Administrators have been called in at the historic Norton Motorcycles (海角视频) business.
BDO said it has been appointed to manage the affairs of the bike manufacturer, based at Donington Hall, on the Leicestershire/Derbyshire border.
BDO has also been called in to Priest House Hotel, which is also based in Castle Donington, and which is linked to the motorcycle business.
Staff at the hotel were understood to have been told about the decision earlier today, while a business called Legacy Hotels and Resorts has been brought in to run the hotel until a buyer is found.
Lee Causer, BDO business restructuring partner, told Business-Live: “As joint administrators, we are taking all necessary steps to ensure that customers, staff and suppliers are supported through the administration process.
“Our job is to determine and execute the most appropriate strategy as swiftly as possible to protect creditors’ interests, bearing in mind the need to minimise distress for all parties.”
“We are currently assessing the position of each of the companies in order to conclude upon the options available to them and the most appropriate way forward.”
Business-Live has attempted to contact Stuart Garner, owner of Norton and Priest House, for comment.
Most Read
Mr Garner rescued the historic bike brand back in 2008, moving it to Leicestershire from its traditional home in the West Midlands.
Today it employs around 100 people making bikes such as the Commando 961 Cafe Racer, Dominator and V4RR, which are now sold around the world.
Earlier this month Mr Garner said he had been working with HMRC to avoid a winding up petition over hundreds of thousands of pounds of unpaid taxes.
He said his company owed HMRC £300,000 – mainly covered, he said, by outstanding research and development tax relief which was owed to the business.
Representatives of Norton Motorcycles (海角视频) Ltd were at the High Court’s Insolvency and Companies Court in London three weeks ago facing the winding up order over the outstanding debts.
The court heard how HM Revenue & Customs was originally owed around £600,000, half of which had been paid.
HMRC’s barrister told insolvency judge Judge Sebastian Prentis that because the debt had been reduced and the company was making payments, they were seeking an adjournment.
Don’t miss
He asked for 63 days for the outstanding amount to be settled.
Norton’s financial director told the judge the company had £135,000 in research and development tax credits due, which were with HMRC for approval.
Speaking after the hearing, Mr Garner told Business-Live: “They have extended the time we have to pay and agreed the payment we have put to them.
“This was the formality of what we have agreed over the past few months and wraps around research and development tax credits which have been delayed.
“We have paid an element of the cash and the figure left is, in essence, the R&D balance.
“It has been frustrating that the tax credits have taken so long to come through. We have spent about £13 million in R&D in the last three-four years so it is frustrating that this has taken so long.
“There have been five new models in the past year as a result of our R&D spend.”
Last year, Mr Garner launched a £1 million crowd-fund campaign to finance a £30 million order book and spend on further R&D.
He later pulled the appeal, saying a big investor had come forward.
The company was founded in Birmingham in 1898 by James Lansdowne Norton, starting out as a manufacturer of “fittings and parts for the two-wheel trade”.
By 1902 Norton had started manufacturing motorcycles.