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Thread: Norton Motorcycles is facing winding up order over unpaid taxes

  1. #1
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    Default Norton Motorcycles is facing winding up order over unpaid taxes

    Norton Motorcycles seems to be sailing through rough seas as they currently face a winding-up order. Stuart Garner, the owner of Norton Motorcycles stated that they are working with HMRC to avoid a winding-up petition over unpaid taxes which amount up to £300,000.

    While the representatives of Norton Motorcycles found themselves in London at the Insolvency and Companies Court, Stuart Garner insists that the matter is in hand. He has stated that his company owed HMRC £300,000 but the amount was mainly covered by outstanding research and development tax relief which was owed to the business.

    Stuart Garner said, "They have extended the time we have to pay and agreed on the payment we have put to them. his was the formality of what we have agreed over the past few months and wraps around research and development tax credits which have been delayed. We have paid an element of the cash and the figure left is, in essence, the R&D balance."

    "It has been frustrating that the tax credits have taken so long to come through. We have spent about £13 million in R&D in the last three-four years so it is frustrating that this has taken so long. There have been five new models in the past year as a result of our R&D spend," he added.

    HRMC told the court that since the debt had been reduced and the company was making payments, they were seeking an adjournment. He asked for 63 days for the outstanding amount to be settled. Norton’s financial director told the judge the company had £135,000 in research and development tax credits due, which were with HMRC for approval. The hearing has been adjourned until the 12th of February.

    Stuart Garner is considered to be responsible for saving the historic Norton brand back in 2008. Had the company wound up, it would have been handed over to an Official Receiver. Then it would have been their job to ensure that the debts were paid off by selling the assets available and bringing the business to a close.

    Norton Motorcycles was founded in 1898 by Hames Lansdowne Norton. In the beginning, the brand started out as a manufacturer of fittings and parts for the two-wheel trade. They started manufacturing motorcycles in 1902. When the company was on the brink of oblivion in 2008, Stuart Garner took over the brand and brought its factory to Castle Donington, on the Derbyshire/Leicestershire border.

    But the company has seen many ups and downs, mostly the latter, since then. Last year, Mr Garner launched a £1 million crowdfunding campaign to finance a £30 million order book and spend on further R&D. Later, he pulled the appeal stating that a big investor had come forward. At present, Norton Motorcycles employs around 100 people are responsible for motorcycles like the Commando, Dominator and the V4RR which are now sold around the world in addition to fantastic concepts like the Superlight SS.

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  2. #2
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    Default Re: Norton Motorcycles is facing winding up order over unpaid taxes

    Quote Originally Posted by NewsReaper View Post
    Norton Motorcycles seems to be sailing through rough seas as they currently face a winding-up order. Stuart Garner, the owner of Norton Motorcycles stated that they are working with HMRC to avoid a winding-up petition over unpaid taxes which amount up to £300,000.

    While the representatives of Norton Motorcycles found themselves in London at the Insolvency and Companies Court, Stuart Garner insists that the matter is in hand. He has stated that his company owed HMRC £300,000 but the amount was mainly covered by outstanding research and development tax relief which was owed to the business.

    Stuart Garner said, "They have extended the time we have to pay and agreed on the payment we have put to them. his was the formality of what we have agreed over the past few months and wraps around research and development tax credits which have been delayed. We have paid an element of the cash and the figure left is, in essence, the R&D balance."

    "It has been frustrating that the tax credits have taken so long to come through. We have spent about £13 million in R&D in the last three-four years so it is frustrating that this has taken so long. There have been five new models in the past year as a result of our R&D spend," he added.

    HRMC told the court that since the debt had been reduced and the company was making payments, they were seeking an adjournment. He asked for 63 days for the outstanding amount to be settled. Norton’s financial director told the judge the company had £135,000 in research and development tax credits due, which were with HMRC for approval. The hearing has been adjourned until the 12th of February.

    Stuart Garner is considered to be responsible for saving the historic Norton brand back in 2008. Had the company wound up, it would have been handed over to an Official Receiver. Then it would have been their job to ensure that the debts were paid off by selling the assets available and bringing the business to a close.

    Norton Motorcycles was founded in 1898 by Hames Lansdowne Norton. In the beginning, the brand started out as a manufacturer of fittings and parts for the two-wheel trade. They started manufacturing motorcycles in 1902. When the company was on the brink of oblivion in 2008, Stuart Garner took over the brand and brought its factory to Castle Donington, on the Derbyshire/Leicestershire border.

    But the company has seen many ups and downs, mostly the latter, since then. Last year, Mr Garner launched a £1 million crowdfunding campaign to finance a £30 million order book and spend on further R&D. Later, he pulled the appeal stating that a big investor had come forward. At present, Norton Motorcycles employs around 100 people are responsible for motorcycles like the Commando, Dominator and the V4RR which are now sold around the world in addition to fantastic concepts like the Superlight SS.

    Source
    Hopefully some Indian company with lots of money, buys Norton.
    Suzuki GS150R(Balck) 2009- 2012
    Yamaha R15 V2(LE white) 2012 and Honda Dio V2 Matte

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    Default Re: Norton Motorcycles is facing winding up order over unpaid taxes

    First reported in LeicestershireLive, the firm spent yesterday, 08th January, at the Insolvency and Companies Court in London to discuss the debt.
    jiofi.local.html tplinklogin is it down
    Last edited by Arsoy; 01-22-2020 at 07:44 PM.

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