Norton Motorcycles enters administration over taxes

Norton Motorcycles enters administration over taxes

Norton Motorcycles enters administration over taxes

Norton Motorcycles has reportedly been in financial difficulty for a while, and now, it seems like it's caught up with them.

'We are now assessing the position of each of the companies in order to conclude upon the options available to them and the most appropriate way forward'.

Norton employs about 100 people at its factory in the market town Castle Donington, as yet no redundancies have been announced.

BDO has taken over Norton Motorcycle Holdings and Norton Motorcycles UK.

Norton made its first motorcycle in 1902 and was one of the leading manufacturers in the world during the British industry's golden era of the 1950s and 1960s. The flamboyant entrepreneur brought back the famous Commando model and developed a 1200cc V4 superbike, based upon the company's Isle of Man TT racers.

Norton - which is famed for its starring roles in the adaptation of the Che Guevara memoir, The Motorcycle Diaries, and the James Bond film Spectre - was acquired by an entrepreneur called Stuart Garner in 2008, after it had been under United States ownership and had ceased producing bikes. After going to the wall in the 1970s, the brand went through a tumultuous period until businessman Stuart Garner relaunched Norton in 2008.

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Mr Garner, 51, tried to revive the business with new models and a year ago said it was performing strongly and was planning a new factory.

The accounts also warned the company was "dependent on the future financial support of its bankers and its creditors".

According to BBC, Mr.Garner told local newspaper Birmingham Live that Norton Owed tax authorities £300,000. It could be liquidated if it was not given more time to pay in January 2020.

'This was the formality of what we have agreed over the past few months and wraps around research and development tax credits which have been delayed.

The other two Garner-owned companies in question are Priest House Hotel and Donington Hall Estates.

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