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Norton.. Is this the end ?? |
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Mr Miller
Premium Member Joined: 04 Oct 2013 Location: Ayrshire Status: Offline Points: 1134 |
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Posted: 14 Feb 2020 at 16:51 |
If you find us in a hedge check the bike first please .. I`m free on the NHS...
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Spoonz
Admins Group Joined: 11 Feb 2008 Location: North Devon Status: Offline Points: 10726 |
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I hope it’s the end of him as anything to do with the industry. It all stinks of fraud from the money that started the company to the money it made from government etc.
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Mr Miller
Premium Member Joined: 04 Oct 2013 Location: Ayrshire Status: Offline Points: 1134 |
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Yip .. fish rots from the head so they say...
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If you find us in a hedge check the bike first please .. I`m free on the NHS...
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426hemi
Premium Member owner of the big bore! Joined: 30 Mar 2012 Location: cannock Status: Offline Points: 5676 |
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Complete and utter fraudster, I hope he does time for what he has done with the pensions.
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Diablo
Premium Member Joined: 29 Sep 2010 Location: Upwell Status: Offline Points: 3126 |
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Utter madness.
MCN have a lot to answer for, knowing about it and keeping a lid on it, whilst publishing only positive stuff for Norton. I also feel that as the Govt/polititions have had a hand in glorifying the brand -they should be dipping their hand into their magic money tree and refunding Nortons customers who've lost out The pensions etc, just sickening. |
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Question everything.
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badapple
Premium Member Joined: 03 Nov 2014 Location: Norwich United Kingdom Status: Offline Points: 5608 |
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Been following this story and it's disgusting! Beginning to think our government is as corrupt as the w**ker robbing the honest customers . The whole thing stinks!
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I started out with nothing and I've still got most of it left
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spiceweasel
Premium Member Joined: 29 Oct 2010 Location: york Status: Offline Points: 380 |
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Stopped reading(monks can't nominate) 3+ years ago due to the byast sh*te they say,it's like u pay me a tenner I'll say it's good,there's no "real world " talk anymore unless you have £14k+,...how's about a paper that could do reviews about bikes that Joe can afford!!!....sorry about the rant,hopefully another Brit firm doesn't Die.
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www.apriliaperformance.co.uk
www.apriliaforum.co.uk www.apriliaownersclub.co.uk |
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Diablo
Premium Member Joined: 29 Sep 2010 Location: Upwell Status: Offline Points: 3126 |
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Absolutely, I agree. It is just a weekly advert for any bike they test. Lend us your bikes so we can publish in your favour and keep ourselves employed. IanG used to call it More Crap and Nonsense. Not far off the mark. Amazing how Adam Childs et al, are trying to distance themselves now. I've been following the Twitter feed "Notnorton" for the last 3 weeks. I don't have an account. http://twitter.com/Notnorton_Moto?fbclid=IwAR1PN4ZtG9gspv-3tF1-ybwlFzJvR31EIv3d3YHR962XUNOOa6Zt78Ybk2M Apparently they are some of the lads that worked at Norton and been trying to get some of the truth out anonymously. And of course Brian Chrighton Racing on FB, he's got some stories to tell about Garner from the inside. Plus many others connected to the above, really telling it like it is. Been known about for years so they say. |
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Question everything.
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Diablo
Premium Member Joined: 29 Sep 2010 Location: Upwell Status: Offline Points: 3126 |
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Also I noticed in the village shop, for the last 2 weeks, surprise surprise, Garner gives them (MCN) an exclusive, the only people he'd talk to. Talk about complicit. I couldn't resist a quick thumb through.
Apparently Stuart is a victim in all this...... |
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cwp
Moto GP Alien Joined: 03 Feb 2014 Location: mid wales Status: Offline Points: 1688 |
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Yes I read that too Rick. Made him out to be innocent and a victim. Noticed in the classified ads in back a v4 ss for sale at £56k I think it was
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born ugly what's your excuse!!
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Roger Ramjet
Premium Member Joined: 24 Jun 2014 Status: Offline Points: 162 |
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Thank you for posting - the Not Norton link is a real eye opener. Casey Stoner once used the term 'ambition outweighing ability' - an absolute understatement for Norton. Sad ending of a classic marque. DeLorean springs to mind.........
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WallyB
Moto3 racer Joined: 27 Nov 2015 Location: South Lakes, UK Status: Offline Points: 43 |
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All this is very similar to when Rover cars went down, lots of government money and a bunch of rogues that appeared to help themselves to everything without a care for anybody else.
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Diablo
Premium Member Joined: 29 Sep 2010 Location: Upwell Status: Offline Points: 3126 |
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Published today, the start of the story in 2008 with Garner destroying Spondon.
http://www.superbike.co.uk/article/norton-was-it-a-fraud-from-the-start?fbclid=IwAR0X5XnOEq_qB0Et8U1IOkfCYhSVYGeanYXhX9G7sonnQHnAPYGZA1KoQqQ |
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Question everything.
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JMH
Moto GP Alien Joined: 16 Jan 2017 Location: Paimio, FIN Status: Offline Points: 319 |
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How the f**k was he able to keep up so long?
Motorcycle mags, all the inside people must have known there’s something wrong. And McPint plus others signing to ride their bikes on the TT-course???
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Mille Aarrr -02 (1060 BB, Gen2 heads, 2-2 Akra, timed cams, bespoke Gabro chip + TSS slipper) & Beta 480 RR MY19
My riding lines are like Hendrix's solos. Unexpected and always different. |
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legend88
Premium Member Joined: 18 Aug 2013 Location: Newcastle Status: Offline Points: 6598 |
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mmm......... If my business partner had fraudulently signed me up to a £1.2M loan by forging my signature, I wouldn't have been silent for so long! Let's see what comes out in the wash but I think there is more to at least that part of the story than Stuart Tiller is telling.
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Roger Ramjet
Premium Member Joined: 24 Jun 2014 Status: Offline Points: 162 |
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Fact is a lot stranger than fiction. Trying to work out why the annual accounts didn't pick anything up sooner. If a new mototcycle dealer turns up in Peckham I'm staying well clear......
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legend88
Premium Member Joined: 18 Aug 2013 Location: Newcastle Status: Offline Points: 6598 |
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Because, as Stuart Tiller said, Norton were filing under the small companies act that only requires them to submit an unaudited basic balance sheet to companies house. It was only in April 2019 that the first audited accounts were submitted and only after they escaped being struck off after being late with the filing, something discussed on this forum at the time.
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kommando
Moto3 racer Joined: 30 Mar 2018 Location: Scotland Status: Offline Points: 64 |
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This is a classic Ponzi scheme, he fed just enough people working bikes, made sure celebrities were well catered for and gave the impression of success and wealth. Behind it was fraud.
This is the level of self delusion after his first audited accounts gave alarm bells and said they did not think there was a viable business. I run a Classic Norton so was interested in the company and in 2010 I saw the writing on the wall, he had setup a pram company to use the Norton Trademark whilst he was sorting out the Kenny Deer 961. These were top of the line prams at £500+ a pop, but he messed that up and when the warranty claims started to pile up he dissolved the company and left all the customers high and dry. From that moment on I knew it was not going to end well. Now the Superbike revelations are coming out it was even worse that I had thought. The other red flag was every respected person he hired left very shortly after joining. An example from 2011. |
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dog78
Premium Member Joined: 18 Jan 2015 Location: Winchester UK Status: Offline Points: 1508 |
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Hi Spoonz, he has tarnished the name of Norton, robbed pension money. Also had a good go to ruin Spondon. He had six Aston Martins. It was fraud to start with, the devastation he left behind is unbelievable😠
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Rich Simpson
Moto GP Alien Joined: 02 Apr 2019 Location: Cornwall Status: Offline Points: 289 |
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Latest instalment here
Looks like his Mrs is lined up to buy the wreckage, rinse and repeat.
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426hemi
Premium Member owner of the big bore! Joined: 30 Mar 2012 Location: cannock Status: Offline Points: 5676 |
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I bet that will be for royalties on the company name, merchandising etc.
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kommando
Moto3 racer Joined: 30 Mar 2018 Location: Scotland Status: Offline Points: 64 |
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Garner has kept ownership of Norton America PLC registered in the USA, it retains all the Trademarks outside of the UK. Metro bank are left carrying a worthless shell. Unless convicted Garner is going to walk away with his loot as he still has ownership of the value.
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Tifa
Moto GP Alien I am Sparticus, only uglier Joined: 21 Apr 2009 Status: Offline Points: 1972 |
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It's unlikely he'll walk away.
The Pensions Regulator, and FCA will have different ideas. I don't think there is a legit business on the planet that would touch him with a sh*tty stick.
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Rich Simpson
Moto GP Alien Joined: 02 Apr 2019 Location: Cornwall Status: Offline Points: 289 |
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Alan Guffcart still whitewashing frantically ...shameful!
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kommando
Moto3 racer Joined: 30 Mar 2018 Location: Scotland Status: Offline Points: 64 |
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Guffcarts articles about Norton all look like they have been Ghost written by SG. He did a later one in Cyclenews in the US (see page 94). which was even later and after the Superbike exposure of Spondon and complete miss on the Fraudulent rip off of Spondon and the use of a mortgage on their assets to fund it from the start using the other director's forged signature to get the mortgage.
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Rich Simpson
Moto GP Alien Joined: 02 Apr 2019 Location: Cornwall Status: Offline Points: 289 |
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I wonder if Guffcart's gushings, aimed at a US readership, will be used as a platform by Mrs Garner to get the 'new Norton' capitalised in the USA, then swoop in to pick up the wreckage from BDO?
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IanG
Premium Member Joined: 04 Oct 2010 Location: N Wales Status: Offline Points: 10725 |
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I've just come across the news that TVS of India have just shelled out £16Mil and bought the rights/factory and undisclosed assets of Norton. Apparently the workforce is all being kept and money and investment will be forthcoming. Good news,but it seems the Pension Fund and small people will still be screwed unless Garner can be dragged before a court.
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www.apworkshops.co.uk
www.apriliaforum.co.uk www.apriliaownersclub.co.uk Looking forward to the next track day |
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Rich Simpson
Moto GP Alien Joined: 02 Apr 2019 Location: Cornwall Status: Offline Points: 289 |
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Total debt at Norton, including the ripped-off pensioners who are at the back of a very long queue, is north of £28 million. £28 million debt - £16 million purchase price = £12 million deficit. a sorry tale. |
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legend88
Premium Member Joined: 18 Aug 2013 Location: Newcastle Status: Offline Points: 6598 |
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As you say, a sorry tale, however very rarely does a buyer of a company in administration take on all of the existing debts. That's just a recipe for going bankrupt again by taking on the mistakes made by the previous owners. And what follows, usually very quickly, is a repeat experience for any employees and/or suppliers saved by purchase. I look at in two ways really. It's not a perfect world and businesses do fail and without failures there would be no progress. Almost every successful (Large scale) business was founded by someone who has had business failures, and often bankruptcies, previously. Of course if there is/was intent then that's a bad thing and any
criminal activity should be dealt with in the correct way through the
justice system. However, without Garner would Norton exist today? Would
the employees have had jobs at all for the last few years? Would there
be anything left to save? It's the would-be-owners who put down huge deposits that I feel most sorry for but then again I would never be stupid enough to do that in the first place. People criticise the Limited Co. legal structure allowing people to walk away and restart but that is actually what it is designed to do. It is a recognition that we (The country, the economy) need people with ideas, vision, drive to allow society to progress without making their personal risk so great that no-one would ever take that leap. There are many checks and balances applied and the accounting/insolvency laws are there to minimise risk to the public and society as a whole. But just like any other crime, the law doesn't prevent wrong-doing it only deters it and can punish afterwards once found out. |
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Rich Simpson
Moto GP Alien Joined: 02 Apr 2019 Location: Cornwall Status: Offline Points: 289 |
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True enough. Many legit businesses are teetering on the brink just now.
But Norton appears to have been run by a man using the company as a means to live very well on other people's money. And that needs to be stopped.
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