TVS in talks to buy out UK motorcycle brand Norton Motorcycles
TVS Motor co., one of the largest Indian two and three-wheeler manufacturer with a market value of around $1.7 billion, is looking to buy the UK brand 'Norton Motorcycles' who have been making bikes in the UK for over a century but are now planning to be sold to cover their deep debts. The company has had its owners changed numerous times in the past and the current one is Stuart Garner who was appointed in 2008.
'Norton is in the liquidation stage currently and the administration in the UK plans to sell off the brand, its assets, and its product portfolio to raise funds. The company has to pay its vendors, employees, and creditors and also pay tax dues. So, there are a lot of liabilities on Norton at the moment." said one of the officials.
On 30 January, BDO Global, the firm taking care of liquidation of Norton Motorcycles tweeted, 'The administrators are taking all steps to ensure that customers, staff and suppliers are supported, and want to minimize distress for all involved."
This shows that TVS Motor Co. might be planning to expand further in future with regard to geographical boundaries as well as its product lineup as the company is producing motorcycles in lower and middle segment ranging from 100 cc all the way to 310cc and we think TVS might want to up its game by offering high displacement and more powerful bikes.
As of now, both the companies have refused to comment anything on the matter in question. But it is no doubt that this acquisition could yield great results in favor of TVS on a large scale in the future.