BDO LLP business restructuring partners Lee Causer, Ryan Grant and Danny Dartnaill have secured the sale of certain assets of Norton Motorcycle Holdings Limited (in administration) and Norton Motorcycles (UK) Limited (in administration) (together, ‘Norton’) to an indirect subsidiary of TVS Motor Company Limited on April 17, 2020 for GBP 16 Million in an all cash deal. TVS Motor Company is a reputed two-wheeler manufacturer in India and globally and is the flagship company of the USD 8.5 billion TVS Group, headquartered in Chennai, India.
Under the agreement, TVS Motor Company’s subsidiary has acquired the business and certain assets of Norton Motorcycles, as well as a licence to occupy the existing manufacturing premises for the next six months. The purchaser has agreed to work closely with customers in building the success and pre-eminence of Norton, and employees of Norton will transfer to the purchaser. This acquisition will also unlock strong synergies between both the brands and propel Norton’s growth by leveraging TVS Motor Company’s global reach and supply chain capabilities.
Joint Administrator Lee Causer said: “In challenging circumstances, we have been able to secure the future of the Norton brand. We are delighted that the sale to TVS Motor Company will protect jobs and provide a highly beneficial outcome to creditors.”
Commenting on the acquisition, Mr. Sudarshan Venu, Joint Managing Director, TVS Motor Company said, “This is a momentous time for us at TVS Motor Company. Norton is an iconic British brand celebrated across the world. Norton with its exciting range of products presents us with an immense opportunity to cater to the aspiration of discerning motorcycle customers around the world. We will extend our full support to Norton to regain its rightful glory.”
BDO LLP business restructuring partners Lee Causer, Ryan Grant and Danny Dartnaill were appointed Joint Administrators of Norton on 29 January, 2020.
About TVS Motor Company
TVS Motor Company is a reputed two and three-wheeler manufacturer and is the flagship company of the USD 8.5 billion TVS Group. We believe in Championing Progress through Mobility. Rooted in our 100-year legacy of Trust, Value, and Passion for Customers and Exactness, we take pride in making internationally aspirational products of the highest quality through innovative and sustainable processes. We endeavour to deliver the most superior customer experience at all our touch points across 60 countries. We are the only two-wheeler company to have received the prestigious Deming Prize. Our products lead in their respective categories in the J.D. Power IQS and APEAL surveys for five years. We have been ranked No. 1 Company in the J.D. Power Customer Service Satisfaction Survey for consecutive four years. For more information, please visit www.tvsmotor.com.
Varghese M Thomas
Vice President – Corporate Communication
TVS Motor Company
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