Fri, 31 Jan 2020 | ADMINISTRATION
Historic motorbike manufacturer Norton Motorcycles has entered into administration and appointed BDO with the task of finding a buyer.
The Derbyshire-based company has been trading from over 120 years and is widely seen as a firm with both a long history and strong brand recognition in the industry having registered a series of wins at the prestigious Isle of Man TT since the race's inception in 1907.
Norton was acquired in 2008 by Stuart Garner for what was described as being a single-figure amount in the millions.
According to its last published full-year accounts, the company saw turnover of £6.7 million, up from £5.6 million the year before, and pre-tax profits of £33,701. The company currently has total assets valued at £4.1 million.
Norton Motorcycles employs around 100 staff and recently generated an order book of £30 million for its new models, the V4 and 650 ranges.
In November last year, the company paused a £1 million crowdfunding campaign through Crowdcube after a single anonymous investor bought-in for that amount.
Lee Causer, BDO business restructuring partner, said that the joint administrators would seek to take all necessary measures to support customers, staff and suppliers during the administration process.
Causer added that: "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.”
"We are currently assessing the position of each of the companies in order to conclude upon the options available to them and the most appropriate way forward."
It has not yet been disclosed whether any buyers for the historic company have yet come forward.
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