Norton no more / update superbike part 2

[boxerscott]

Just heard on the news that sadly 100 jobs lost as Norton forced into receivership. HMIR. It would seem that the bespoke market is a very tough place to be. I do not know of anyone who has bought one. It would seem that high volume sales of every day bikes are needed to support high end stuff.

Chris

[Humbug]

Would seem that HMRC are slow to pay rebates owed under R&D allowances which would have paid the majority of the debt off. If a deal can be done with an airline, why not Norton?. Seems the order books are full so a good prospect for a buyer maybe?

[SP250]

The government of this country never change their intransigence or apply common sense.

The same happened to Tommy Sopwith after WW1 - had to close the aircraft factory with a book full of orders, because the government wanted their tax there and then - despite the factory contributing massively to winning the war effort.
Sopwith re-opening under the name of his chief pilot, Harry Hawker as Hawker engineering.
Then he acquired many other factories and directed most of the aircraft war production enabling the second global conflict to be won.
"Pure Luck" is his biography and one of the best reads I have ever had.

You can't keep a good entrepreneur down, maybe Stuart Garner will pop up again.

[Al]

The order books seem to be full, large deposits have been paid up front, yet it seems very few bikes have actually been produced and threat of legal action has been needed to get money back when said bikes don’t ever materialise. Yet Stuart Garner who has numerous other failed businesses to his name buys new 300k sports cars!! Con man is the label that seems to fit.

Al.

[boxerscott]

Ouch ! That sounds severe Al. Have done a bit of googlin on this since i first heard it last night. Seems his bankers filed for the winding up.

The original re birth model 961 was not without its flaws, customers waiting a long time for their bikes, not paying suppliers etc etc. Tough market place. The price of the bikes based on an iconic name makes current superbikes from BMW, Aprilia, Suzuki,Honda Ducati etc look really good value for money.

There will be sad tales to hear from buyers who have paid a deposit. Perhaps his base model bikes that were planned should have been out first.

Chris

Edit. The guy`s a Crook!

[Al]

Crook is probably more apt, sadly 100 people are out of work but many more apparently lost pensions from Garners past failed ventures, It seems John mcguiness has posted on social media saying that he would appreciate a chat about unpaid monies for TT deal. Fortunately a guy on the GS forum managed to get his deposit back, but only by going to factory and banging on doors, he’d only been waiting nearly 3 yrs!! A lot of smoke, mirrors and hype.

Al.

[The Teutonic Tangerine]

I did always worry about the amount they were spending on a T.T. bike and highly priced exotic specials when they should have been ploughing into production bikes that many more people could afford.

[boxerscott]

What disconcerts me about this is that after the event there are lots of voices coming forward more or less saying "told you so". Motor Cycle News gave this man and his project a massive platform, gushed about the 961 on its "world exclusive" test ride and years later here we are ..again.

What is it with Donnington ? a magnet for Walter Mitty`s?

Unfortunately Mr Garner will have probably done well for himself out of this and get away with his proceeds.

Chris

[BoxerCup R]

Its a real shame Chris, it was great to see the Norton name up and running again but it looks like its not to be for long, although 'it's not over till the fat lady sings' if I'm allowed to say that in this PC world

[Joe Bar]

I live a mile from Norton and the failure of Norton has nothing to do with the government allowing it to fail, or the tax man pulling the rug from under them for "only £300,000". Stuart Garner has simply been spinning too many plates and robbing Peter to pay Paul. The sums involved is not just the £300,00 owed to the tax man, but several million pounds taken from pension funds controlled by Garner.

Garner had been using the entire contents of three pension funds associated with Norton, for which he was the sole trustee – as working capital for manufacturing activities at Donington Hall. The Ombudsman was not impressed, identifying “a clear conflict of interest and the possibility that Garner was acting in breach of his fiduciary duty”.

The Pensions Regulator subsequently removed him from the trustee role. When pension fund members were unable to draw down or transfer funds from their pensions as there was no money left in them, an investigation was launched. A hearing is set for February 13th as part of that investigation. Should Norton be unable to reimburse the affected schemes to the tune of several million pounds, which seems extremely unlikely as the administrators are in, Garner could face criminal prosecution for fraudulent conduct.

[boxerscott]

So along with disappointed bike purchasers, suppliers and staff...he has been disappointing pensioners from whom? Ex norton employees or other industry investments? Norton related?

I have previously stopped buying MCN. Not solely because of this but as a result of its absolute piss take of the biking community which appears to be self serving and without consideration of the readers.

Chris

[slparry]

Just heard on the news that sadly 100 jobs lost as Norton forced into receivership. HMIR. It would seem that the bespoke market is a very tough place to be. I do not know of anyone who has bought one. It would seem that high volume sales of every day bikes are needed to support high end stuff.

Chris

Apparently our place, a successful BMW and HD retailers contacted Norton to discuss taking a franchise. They ignored phone, mail and email contact...…

[popsky]

So along with disappointed bike purchasers, suppliers and staff...he has been disappointing pensioners from whom? Ex norton employees or other industry investments? Norton related?
Chris

Seems crook is a fair judgement

https://www.rideapart.com/articles/3959 ... -pensions/

[boxerscott]

Phil, that is shocking reading. What an absolute Douche Bag.

I hope he gets porridge and Bubba Boy is his cell mate.

His financial adviser here https://www.ftadviser.com/pensions/2018 ... d-to-jail/

[andy griff]

This has all the hallmarks of a messy saga with lots of people out of pocket losing hard earned cash which a few have been living off until the house of cars came crumbling down. I am surprised the Pensions Authority action did not get wider coverage at the time .
It looks to me like anyone wanting to buy Norton would have to repay the pensions black hole which is massive - and very off putting , so cant see that happening - shame