Indian manufacturing giant TVS Motor has bought the Norton Motorcycles brand in a £16 million deal.
Following Norton going into administration in January, there have been rumours of interest from major players around the world. Today Indian factory TVS announced its purchase of the historic British brand.
In a statement, TVS’s joint managing director Sudarshan Venu said: “This is a momentous time for us. Norton is an iconic British brand celebrated across the world, and presents us with an immense opportunity to scale globally. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape.”
He also added that TVS would “work closely” with Norton’s existing employees and customers – while working to expand into new markets.
Administrators of Norton Motorcyles, BDO, released a statement about the news. Here it.
BDO secures the sale of the business of Norton Motorcycles (UK) Limited to a subsidiary of TVS Motor Company
United Kingdom, April 17, 2020: BDO LLP business restructuring partners Lee Causer, Ryan Grant and Danny Dartnaill have secured the sale of certain assets of Norton Motorcycle Holdings Limited (in administration) and Norton Motorcycles (UK) Limited (in administration) (together, ‘Norton’) to an indirect subsidiary of TVS Motor Company Limited on April 17, 2020 for GBP 16 Million in an all cash deal. TVS Motor Company is a reputed two-wheeler manufacturer in India and globally and is the flagship company of the USD 8.5 billion TVS Group, headquartered in Chennai, India.
Under the agreement, TVS Motor Company’s subsidiary has acquired the business and certain assets of Norton Motorcycles, as well as a licence to occupy the existing manufacturing premises for the next six months. The purchaser has agreed to work closely with customers in building the success and pre-eminence of Norton, and employees of Norton will transfer to the purchaser. This acquisition will also unlock strong synergies between both the brands and propel Norton’s growth by leveraging TVS Motor Company’s global reach and supply chain capabilities.
So, TVS will be running Norton out of Donington Hall for the next six months, with its existing staff. That’s good news. It’s also reported that TVS will continue to produce the Dominator, Commando and V4 R – but that’s about all we know about the bikes at this stage.