NORTON SOLD TO INDIAN COMPANY
THE BRAND LIVES ON UNDER NEW OWNERSHIP.
Norton has been bought out of administration for £16m cash by TVS Motor Company in India.
It's been up and down for Norton over the years. Stuart Garner put a lot of effort into reviving the company since purchasing it in 2008, and things seemed to be going well. They had support from the government and McGuinness onboard. Then, in March last year, a story hit the news of the company being in financial trouble and it's been spiralling since then, ending in the company collapsing at the beginning of this year. Norton had £300,000 of unpaid tax debts, a huge backlog of unfulfilled orders and its owner had become the centre of a pension scandal. Garner had gone from hero to zero.
It's never nice to see a company go bust, especially one whose name has such a history. Sad too is that is was one of the few remaining British brands.
It's new owners are not British, but nonetheless, they've got big plans to keep the brand alive and the money to follow through with it.
For those who haven't heard of them, TVS makes motorcycles, mopeds and three-wheelers. Whilst perhaps not as well-known over here, they sell plenty of bikes in the East, so many that they are actually the sixth largest motorcycle manufacturer in the world.
TVS states that it aims to use its global reach and supply chain to help move Norton into new markets. And what's more, the company aims to work closely with Norton's current employees at Castle Donington, which is fantastic news for them.
We wish them the best of luck and we look forward to seeing the Norton name continue to live on, hopefully with some of its great Britishness still intact.
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