Norton Motorcycles has released an official statement about the status of customers who have already made deposits but haven't received their deliveries. While the brand collapsed under the previous owners, numerous motorcycles were left at the Norton factory in various stages of production. Now, under the new ownership of TVS Motor Company, the new management of Norton Motorcycles has confirmed that orders which had already been placed by customers will be completed, and that the most 'important ongoing commitment is to address all open orders.'
John Russel, who was appointed interim CEO after TVS bought the remains of the British brand in April, said, "Together with our parent company, TVS Motor Company, Norton appreciates the great importance of this need to look after customers who placed deposits on orders that are as yet unfulfilled despite there being no legal obligation to do so. In this initial stage of Norton's rebuilding phase, with the powerful backing and support of TVS, the most important ongoing commitment we face is to address all open orders. We are doing our utmost to ensure all our valued customers involved can reach a positive outcome as we work to satisfy everyone providing any balance outstanding after the deposit is taken into account is paid by the customer."
TVS Motor Company bought certain assets of Norton Motorcycles in a 16 million GBP all-cash deal in April. The Indian firm gained access to the company's bike designs, naming rights and tooling but didn't take the whole company as a going concern. In fact, reports from the UK say that TVS is under no obligation to honour orders that customers made to the previous owners of Norton. Considering TVS is going all out to ensure that the Norton brand is re-launched and existing customers are retained, has come for a lot of praise from the British media.
What this means is that customers who had paid deposits for Norton bikes but had not received the bikes, can now hope to get their machines, instead of being left as unsecured creditors trying to get refunds for their deposits, all from the amount TVS paid for Norton. TVS is one of India's leading two-wheeler manufacturers, and getting a storied brand like Norton under its wing is just one part of the story. TVS intends to build a new production facility in the UK, and intends to scale up manufacturing and increase the product line-up as well. Getting existing customers on the side of the brand is just one of those things to re-establish and cement the Norton brand's position as a serious player in the global premium bike segment.