NORTON MOTORCYCLES ENTERS ADMINISTRATION
P94
Feature
The gorgeous 2019
1200 V4-SS. Sadly,
those who put an
order in may never see
their bike in the metal.
T
he eventful history of Norton Motor-
cycles—Britain's most historic sporting
brand—took yet another twist on Janu-
ary 30, when the Castle Donington-based
UK manufacturer was put into administration.
The insolvency process (similar to bankrupt-
cy in the U.S.) was triggered earlier last month
when Norton was taken to court by UK tax au-
thorities HMRC for payment of GBP 300,000
($386,737) in outstanding taxes. The case
was adjourned until February 12, after it trans-
pired that Norton had already reduced that
sum from GBP 600,000 ($773,474), and was
making further regular payments.
But on January 30, major public account-
ing firm BDO/Binder Dijker Otte was ap-
pointed as administrator for Norton Motorcy-
cles (UK) Ltd. and is presently assessing the
chances of the company being reconstituted
for sale as a going concern after all attempts
to save the business failed to secure the
financial backing needed to continue trading.
The essentially under-capitalized firm had
previously launched a crowdfunding share
scheme last November intending to raise the
cash required to fulfill its apparently healthy
order book, but the supposed lure of a single
investor who has never been identified saw
the offer withdrawn. This left Norton unable
to source funds to resolve its critical cash-
flow issues, and the company is now in the
hands of its administrators.
THE
END
OF THE
ROAD?
BY ALAN CATHCART I PHOTOGRAPHY BY AC ARCHIVES
