Nortons current state

Nortons current state

Author
Discussion

Birky_41

Original Poster:

4,276 posts

183 months

Friday 8th November 2019
quotequote all
Anyone else see this? Doesn't exactly inspire confidence!

Reading comments seems quite a few bitter ex employees and people who put deposits still not got their bikes

Even see a ex employee comment that some of the bikes going onto the road aren't finished properly


SAS Tom

3,398 posts

173 months

Friday 8th November 2019
quotequote all
Doesn’t surprise me. He’s only ever come across as dodgy since he took over Norton. There seems to be endless stories about Stuart Garner and how he has taken peoples money.

Mr Dendrite

2,301 posts

209 months

Saturday 9th November 2019
quotequote all
They’ve just launched a campaign to “Own a part of Norton” on Instagram with a link to register your interest. Wasn’t it this year they failed to file their accounts on time? But there seems to be a lot of money going into new facilities, new bikes etc. confused I hope it all good as the new bikes look lovely.

lukeyman

1,009 posts

134 months

Saturday 9th November 2019
quotequote all
They seem to be regularily advertising jobs. They're only 12 miles or so cross country from me and I'd love to 'engineer' on bikes but I'd fear for my job security!

Max5476

978 posts

113 months

Sunday 10th November 2019
quotequote all
lukeyman said:
They seem to be regularily advertising jobs. They're only 12 miles or so cross country from me and I'd love to 'engineer' on bikes but I'd fear for my job security!
If you want to design motorcycles, Triumph and Royal Enfield are only in Leicestershire, and are both regularly advertising for engineers as well. (Triumph direct through their website, RE through agencies). Neither has the regular accusations of fraud either.

Unfortunately this kind of story seems common for Norton, which makes the government funding they have recieved seem very frustrating, although without actually reviewing their accounts its impossible to tell the full story.

I still wouldn't be happy to put a deposit with them though.

jason61c

5,978 posts

173 months

Sunday 10th November 2019
quotequote all

add this

https://www.thegazette.co.uk/notice/3398136


Add all of the above......

you'd be a moron to invest.

NS400R

463 posts

158 months

Sunday 10th November 2019
quotequote all
Often used by small creditors to force a company to pay up. Not normally a big deal, but the fact that DHL have gone down that route suggests big problems. I'd concur that you'd be a moron to invest and decidedly unwise to contemplate buying a bike from them.

FocusRS3

3,411 posts

90 months

Monday 11th November 2019
quotequote all
I got all nervy after i'd ordered a CCM Spitfire and the delivery dates were being put back along with everyone else's so ended up pulling out and getting a full refund.

Better off buying a used one IMO

chris4652009

1,563 posts

83 months

Tuesday 12th November 2019
quotequote all
Birky_41 said:
Anyone else see this? Doesn't exactly inspire confidence!

Reading comments seems quite a few bitter ex employees and people who put deposits still not got their bikes

Even see a ex employee comment that some of the bikes going onto the road aren't finished properly

A friend of mine has the new 650twin on order for about a year now. He had an email inviting him to an event with the undertones of crowd funding

crofty1984

15,830 posts

203 months

Tuesday 12th November 2019
quotequote all
I hope it works out. Been looking forward to seeing the new 650s.

Pothole

34,367 posts

281 months

Tuesday 12th November 2019
quotequote all
Having, albeit briefly, met the bloke and talked to him for a short time, He's pretty much in the vein of a barrow boy who got lucky. Various new articles talk about him having founded numerous successful businesses but his Linkedin profile only seems to list Norton. Ever since they relaunched there have been stories everywhere of delays and using customer deposits to buy components/asking those customers for more money up front. Garner has been caught outright lying on numerous occasions to customers who paid large deposits.

The story in my link above contains this:

"No one doubts that Garner has a genuine passion for Norton. He enjoys the image afforded by his position, playing the role of chef d’equipe and being seen in the pit-lane with the usual suspects – and no one can blame him for that. Unfortunately, it has nothing to do with the financial reality of the day to day running of a motorcycle manufacturer. The evidence we have seen (particularly regarding spares) is suggestive of a frantic, hand to mouth culture, so often a symptom of under capitalised operations.

Customers, our management source told us, were regarded as fortunate to be getting a Norton, and should be able cope with inconveniences during the process of acquisition. It is hard to imagine an attitude further removed from either John Bloor’s (Triumph) at one end of the new Brit scale, or Simon Saunders’ (Ariel) at the other. Bloor is a businessman with sound financial savvy and the intelligence to delegate to specialist employees. Saunders understands mechanical engineering and its relationship to the market place (as the redoubtable Atom amply demonstrated). Neither seem remotely out of their depth. For all his undoubted ability to win over sceptics, Garner’s adventures suggest that staying afloat may be a serious challenge. Treating customers, suppliers and dealers with respect might be a start – there are a lot of discontented people and businesses out there whom Norton have managed to alienate: our sources represent the tip of a nasty iceberg."

Bolded part sounds a little like CCM's recent attitude to me.

The story is from 2012, so Garner has managed to keep things going pretty well since then, but it appears his business practices and financial acumen haven't improved a great deal and the same scenario will no doubt repeat itself until the company finally does go bust, or is bought out by some Chinese megacorp.

tedblog

1,438 posts

79 months

Tuesday 12th November 2019
quotequote all
My friends been waiting 3 years now for his v4 ss . Keeps getting fobbed off etc etc

Edited by tedblog on Wednesday 13th November 23:19

NS400R

463 posts

158 months

Tuesday 12th November 2019
quotequote all
If you look at the latest accounts on Companies House, there is a going concern risk highlighted by the auditors. Current liabilities substantially exceed current assets. This has all the hallmarksof a company about to go bust.

boyse7en

6,671 posts

164 months

Wednesday 13th November 2019
quotequote all
Anyone sign up to get the prospectus?

Mine arrived this morning

Some "interesting" sales projections


boyse7en

6,671 posts

164 months

Wednesday 20th November 2019
quotequote all
Had an email yesterday saying that the Norton shares/crowdfunding campaign has been suspended because, according to Norton management, a single investor has offered the full amount the company requires for its expansion plans.

Wonder who that could be?

It seemed strange that at Motorcycle Live there was nothing on the Norton stand promoting the share offer - you'd have though a hall full of motorcycle enthusiasts would have been prime fodder for the campaign.

Pothole

34,367 posts

281 months

Wednesday 20th November 2019
quotequote all
boyse7en said:
Had an email yesterday saying that the Norton shares/crowdfunding campaign has been suspended because, according to Norton management, a single investor has offered the full amount the company requires for its expansion plans.

Wonder who that could be?

It seemed strange that at Motorcycle Live there was nothing on the Norton stand promoting the share offer - you'd have though a hall full of motorcycle enthusiasts would have been prime fodder for the campaign.
Were the 650s still behind rope? I heard last year that they weren't letting you sit on them without putting a deposit down.

CookieR

856 posts

210 months

Wednesday 20th November 2019
quotequote all
Pothole said:
Were the 650s still behind rope? I heard last year that they weren't letting you sit on them without putting a deposit down.
Yep still couldn't sit on them, or the V4

Pothole

34,367 posts

281 months

Wednesday 20th November 2019
quotequote all
CookieR said:
Pothole said:
Were the 650s still behind rope? I heard last year that they weren't letting you sit on them without putting a deposit down.
Yep still couldn't sit on them, or the V4
I guess they need funds to finish (start?) the factory...

Fundoreen

4,180 posts

82 months

Wednesday 20th November 2019
quotequote all
I dont know what their strategy is really. Selling the commando twin thing looked like good sense and various norton branded stuff.
The V4 thing looked like a bridge too far in the current climate. The small affordable twins seem a good idea but a cheap bike costs nearly as much too make as an expensive one so they would probably sell at a loss.
I would think the more they sold of them the worse off they would be.
Curious why that John Bloor fellow doesnt have a knighthood for the amazing job he has done with triumph.
Even a knob like alan amstrad sugar has one of those for his various rubbish ideas like an email telephone.

yellowstreak

613 posts

151 months

Wednesday 20th November 2019
quotequote all
Fundoreen said:
Curious why that John Bloor fellow doesnt have a knighthood for the amazing job he has done with triumph.
Even a knob like alan amstrad sugar has one of those for his various rubbish ideas like an email telephone.
Ahhhha ha ha ha.

"Amstrad - making it happen in '93"