However, they cancelled the strike off order.. Wonder why? There is a PDF on the site that shows no further chase for it, can't understand what they have done. Other than provided some sort of statement saying they are actively trying to sell it or float it on the stock market or something
All it takes to cancel that is to prove your still trading, or addressing whatever caused the order. mind you, other reasons can be formal insolvency proceedings, or creditors making sure its not wound up before they are settled. This is worth a read if your interested: https://www.gov.uk/government/publi...ration/strike-off-dissolution-and-restoration
IMO this is a failing of the CEO or CFO not to address such issues when they will have a material impact on the value and reputation of the company. Most businesses would consider this to be one of the primary assignments of its officers. I understand that they're not publicly traded, currently or imminently, but when it comes to securing investments / finance then the fiscal reputation of the company is the responsibility / accountability of its officers. Garner needs to step up, all the bluster about export and Brexit is nice as decoration but ultimately hollow if he's failing in his base responsibilities to his employees, brand and business. I thought he was a pretty decent dude but he's increasingly looking like a barrow-boy-done-good. By all means peddle the everyman schtick but also be a great CEO, or hire one!
According to the now 2 year old accounts, Norton Motorcycles (UK) Ltd was owed £3,413,245, I'm presuming that, as a manufacturer, this would be money owed by customers (or dealers?) for machines that have been sold. Prudent accounting would say that it shouldn't be for machines that have been ordered but not yet sold. Otherwise, I'm at a loss to see how else they could be owed £3.4m. Also, worryingly, they only had @£3,465 cash on hand yet they have 71 employees to pay each month. I'd say cash is very very tight in that business and they rely upon further cash investment from their owner Norton Motorcycles Holdings Ltd to remain afloat. Bear in mind these figures are 2 years old though. Being 3 months late in filing accounts for the period ending 31st March 2018 implies there is some reason the accounts cannot be produced. Even if they do file them in the near future they are absolutely not a guide to the financial health of the business as they are over 12 months old. I sincerely do hope they are not in difficulties I'd love to see them make it through, but if I had paid a deposit I'd be demanding it back.
Had a quick look, where’s the revenue? Bet they are declaring ‘owed’ as balances against orders placed...or they are classing ‘owed’ as one part of the ‘group’ (sales) owning another part of the ‘group’ (production) money... The murky world of financial schinagans
https://www.motorcyclenews.com/news/new-bikes/2018/norton-scrambler-650/ It seems they are moving "ahead" unless some sort of trick to restore faith in upset customersand lenders...
Just had a further read. Clearly the accounts have been heavily sanitised. I bet the accountant had fun preparing them They seem to have a bunch of things in development, and are clearly shifting bikes out the door, just not clear how many and how often. Just seen the MCN story too. So the new building is for the Nomad, and V4SS production is moving at pace. Which pace though, dead slow ? Apparently they will be able to move from 1k to 5k bikes a year.
Are they pushing them out the door though, I know someone who has an order for one and wasn't contacted for the famous 'photo shoot' that features the owners picking their new bikes up, his understanding is that the owners were selected as ones happy to pose for a photo but leave the bikes there as they weren't ready.
I have no idea Phil. I also understand the photo shoot was just that, and the bikes weren't ready for delivery until last month. As I posted a week or so back I asked Norton directly and was told they had delivered ~17 SS's of the 200 to be built. When we did the factory tour last year they were claiming 7 bikes a week, which is a long way off the 1k bikes a year MCN claimed. At that rate and if they built only SS's that means about another 6 months to push them all out. Lets see just how quickly they can get this new building up and running, assuming it actually contributes to shipping more bikes this summer and isn't another distraction. What we need is someone local to pop along to their ride a bike night tonight and doorstep him in front of everyone, to get some answers. I'm very close to the point of pulling my deposit.
I had a look on 'How Many Left' but it doesn't show anything from 2019 unfortuanately, no V4 bikes were registered in 2018 it seems (which makes sense). I think the Racing is actually going to be quite a distraction this year, I can't see how the brand exposure is worth more than investing in just getting some units shipped out the front door as clearly as in your case, they just about have some people willing to keep their skin in the game at this point. As I've said since the bike show, the Superlight is still the only bike I've been genuinely excited by in the last 3-4 years and I desperately want one, so I'm hoping they somehow manage to make it all work. They were very open in saying they wouldn't be in a position to ship Superlights this year.
As a 'small' company they only have to produce an abridged balance sheet, there's no requirement for them to post a P&L account, hence no-one can see what revenue they have, or what the cost of sales are. Common sense would indicate that having come this far they wouldn't let it fail at the 11th hour (and 59th minute), even if it meant bringing in more investors, but it would be helpful if people could see bikes shipping and revenues coming in.
Visited the Norton factory last year (late summer) and they were just starting to “assemble” some of the V4s then. Obviously they didn’t go together first time....... Jokes aside. They are lovely bikes and the craftsmanship looks fantastic. But I wouldn’t be putting any money (not that I have any) up front until I had seem them out on the road and working properly, after their 961 debarcle.
Reading this thread I have a hard time believing that they can not get it sorted. Norton is ripe for an major investor to come in, the bikes looks good and there seems to be quite a few deposits. Audi has Ducati, not sure who is backing MV these days but Norton would make a nice add for a major car or bike company to list as an exclusive and historic brand.
Just to advise you all.Finally got my full refund back today after threatening Stuart Garner with a winding up order.It also cost him interest and all my legal fees.My friend should get his refund next week with all fees and interest included.Clearly Norton do have cash flow problem.I would like to say I do hope Norton get through this and the brand goes from strength to strength.As for Stuart Garner the bloke is a jumped up salesman and really needs to go on a Customer Relations Course!! I was truly looking forward to owning one of the V4SS’S but that journey is over and I am pleased to say I have put a deposit on a V4R!!
They seem to be more of a marketing company than a bike manufacturer.... I’ve walked the JLR production line, frankly I’m glad Triumph don’t just rely on the UK.
glad your out of it and got your money back now Chris. Sadly I think I may well be pulling my (much smaller) deposit soon.
