The British automaker, Norton, is famous for their involvement in motorsport. The well known Dominator and Commando models are collector’s items now. On top of this, the Dominator SS featured in James Bond Spectre movie a few years back.
Norton Initially fell into financial difficulties back in 2008. Luckily, entrepreneur and property developer Stuart Garner came to rescue before it hit rock bottom.
However, according to The Guardian in one of the recently published sets of accounts, for the year ending March 2018, Norton’s accountants HSKS Greenhalgh noted: “[Norton is] dependent on the future financial support of its bankers and its creditors … a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.”
According to BBC, Mr.Garner told local newspaper Birmingham Live that Norton Owed tax authorities £300,000. It could be liquidated if it was not given more time to pay in January 2020.
While the result of this currently puts around 100 jobs at its Castle Donington factory in question.
BDO, the accounting group is the administrators for Norton Motorcycle Holdings and Norton Motorcycles (UK)
As quoted from BBC, Lee Causer, of administrators BDO, said: “We are taking all necessary steps to ensure that customers, staff and suppliers are supported through the administration process. ”
“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.”
Aside from Norton, two other companies of MR. Garner is also in administration. This includes his Priest House Hotel and Donington Hall Estates.
With all this happening, we are hoping to see the 122-year-old company settles this and gets back on track.