Thursday, July 18, 2024
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NORTON SEEKS FINANCIAL BACKERS

Norton Motorcycles supremo Stuart Garner has apparently overcome his reluctance to dilute ownership of the company and is now hunting for investment partners.

According to a report in The Sunday Times business section on 18 August, Norton has appointed prominent law firm and corporate adviser Fieldfisher to sound out potential investors. The newspaper claimed Garner is looking for £5m, which he evidently said would be used to buy parts to fulfil a £26m order book.

Previously, Norton has relied on Garner’s own financial resources, full advance payments or deposits from customers prior to bike assembly and government-sponsored export credit facilities for funding.

The company’s most recent annual accounts to March 2018 show a 20% revenue increase to £6.7m, turning a loss of £201,842 in the preceding year into a £33,701 pre-tax profit.

 

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