Norton trouble

kommando said:
Is he now no longer in control of Norton legally, no longer CEO?

Depends on the administrators but more than likely he is toast and has no further involvement.


Is the company's fate now completely in the hands of others.

The administrators were appointed by Metro Bank who have a charge over the company assets, they and the Taxman get their money first, the administrators always get their hefty pound of flesh leaving the rest the unsecured creditors with pennies in the pound.

What are the options, if any, for the company?

1. Sale as going concern.

2. Assets only being sold but in one piece so production can restart.

3. Assets sold in bits and pieces with not enough in one persons hands to restart.
Click to expand...

Thanks for the explanation.
 
BritTwit said:
Look at the Morgan company. They make a classic auto for a small but very loyal community of owners.
They don't make supercars, or SUVs, or anything else.

Too many irons in the fire.
Click to expand...

Absolutely right! Thinking of all the attention I get on the 961 a range of variants based on this and the 650 engine which are actually reliable would sell well enough to keep a Morgan-like company ticking over.

The backbone of Morgan are the wire wheeled traditionally framed models but take a look at the bonded aluminium chassis models with BMW power.......
 
Clive said:
Absolutely right! Thinking of all the attention I get on the 961 a range of variants based on this and the 650 engine which are actually reliable would sell well enough to keep a Morgan-like company ticking over.

The backbone of Morgan are the wire wheeled traditionally framed models but take a look at the bonded aluminium chassis models with BMW power.......
Click to expand...

I don't know who owns, operates, or is CEO of Morgan, but whoever it is, he's got his head screwed on properly.
He knows his market and clients, and is focused on satisfying them.
Wish we had a Norton CEO like that.
 
Clive said:
As the administrators have locked the site down he'll need a Mission Impossible style recovery operation........


I've informed them that my bike is there - it is silver with the name McGuinness on it. They have probably taken the number plates off for servicing.......
Click to expand...

I assume that one of the first tasks the administrators do is an audit of all the assets in the business including bikes, equipment etc not owned ie, in for service, leased, on loan etc so hopefully they now have a note that bike xxx xxx is yours.
 
spelky said:
I assume that one of the first tasks the administrators do is an audit of all the assets in the business including bikes, equipment etc not owned ie, in for service, leased, on loan etc so hopefully they now have a note that bike xxx xxx is yours.
Click to expand...

Correct, administrators first priority is to check the company is not insolvent, if its solvent then they can continue trading for a short period until the cash runs out or a buyer is found. If its found to be insolvent then its sell the assets time as trading on costs the administrators and those that appointed them money.

It will not be a high priority however for the administrators to look after other peoples assets. So get your claims in and take possession ASAP.
 
BritTwit said:
I don't know who owns, operates, or is CEO of Morgan, but whoever it is, he's got his head screwed on properly.
He knows his market and clients, and is focused on satisfying them.
Wish we had a Norton CEO like that.
Click to expand...

The Morgan family father to son!!! Until recently when an Italian investment company bought a controlling share :(:(:(:(:(:(:(

Now if Morgan took over the 961 side of the business..... Part of the original Norton factory in Brum is still available to rent.

The question is would you want to ride a Morton or a Norgan?
 
Last edited:
TonyA said:
..I am still in shock that after 10 years of production Norton is now on the brink of failure. Where did it go wrong ?
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I suspect they have been on the brink of failure for most of the 10 years. The often reported supplier issues are more than likely non payment of supplier issues i would guess. The difficulty many of us had in getting spares just rationing or lack of supply for the same reason. Just cynical me speculating.
I still plan to ride mine until it or i can no longer manage it. Just need to finish installing the oil upgrade kit, block the throttle body balance tube, find some clocks which work, fit the replacement headlight, do Tony A's resistor cheat on the tip over sensor, get more miles on it. :)
 
Clive said:
The Morgan family father to son!!! Until recently when an Italian investment company bought a controlling share :(:(:(:(:(:(:(

Now if Morgan took over the 961 side of the business..... Part of the original Norton factory in Brum is still available to rent.

The question is would you want to ride a Morton or a Norgan?
Click to expand...

I had several ex girlfriends who used to like riding a norgan !
 
Clive said:
The Morgan family father to son!!! Until recently when an Italian investment company bought a controlling share :(:(:(:(:(:(:(

Now if Morgan took over the 961 side of the business..... Part of the original Norton factory in Brum is still available to rent.

The question is would you want to ride a Morton or a Norgan?
Click to expand...

Interesting idea.
If they did the modern classic right - why not.
Consider what it would be like to have a 961 that:
Started, idled and ran great all the time.
Didn't have gas tank related issues
or EFI issues
or starter issues
or breather issues
..............

Would be like owning a modern motorcycle, no?;)
 
above link
Even before this week’s collapse, the businessman was being pursued by dozens of “ordinary working people”, some of the 228 savers whose pension pots added up to the £14m that was invested into Norton following a fraud.

Those savers had been persuaded by a conman to transfer their retirement funds out of conventional pension plans during 2012 and 2013. Their money was then locked up for five years into three new pension plans controlled by Garner – where the cash was invested in just one asset: Norton shares.

Garner has said he had no idea the funds had been raised fraudulently when he accepted them. He insists he too is a “victim” and that he thought he had longer than five years to pay the money back.
Click to expand...
 
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Steve Moore said:
Yeah right. Strike him off, he really doesn’t care about customers or investors. There are no shortcuts to growth and true success. Let’s hope the brand goes to a steady pair of hands next time.
Click to expand...

Lets hope there is a next time, and lets hope more than anything the new hands will be honest and decent ones for a change, and that the funds are legally acquired.

I first met Garner in 2008(?) at our then company Norton Motors Ltd in Rugeley. That was before he bought the Norton TM with money stolen by a "friend" from the first pension scheme (see the "Guardian"). After an hour of cloud-cuckoo b.s. about how he was to race rotaries in Moto GP and how he had the sports authorities and sponsors all in his pocket, my partner Richard summed Garner up after he left in just one dry sentence: "He is a salesman!"

Ever since I have had no time for him and our few exchanges became more and more hostile, with the sole exception from his side when he tried to broker the shop of one of his friends to me. He later tried to sell the package to the NOC and very nearly succeeded.

I am honoured he hates me and has told the fact many of his cronies. Be weary of people who call him a friend, or who pride themselves with his acquaintance, or that they get along well with him. People of the same kind stick together.

I think the Guardian sums the whole fraudulent story up quite nicely. Forget the saga that "he made great efforts to make Norton succeed" and "circumstances were against him". In my opinion the last ones who made an honest effort were Kenny Dreer and his backer Ollie Curme.
 

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