The BBC is reporting the unfortunate news that Norton Motorcycles has entered administration (similar to bankruptcy). Apparently, the last nail in Norton’s coffin is its £300,000 unpaid tax bill. In January, Norton’s CEO Stuart Garner told the local newspaper Birmingham Live that Norton owed the taxes and could be liquidated if he was not given more time to pay.
The taxes are still due and the British moto manufacturer now faces an involuntary winding up. 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.”
Garner started the resurrection of Norton in 2008. During his tenure, the company was able to develop some interesting new models. Models like the V4RR, Atlas Ranger, Atlas Nomad, Superlight and Superlight SS. With the company facing winding up, it’s not clear what will happen to them or other existing inventory.
Facing liquidation, the British motorcycle marque could cease to exist. Or, there is a chance that Norton could work out a plan to pay off creditors and continue to operate. Let’s hope that it’s the latter.