This left Norton unable to source funds to resolve its critical cash-flow issues, and the company is now in the hands of its administrators Norton Motorcycles Administration-Stuart Garner Speaks Garner says he’s “lost everything”, but his troubles are far from over with many people losing huge sums of money in Norton’s pension scheme. The essentially under-capitalized firm had previously launched a crowdfunding share scheme last November with a view to raising the cash required to fulfill its apparently healthy order book, but the supposed lure of a single investor who has never been identified saw the offer withdrawn. and is presently assessing the chances of the company being reconstituted for sale as a going concern after all attempts to save the business failed to secure the financial backing needed to continue trading. Sadly, those who put an order in may never see their bike in the metal.īut on January 30, major public accounting firm BDO/Binder Dijker Otte was appointed as administrator for Norton Motorcycles (UK) Ltd.
The case was adjourned until February 12, after it transpired that Norton had already reduced that sum from GBP 600,000 ($773,474), and was making regular further payments. The insolvency process was triggered earlier last month when Norton was taken to court by UK tax authorities HMRC for payment of GBP 300,000 ($386,737) in outstanding taxes. The eventful history of Norton Motorcycles-Britain’s most historic sporting brand-took yet another twist on January 30, when the Castle Donington-based UK manufacturer was put into administration. Posted on February 7, 2020, written by Alan Cathcart: Norton Motorcycles Enters Administration. Garner is due to appear at Derby Crown Court on February 28 for sentencing. The guilty plea is just the latest issue for the embattled Garner, who was ordered to pay back $18.9 million to the Norton’s pension scheme. “Trustees should be clear on when a pension scheme can invest in its sponsoring employer.”
Trustees have a vital role in protecting the benefits of members and we will take action where that responsibility is abused. Nicola Parish, Executive Director of Frontline Regulation at TPR, said, “As a trustee, Stuart Garner failed to comply with restrictions on investments which are designed to protect the funds of pension schemes.
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In the UK, under Employer-Related Investment (ERI) it is illegal to invest more than five percent of the total value of the schemes back into the company, however Garner has pleaded guilty to investing the full amount. Garner was the sole trustee of three contribution schemes (Dominator 2012, Commando 2012 and Donington MC) that invested in Norton between 2012-2013, in which 227 people invested in return for preference shares. Stuart Garner Pleads Guilty To Illegal Pension Investmentsįormer Norton Motorcycle owner, Stuart Garner, has pleaded guilty to illegally investing an estimated $14.8 million in Norton’s pension scheme back into the company.
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