Basically 300k owed in taxes (down from 600k, as 300k paid). He is now saying the remaining 300k owed is 'mainly' covered by delayed R&D Tax credits of 135k. 135k is a long way short of 300k. Plus I thought anyone in business knew you have to pay your taxes in order to receive credits. Truly astounding. Something has to give sooner or later
This is a business with all the hallmarks of serious cash flow issues. I’ve no financial interest in the situation, which perhaps permits an objective view, and I’d love to see the bikes on the road, in numbers not rarities like Bimotas, but the writing on the wall is obvious. At some point in the not too distant future SG will fail to pull a rabbit out of the hat and pay off a creditor at the 11th hour and the business will be wound up. Already most, if not all, suppliers bar the employees, are on a COD basis, which just exacerbates Norton’s cash flow issues. When he fails to meet a debt and the business is put into the hands of a court appointed receiver the name and the assets will be sold and eventually bikes will roll out of the factory. However, in that process there will be severe financial and, in some cases life changing, pain. Pain for the employees who will have not been paid and won’t get paid, pain for customers will lose deposits which will not be carried over to the new owners, pain for creditors who won’t get paid and I strongly suspect all those ex employees with pensions in the company pension fund will find that pot is empty and their pensions have gone. Meanwhile SG (and others) will be censured but that’s all and will have enough to live out the rest of their days very comfortably. I’ve seen it before, so many times. Sad.
What happened to the mystery investor? Or did he/she pay off half the 600k owed to HMRC? More unanswered questions than a Mastermind final this.
it's got to be a matter of weeks surely... the wheels are coming off this disaster! I'm sad, I think the V4 (In Carbon only) and the Superlight and Atlas are some of the prettiest bikes ever made, they are absolutely stunning. I just hope he ends up in jail and someone else buys them. Hey, I bet John Bloor has at least seriously studied the goings on, he's perfectly placed to rescue Norton and in doing so expand his portfolio. I am sure he could even more it into Hinckley and keep the Chinese element afloat mirrored to what he tried to do with a small capacity Triumph some years back. Thoughts?
Amazed they are due to pay tax (unless it’s employee related) given they sell nothing, have huge costs so can’t make a profit! At AA we had a billion turnover and claimed £300m loss in tax relief and didn’t pay a penny in Corp tax....
Indeed, the mystery investor. I do wonder if the mystery investor was just another marketing ruse. If I was to pump a bunch of money into the company I would want two things: sight of its current operating status / financial status, and some say in sorting all the sh!te out. Someone posted the other day about his cars being repossessed / sold. I can't find any info about this. This makes interesting reading, and a bit of an insight into the man: https://thespeakersagency.com/speaker/stuart-garner/ So a girlfriends dad gives him a job, and he repays him by setting up a rival company. Fair play he made a bunch of money from it, but not exactly trustworthy imo. I also didnt know he was a partner in spondon engineering, which might explain why they got wound up... (well, ok, absorbed into Norton) I particularly like the bit where it says he rescued Norton from an uncertain future
I wouldn't send back my bike for a SVA test now. I would do it myself. For fear it wouldn't come back.
It has to be mostly employee related as the vat on the limited number of sales would be minimal. I'm guessing deductions have been made form employees salaries but not handed over to HMRC along with non-payment of employers NI. Also it shouldn't be overlooked that, to a degree, HMRC have been funding Norton by way of VAT refunds each quarter. Goods in £120 inc vat, Goods out Nil, net result £20 VAT refund. I bet HMRC have stopped those refunds now. It's a damn shame.
Not if the employee has a payslip(s) that clearly show it was deducted by the employer. It's then the responsibility of the employer to hand it over to HMRC. It'd be a different matter if the employee was paid in cash and/or there are no pay records
Guys, I've decided I'm going for my deposit back, there's no way I can face giving twenty big ones to them. What's the best approach please?
Get your contract out, make sure there’s no slippery ‘no refundable’ bollox, contact them and download the forms for a small claims court...! check thru the thread, at least one has so drop them a pm
My sis is a lawyer and I paid via credit card, between the two hopefully I'm covered...will keep you posted.
Yep, your contract is with the credit card co. In the first instance demand the deposit back from norton. On past performance they’ll refuse or ignore. Inform your credit card company of your actions and claim off them. They’ll refund and claim off norton. As you paid by credit card you shouldn’t have to resort to legal action but keep your sister in the loop h just in case.
