Author Topic: Norton report  (Read 155 times)

Ian

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Norton report
« on: April 14, 2020, 10:55:19 PM »
I know people are probably totally p****d off with the "Norton affair", but the following report did show as near as we are likely to the truth about this whole sordid goings on. I get the feeling that there may be a chink of light at the end of the tunnel in the fact there were so many "interested parties". I still feel for those who paid their deposits in good faith and got bugga all and possibly never will and those (especially in these strange times)
who have lost all their pension pots.
Ian
https://www.visordown.com/news/industry/full-story-behind-messy-demise-norton-motorcycles
Triumph Street Twin 900
AN Other

Smithy

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Re: Norton report
« Reply #1 on: April 15, 2020, 12:06:30 PM »
Thanks for that update.

There's a youtuber called Stuart Fillingham who has been putting out regular updates as he is one of the people who put down a deposit on an Atlas, well him or his wife. Makes interesting listening.

Ian

iansoady

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Re: Norton report
« Reply #2 on: October 12, 2020, 03:47:52 PM »
I've just been browsing a couple of old issues of Real Classic and came across an interview of Stuart Garner by Alan Cathcart. This section makes interesting reading in hindsight:

"I  think  l'm in  a  different  place  than other motorcycle manufacturers, in  that  as  you know  having been the  first  person  to interview  me back ten  years  ago  when it  all started  at  the height or maybe  the depths  of  the  GFC  in  2008,  I didn't get into  this for  the  money.  I  was  a happy lad before  I  bought  Norton,  with the game  farm  in South Africa and  my  fireworks business in  the  UK  both  making  good  money. We've  got the  business  to  where  it  is  now  - we're  not making  any  money yet,  but  we're having  the time  of  our  lives, and  it  looks  from  our order book  as  if  we're finally going to  eliminate  the  red ink  from our balance  sheet. But  if  I  sold  Norton  for  telephone  numbers of  sterling  or dollars or  euros,  what would  I do  with the  money?  Because  l've already paid to  be in John  McGuinness's  garage  at  the  lsle of  Man  Tl  or  to  have  the fastest and most powerful  British streetbike yet made  to  ride around  the  hills and  dales  of  Derbyshire  -  l'm doing that  anyway,  so  I  don't  know  what  ld do  with the  money, and therefore,  why  sell it?

And then the  other  reason  is,  we've  all  put  so much bloody time and  effort  into  the  business, it  would  be like  selling one of my  kids, and you  wouldn't  do that,  would  you? Anyway, we've  got  an  obligation  to the welders  here at Norton, to the  engineers,  to the apprentices that  we've taken  on,  and l'll be beggared if  l've put ten  years  into this  to  sell it  to  a  venture capitalist  who  rapes  it  over  the  next three years,  doubles  his  money,  loads  it  with  debt, and  then  it  goes  bust and puts everyone  out  of work.What  a  waste  that would  be.

So  I  do  think  that  for  Norton  to  be successful long term, it  needs  to  be privately owned and managed  with  a  very  tight equity  base  around that  owner/manager. When you look around and  you  see  some successful businesses  out there today  that  have been successful  for  a long period  of  time, the corporates  in  their pin-striped suits  have  been kept out the  way, and strong family ownership  has  seen  the company flourish,  not  merely survive.  Look at  JCB  just  up  the  road  for example  -  a  great modern  British  success  story under  family ownership,  same  as Triumph.  So  the  Garner family  is  in Norton for  the  long term, and  I  look forward  to  speaking to you  20  years  from now about  how  Norton  has  built  on where we  are ten  years  down the line! APRIL  2019 "
Ian.
1952 Norton ES2
1955 Francis Barnett Cruiser

Moto63

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Re: Norton report
« Reply #3 on: October 12, 2020, 05:52:14 PM »
Almost make you want to weep doesn’t it, I’m just glad I pulled my atlas deposit when I did. Fingers crossed that CCM don’t go the same way 😬

johnburnsd

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Re: Norton report
« Reply #4 on: October 16, 2020, 05:31:03 PM »
I'm beginning to feel sorry for Garner with this type of anti he is facing, bit off topic really anyway since they only make twins now..

iansoady

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Re: Norton report
« Reply #5 on: October 17, 2020, 10:19:00 AM »
Either that's a tongue in cheek comment or you haven't been paying attention. The people to feel sorry for are the pensioners and ex-employees.
Ian.
1952 Norton ES2
1955 Francis Barnett Cruiser