Norton’s Administrators, BDO have compiled a report into the state of Norton Motorcycles and the report makes for interesting reading.
In light of the company going into Administration last month there have been calls by frustrated customers, suppliers and now MP Meg Hillier for more clarity to come out about what’s been going on at the motorcycle firm – and these figured will clear some of the fog that’s enveloped Norton recently.
The report has been compiled by BDO for possible buyers of the company.
A section of the report is based around Norton’s last set of published results which are up to March 2018, The Guardian has been through the report and found that it shows that CEO Stuart Garner owed the company £160,000 and a £324,002 loan given to Norton by another of Garner’s companies had been “deemed irrecoverable” and was written off.
In a freedom of information request submitted by both the Guardian and ITV News, it’s emerged that the £4m awarded to Norton by the Government in July 2015 wasn’t all used in direct connection with the motorcycles. £1.8m of the £4m was awarded to Norton and a further £968,123 went to the British Motorcycle Manufacturing Academy which was a charitable business under the control of Garner.
In another section of the document from BDO it explains that Norton also owns six Aston Martins, three Range Rovers and an F Type Jaguar, the vehicles’ group value totals nearly £800,000.
Garner is due to appear in front of the pensions Ombudsman today which is convening to hear a case brought by 30 complainants relating to Garner’s conduct in relation to pension schemes.