Norton sold TVS for £16 million
Long-suffering Saga of debt with a British firm Norton ended — Indian TVS holding acquired the company with all its developments. The deal was made from the face of the interim administration BDO, appointed in January, Metro Bank. TVS also received the right to use the manufacturing facilities Norton the next six months, and all employees of Norton go into TVS.
The representative of the interim administration said that the deal was very successful, as it satisfies the claims of creditors and saves jobs. Duty Norton is 14 million pounds and will be covered by funds from the transaction, but still have the debt to its own pension Fund.
Representatives of the TVS said that Norton is a world famous brand, and they would like to support him in developing and scaling, and this will be easily possible with the supplier chains of the TVS. TVS will retain the identity and business plans of Norton, and also promises to work closely with employees and customers Norton.
British Minister of investment said he was pleased that in a difficult time of a pandemic have managed to preserve the brand, the production of motorcycles Norton.
TVS plans to continue production of the model range including Norton models of Atlas, which was presented in 2018м. To support the transition under the wing of TVS is the company Warwick Manufacturing Group, which helps various businesses to undertake research and share best practices.
The company TVS traces its history back to 1911 and is currently one of the largest suppliers in India and motorworld, a renowned manufacturer of petrol and electric scooter and collects them for BMW model G310.