans behind Norton


Investigation reveals how pension holders, customers and staff lost out - HERE


• Dozens of pension holders are now accusing Garner of ignoring repeated requests to return their pension pots – years after the lock-in periods that prevented them from accessing their money have passed.

• Millions of pounds in government-backed loans and ministerial endorsements were given to Norton, which enhanced the credibility of the firm and its owner.

• Lengthy delays in promised deliveries of Norton motorcycles – which can cost as much as £44,000 each – despite customers saying they had paid deposits and sometimes even the full purchase price.

• A £1m loan received by the motorcycle firm in 2008, that came directly from the proceeds of a tax fraud, for which two longstanding Norton associates were convicted in 2013.


31-01-2020, 04:29 PM
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