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.
Operates globally, with circa 66% of customers based outside the UK. Long-standing relationships with customers in the agricultural, leisure and civil engineering sectors, with some spanning up to 30 years. Retirement sale. Offers invited.
FREEHOLD
The business is a long established manufacturer, agent and distributor of speciality chemicals, largely plasticisers and dispersions (catalyst pastes) used mainly in the sealants, adhesives, plastics and coatings sectors for the UK and international...
LEASEHOLD
This long established company is a second generation family business specialising in the design, manufacture, installation and retailing of blinds, fabrics and wallpapers. Offers invited.
LEASEHOLD
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
27
|
|
Jun
|
Administrators appointed for major bathroom retailer – buyer sought immediately | ADMINISTRATION
With 135 stores dotted around the country, and thought to be...
|
14
|
|
Jun
|
Bedding retailer fall into administration after running into troubles on the high street | ADMINISTRATION
The Yorkshire Linen company has been forced to shut its door...
|
31
|
|
May
|
Luxury chocolatier enters administration | ADMINISTRATION
A high-end chocolate maker has collapsed into administration...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources