Another example of a former colony absorbing the remnants of a fallen empire: an Indian motorcycle company, TVS Motor Company, acquired the assets of bankrupt Norton Motorcycles for £ 16m.
Founded in 1898, Norton, once one of the largest motorcycle manufacturers in the world, fell into disrepair and collapsed along with the rest of the British motorcycle industry in the 20th century, before being reborn as a brand. In recent history, the company was headed by CEO Stuart Garner, and recently the company was subjected to external management and subsequent liquidation (details here). Hundreds of large liabilities have been identified, ranging from unpaid taxes to prepayments made and not returned for motorcycles that were never delivered to customers.
In its news release, TVS does not reveal which Norton assets were acquired. Recent reports suggest that Garner sold a number of assets before losing control of Norton. TVS mentions retro Commando models and a 1200cc V4 RR superbike, but it’s not clear if they will own the rights to those designs.
TVS Merger Director Sudarshan Venu said the company “will help Norton maintain all of its glory in the global motorcycle space.”
Norton will maintain its uniqueness with our dedicated business plans, Vienna continues. -TVS Motor will work directly with customers and employees to build new success and glory for the Norton Motorcycles brand, and we look forward to our joint growth in the global marketplace.
This will be one of the legendary motorcycle manufacturer’s most exciting additions in recent memory, and it reflects the outstanding superiority of TVS Motor Company and India as a whole in the international motorcycle market.