Fraser Brown Solicitors have acted for Santander Corporate banking in connection with their £3m lending package and support for Castle Donington-based classic motorbike manufacturer Norton Motorcycles. The new funding line will support the development of Norton’s new Norton V4 SS and V4 RR bikes.
Norton presently manufactures around 500 units per year of its core 961 Commando range from its premises at Donington Hall in the East Midlands and exports across the world. The new funding will allow Norton Motorcycles to grow the number of bikes they manufacture each month.
Norton is a classic brand in motorcycling, with the business originally being formed in 1898. The brand was saved from the scrap heap by Stuart Garner in 2008, who rescued the brand and the company has seen year on year success ever since.
Garner has already been made an ‘Export Champion’ for his success in revising the great British brand and selling this around the world, and the new funding will allow Norton to increase bike production and create around 40 new jobs.
A Norton ‘Dominator’ SS famously featured in the most recent James Bond film ‘Spectre’ which starred Daniel Craig.
Garner commented: “Santander has been able to provide an incredible suite of banking facilities that fully suits our needs. Having developed and pre-sold a huge number of bikes, we needed the funding to be readily available to pay for tooling, stock and people to allow production to move from 40 bikes per month to in excess of 130 bikes with effect from summer 2017.”
Steve Young, relationship director at Santander commented: “We are absolutely delighted to be able to support the continued success of this iconic UK manufacturing brand. Norton is producing world-class bikes with a global customer base and stands as a great testament to the quality and renaissance of the UK manufacturing sector. Santander is focused on supporting UK manufacturers, particularly with regards to exporting, as we passionately believe that the UK can be a manufacturing powerhouse.”
Tom Gray, corporate partner at Fraser Brown, said: “Norton is a unique brand. It represents the very best of classic British style and Midlands manufacturing might. It was a pleasure to be involved with this transaction and support a great British business.”