Norton Motorcycle, owned by TVS Motor, has announced that it is moving to a new headquarters and shifting its production site to Solihull, West Midlands in the UK. The company will open the facility following a multi-million pound investment by Norton’s Indian parent company, TVS Motor Company. It will be the most advanced manufacturing facility in the 122-year-old motorcycle brand’s history. The new manufacturing facility will use modern-day, quality-assured production processes. Skilled technicians will deploy bespoke bike building techniques and state-of-the-art manufacturing equipment to ensure all bikes are built with great precision and quality. Norton will resume production of the Commando Classic model at the Solihull site, building a limited quality to honour customers that had ordered and paid for a deposit on these bikes. Production of the V4SS will commence soon and the full opening of the facility is expected in Q1 2021.
Another claim has also arisen from Tudor Capital, who say they are owed money from a claim that was incorrectly marked as satisfied. BDO’s investigation has shown their claim is valid and they expect to make a repayment in the region of £1.7m.
Second in line are the preferential creditors, however given all the employees have been taken on by the new TVS backed business, it’s not expected they will make any claims.
Next up come the unsecured creditors, which include deposit holders. To date BDO have received £8.8m of claims from unsecured creditors, far exceeding the £6.2m held on record. Despite this, BDO say they expect to make a distribution to the unsecured creditors, but they don’t know how much this will be or when.