India-based TVS in the queue for Norton
TVS Motor Co. are reportedly just one of the firms hoping to take on the troubled Norton brand
IT’S reported that the Indian company, TVS Motor Co. are just one of the potential bidders queuing up to take on the Norton Motorcycles brand.
First reported by Bloomberg, the site claims that TVS has approached Norton’s administrators, BDO, regarding a potential deal. They also state that the source of the claim wished to not be identified.
TVS are one of the big players in the Asian two-wheeler market, making everything from small cheap scooters to small capacity sports bikes and even three-wheeled utility vehicles. The firm has seen a recent slump in its stock though, sliding 40% in Mumbai trading this year alone. Despite this, the firm still has a market value of around $1.7 billion.
Taking on Norton would allow the firm to tap into the lucrative premium market, with a brand that not only resonates with misty-eyed British riders but motorcycle enthusiasts globally too.
The Norton brand fell into administration earlier this year after a series of reports and accounting errors were widely reported in the run-up to the official news. It turns out though that the hurt runs much deeper than mere poor management causing the company to fail.
The firm’s ex-CEO, Stuart Garner, is currently under investigation by the UK pensions regulator for using private pension pots to invest directly into the now-failed brand. Garner himself claims to be a victim in the scandal as much as the pension holders.
Superbike.co.uk place the amount owed by Norton to secured and unsecured lenders, customers and pensions holders at nearly £30 million.
Simon (AKA Toad) has been working within the motorcycle industry for more than twelve years, and a member of the motorcyclist family since birth. Growing up around British-built single and twins, it was inevitable that a life on two wheels was on the cards, from a very early age!
