Norton Motorcycles sold out of administration in £16m deal

Stricken motorbike manufacturer Norton Motorcyles has been bought out of administration for £16m by an Indian firm.

TVS Motors has swooped for the Castle Donington firm, which fell into administration in January.

The full details of the deal are yet to emerge, but it is thought that TVS will use its global presence to expand the Norton name to new markets.

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, and presents us with an immense opportunity to scale globally. This transaction is in line with our effort to cater to the aspirations of discerning motorcycle customers. We will extend our full support for Norton to regain its full glory in the international motorcycle landscape.”

He added: “Norton will continue to retain its distinctive identity with dedicated and specific business plans. TVS Motor will work closely with customers and employees in building the success and pre-eminence of the Norton Motorcycles brand and we look forward to growing together globally in the years to come.”

Last month, we reported that Norton could owe as much as £28m to creditors.