TVS has acquired Norton Motorcycles in an all-cash deal of 16 million pounds (Rs 153 crore) after the brand was put in administration, owing to millions of pounds of debt in its home country.
India’s TVS Motor has acquired the troubled British bikemaker Norton Motorcycles for 16 million pounds (Rs 153 crore). In an all-cash deal, TVS has acquired certain assets of Norton – which had been put in administration in January 2020 owing to outstanding debt and unpaid taxes of millions of pounds – through one of the company’s overseas subsidiaries.
Commenting on the acquisition of Norton Motorcycles UK, Sudarshan Venu, Joint Managing Director, TVS Motor, said, 'This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world and presents us with an immense opportunity to scale globally. This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape.'
The acquisition of a storied brand like Norton is definitely worth celebrating for TVS. Norton was founded in 1898 by James Lansdowne Norton, in Birmingham, UK, and the brand built its first bike in 1902. By the year 1907, Norton had already started winning at the Isle of Mann (IOM) TT. Racing motorcycles at the IOM is a tradition that has continued for Norton throughout the brand’s history. In fact, before it hit financial hurdles recently, it was already active at the IOM TT, and in 2019, Norton fielded IOM legend and 23-time TT race winner John McGuinness.
Apart from IOM TT races, Norton is known for its classic retro and V4 super-bikes. The company’s current and upcoming line-up includes bikes like the Commando, Dominator, and V4 RR. However, it remains to be seen how TVS goes about fixing Norton's financial blunders, which were mainly a work of its previous owner, Stuart Garner. At the moment, TVS hasn’t divulged any details on what the company plans to do with Norton in the coming time. However, TVS Motor has assured that ‘Norton will continue to retain its distinctive identity with dedicated and specific business plans.’
What happens next? We'll come to know soon.