Norton Motorcycles sold to major Indian manufacturer
Norton Motorcycles has been sold to the Indian motorcycle giant TVS in a £16 million deal that has saved 58 jobs.
The troubled marque went into administration in January, as the BMF has previously reported, amid difficulties with HM Revenue and Customs, allegations concerning the pension fund that saw CEO Stuart Garner reported to the Pensions Regulator and calls for an investigation into how much government funding the company received by the chair of Parliament’s Public Accounts Committee.
However, administrators BDO have reported that both Norton Motorcycles itself and parent company Norton Motorcycle Holdings have been sold to the Indian motorcycle giant TVS in a £16 million deal. It has also licensed the company’s world-famous Donington Hall headquarters for six months.
A long-established Indian manufacturer with headquarters in Chennai, TVS primarily focuses on scooters and mopeds and sells millions of units per year. The acquisition of Norton, which specialises in larger-capacity motorcycles, suggests that TVS intends to expand into this sector too.
Commenting, Joint Managing Director of TVS Motor Company Sudarshan Venu said: "Norton is an iconic British brand celebrated across the world, and presents us with an immense opportunity to scale globally. This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape."
"Norton will continue to retain its distinctive identity with dedicated and specific business plans. TVS Motor will work closely with customers and employees in building the success and pre-eminence of the Norton Motorcycles brand and we look forward to growing together globally in the years to come,” Mr Venu added.