Norton

[Omninorm]

Some really cool bikes from them... this was from the 2019 show but yeah can't recall seeing them discussed much here.
Love the ones from 6:24 and 6:50

[manxkipper]

Norton UK have been placed under administration. Seems monies owed to the fiscus cannot be paid. There is also something fishy  with pension fund monies where Stuart Garner is the sole trustee and all funds are invested in Norton Co.

[Altie7deLaan]

o koek...
hoop hulle kan op die map bly, die prysklas val buite meeste mense se greep. maar ongelooflike mooi bikes wat hulle bou.

[manxkipper]

https://www.rideapart.com/articles/395990/norton-motorcycles-stuart-garner-pensions/

[jaybiker]

The Norton Manufacturing Company, later Norton Motors was beset with financial woes throughout it's entire history. James Lansdowne Norton was forced to liquidate his company in 1913, but kept up active participation under the new ownership until his death in 1925.

The various changes of ownership and 'revivals' of the brand over the years have all been due to the efforts of people with a deep enthusiasm to keep the brand alive.

What a shame then to see it's latest demise brought about by a bunch of crooks whose only interest was in scamming the investors for money, with no care for motorcycles or the Norton marque whatsoever. 

[manxkipper]

It is very sad. I feel sorry for all those that paid in full for a bike they will never receive. The pensioners scam is terrible news. Depriving people of the funds they have actively set aside for retirement  in one manner or another is a disgrace.

[Sheepman]

Seems the company has been placed in business rescue, thus there is still a chance that it ( or parts of it ) can be saved.I really hope so !

[manxkipper]

Listening to this chap's youtube take on the monies owning by Norton  I doubt very much that any self respecting business entity or person will take over the current company. Smoke and mirrors stuff by Garner!

https://youtu.be/0ryb8qoIdWM

[Sheepman]

Listening to this chap's youtube take on the monies owning by Norton  I doubt very much that any self respecting business entity or person will take over the current company. Smoke and mirrors stuff by Garner!

https://youtu.be/0ryb8qoIdWM

Thanks for posting - agreed, its clearly more a case of liquidation of the company than business rescue. Garner obviously over and over re - capitalized the business  with various forms of credit lines, without seriously considering changing his business model !

[manxkipper]

Thankfully my Nortons were built before 1970 so no issues with parts availability. The current owners of new Norton models are going to have a tough time with parts if there is no rescue. The reliability of the new Norton models has not been good to date either.

[manxkipper]

https://www.theguardian.com/business/2020/feb/12/inquiry-government-funding-norton-motorcycles

Pensioners funds appear to have been converted into toys as the article says. I have an idea that there will be a substantial increase in the misappropriation of funds coming to light shortly.

"Norton owns a fleet of luxury vehicles, including six Aston Martins, three Range Rovers and an F Type Jaguar. According to the accountants, the car collection is worth close to £800,000".

https://youtu.be/Xvbn3r4D5X4

[Altie7deLaan]

John McGuinness not with Norton anymore.

"Norton will not run at the TT this year after the firm was taken into administration by Metro Bank and CEO Stuart Garner is facing serious questions from the pensions regulator, among others.

“I’m just a bit embarrassed really, how it’s all come out, I feel sorry for people who’ve lost out, but I don’t know all the details,” said McGuinness.

“It’s a bad ending isn’t it? A bad ending to what should have been an iconic thing.”

It is believed that Norton still owes McGuinness in the region of £60,000 in wages for last year’s TT."

McGuinness signed on with Bournemouth Kawasaki:

"For this year’s Isle Of Man TT, John McGuinness will be piloting the Quattro Plant Bournemouth Kawasaki ZX-10RR. Unveiled in a press launch at the London Motorcycle Show, the Kawasaki ZX-10RR will be the first time the 23-time winner will be racing a Kawasaki-powered machine. The ZX-10RR will be racing in the RST Superbike category, RL360 Superstock and Senior TT Races. Additionally, McGuinness will be racing the new bike in the Superbike and Superstock races in May, at the NW 200. "

[manxkipper]

https://www.superbike.co.uk/article/norton-was-it-a-fraud-from-the-start

An entertaining read.

[IceCreamMan]

https://www.superbike.co.uk/article/norton-was-it-a-fraud-from-the-start

An entertaining read.

Jeepers

[jaybiker]

It's not about the bike. 

[sidetrack]

CEO does not pitch, this guy is like the ex chairperson of SAL 

https://advrider.com/norton-ceo-fails-to-appear-at-hearing/

[Sheepman]

https://www.superbike.co.uk/article/norton-was-it-a-fraud-from-the-start

An entertaining read.

Indeed ! Seems Garner not only didn't understand the motorcycle business........he never understood business at all, if facts reported on are true 
Unfortunately, this type of story has been told and seen many times before at many places and in many sectors and will continue to do so.