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+--- Thread: Norton go into administration (/showthread.php?tid=81433)
Re: Norton go into administration - mtread - 02-02-20
My guess is the £300k is mostly VAT. You sell a bike, charge the customer 20% VAT, then stick it in your pocket.
Re: Norton go into administration - ogri48 - 02-02-20
you wouldn't people could still run long firms in this day and age. but its looking very much like that was the case. I got the 3d plastic printed engine nod from a tuner who has worked with them, thankfully for him far enough back in the past that he got paid. Give Nortons their due though, when they 'hole a piston' they dont foc about... :lol
Re: Norton go into administration - mtread - 02-02-20
Think they need to run a compression test :rolleyes
Re: Norton go into administration - VNA - 05-02-20
Just seen this on twitter in reply to MCN.
Quote:by my maths,AT LEAST £33M income that we know of by your approx stats & figures) & 625 bikes made? Obvs that figure doesn’t include all business outgoings,still an average of £54k per bike?£54,000 a bike?
Re: Norton go into administration - coffee - 07-02-20
Just watched a U/tube video and they've took millions in deposits from the U.K,U.S.A.,and Japan and even invited them to some swank do recently as prospective buyers!! talk about taking the piss. :foc
Re: Norton go into administration - ogri48 - 13-02-20
it get worse. Of the few people who had got their v4s, many went back to the factory for warranty issues on paint etc. Norton stripped the customers bikes down to the frame and engine, then used the parts to assemble other bikes to con more deposits etc. when the shit hit the fan and the owners went back to the factory to pick up the bikes they had left with minor warranty issues, all they got to take home was this...
Garner ran 6 aston martins amongst his fleet of cars. If he doesnt do some serious time for fraud/ theft on a huge scale, id really like to know why that is.
Re: Norton go into administration - VNA - 13-02-20
Don’t forget the three Range Rovers and the Jag F Type.
More here……….
https://www.theguardian.com/business/2020/feb/12/inquiry-government-funding-norton-motorcycles?CMP=share_btn_tw
Re: Norton go into administration - mtread - 13-02-20
Absolutely shocking.
Not the first time a sharp salesman has duped everybody, and not the last.
Re: Norton go into administration - unfazed - 13-02-20
Damm :'( and I had bought a season ticket to watch Norton racing round the Circuit of Wales :'(
How the hell did he get away with this for so long and stripping customers bikes in for warranty.
Money was still being taken as deposits only a week before going into Administration.
Re: Norton go into administration - coffee - 14-02-20
Joe Craig,Ray Petty,Bill Lacey,Steve Lancefield,etc,etc,must be spinning in their graves,to think that this jumped up wanker has brought such a mark to its knees is unbelievable
Re: Norton go into administration - ogri48 - 14-02-20
that they must. I think thats the real sting in the tail...most brit bikers wanted them too succeed, and I really thought they had. It looks more and more like the firm had so much investment from the government, pension pots etc, they could have come good. but that was never really Mr 'Im a petrolhead biker myself' garners plan. Absolutely gutting really.
Re: Norton go into administration - robbo - 14-02-20
(14-02-20, 06:59 PM)coffee link Wrote: Joe Craig,Ray Petty,Bill Lacey,Steve Lancefield,etc,etc,must be spinning in their graves,to think that this jumped up wanker has brought such a mark to its knees is unbelievableDon’t forget Francis Beart, famous for his Norton development. Having watched a U tube clip on the subject, the figures involved are obscene. Other than the £300k owed to HMRC, there’s also £14mill to UK pensioners,£5mill in deposits from US customers,£16mill deposits from UK customers, £20 mill deposits from Japanese customers, £5mill owed to Chinese development companies, £4 mill in UK grants, and a £750k loan to UK banks. And no doubt that’s just for starters. :eek :eek
Re: Norton go into administration - ogri48 - 14-02-20
how can shit like this even get that far in this day and age? I cant see how he aint gonna be banged up for a long stretch, it really is mind boggling. gawd I wanted one of the 961 commandos when they came out,; im guessing they might be pretty cheap secondhand soon, if you want to risk the reliability issues :rolleyes
Re: Norton go into administration - mtread - 14-02-20
He's actually claiming to be a 'victim' of pension fraudsters
Re: Norton go into administration - YamFazFan - 14-02-20
(14-02-20, 06:59 PM)coffee link Wrote: Joe Craig,Ray Petty,Bill Lacey,Steve Lancefield,etc,etc,must be spinning in their graves,to think that this jumped up wanker has brought such a mark to its knees is unbelievable
Different circumstances I know, but to be fair the marque as most people knew it fell to its knees and collapsed about 50 years ago :\
Re: Norton go into administration - steve 10562cc - 15-02-20
A lot of people were looking a Norton through rose tinted specs, and got took advantage of.
Re: Norton go into administration - Gnasher - 15-02-20
(14-02-20, 08:10 PM)ogri48 link Wrote: how can shit like this even get that far in this day and age?
Because there's too many others with their noises in the troff, keep your eye on HS2 there's another massive scam!
Re: Norton go into administration - VNA - 15-02-20
It’s interesting that there seemed to be a queue of Tory MPs lining up to associate themselves with this ‘great British brand’.
Stephen Barclay the BREXIT secretary stated that Norton was an example of a “great business” that would thrive when Britain leaves the EU.
Stuart Garner the boss at Norton claimed he had no fears about BREXIT and said it would bring “huge opportunity” “It's what the country voted for so let's get on with it,"
Norton went bust the very same week the UK left the EU.
Re: Norton go into administration - coffee - 16-02-20
(14-02-20, 08:05 PM)robbo link Wrote: [quote author=coffee link=topic=25913.msg309306#msg309306 date=1581703152]Don’t forget Francis Beart, famous for his Norton development. Having watched a U tube clip on the subject, the figures involved are obscene. Other than the £300k owed to HMRC, there’s also £14mill to UK pensioners,£5mill in deposits from US customers,£16mill deposits from UK customers, £20 mill deposits from Japanese customers, £5mill owed to Chinese development companies, £4 mill in UK grants, and a £750k loan to UK banks. And no doubt that’s just for starters. :eek :eek
Joe Craig,Ray Petty,Bill Lacey,Steve Lancefield,etc,etc,must be spinning in their graves,to think that this jumped up wanker has brought such a mark to its knees is unbelievable
[/quote]
How could I forget the great Francis Beart with his trade mark pale green masterpieces,he even used to take metal out of the ends of engine bolts and hollow out non load bearing ones,all in the pursuit of light weight and when the 350 Manx was no longer competitive he turned his magic to the 350 Aermacchis which were works of art. :thumbup
Re: Norton go into administration - agricola - 16-02-20
(15-02-20, 01:21 PM)VNA link Wrote: It’s interesting that there seemed to be a queue of Tory MPs lining up to associate themselves with this ‘great British brand’.
Stephen Barclay the BREXIT secretary stated that Norton was an example of a “great business” that would thrive when Britain leaves the EU.
Stuart Garner the boss at Norton claimed he had no fears about BREXIT and said it would bring “huge opportunity” “It's what the country voted for so let's get on with it,"
Norton went bust the very same week the UK left the EU.
:z :z :z :z :z :z :z