A restored 1953 Works Norton motorcycle at the Goodwood Revival

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.