Officially Announced: External Management Assigned to Norton Motorcycles. Accounting company BDO became the managing director of the British motorcycle manufacturer in addition to two other Leicestershire companies also owned by Stuart Garner. Norton’s tax problems have already been reported, and it looks like the appointment of an external management is the final touch of the current phase of the company’s history.
External Control Norton Motorcycles
External management is an element of the UK bankruptcy procedure. The manager reorganizes the business processes in the company in question and directs financial flows to pay off existing debts, which avoids the liquidation and complete disappearance of the company.
As invited administrators, we take all the necessary steps to ensure that consumers, employees and suppliers receive the necessary support throughout the entire external management procedure, says Lee Couser, BDO Business Restructuring Partner.
Our task is to identify and implement the most appropriate strategy as quickly as possible, protecting the interests of creditors and trying to minimize damage to all parties. Now we are considering the positions of each company in order to identify all available options and determine the most appropriate way of further interaction.
According to The Telegraph, Norton Motorcycles sold £ 6.7 million of motorcycles last year, generating just £ 33,701 in pre-tax profits. The company currently employs 100 people, and it is not yet clear what will happen to these employees as a result of the event.
Garner’s two other companies are the Priest House Hotel and the Donington Hall Mansion (used primarily for exhibitions and events). The hotel staff were notified of the outside management and Legacy Hotel and Resorts was brought in to manage it until the business found a new owner. Actually, all three of Garner’s businesses are now up for sale, and now is the best time to invest in British brands. Not interested? It’s hard to blame you for this.
Australian importer James Matton of Brisbane Motorcycles said Australian and New Zealand buyers who pre-order new Norton motorcycles will receive a full refund of their deposits.
It is unclear how the external controls will affect the Norton Superlight motorcycles that Peter Hickman planned to put on the North West 200 and Isle of Man TT races.