Another new Brexit thread

  • Thread starter Thread starter Ric
  • Start date Start date
Status
Not open for further replies.
west didsblue said:
Read the article.
Click to expand...
Have done. And the one from the BBC https://www.bbc.co.uk/news/business-51303905

What point are you attempting to make? He owed £300,000 in taxes; a company already in financial difficulties since 2008.

2017 - Norton motorbikes: 'We can't get the skilled staff'

Stuart Garner, the chief executive of British motorbike maker Norton, says that a shortage of employees is holding his firm back.

"It's super frustrating that we can't get the skilled staff," he says.
 
Mëtal Bikër said:
Have done. And the one from the BBC https://www.bbc.co.uk/news/business-51303905

What point are you attempting to make? He owed £300,000 in taxes.
Click to expand...
Seems like I have to spell it out for the hard of thinking.
The article I posted was from last March when the proprietor of Norton said that in spite of voting Remain, he had since changed his mind and saw Brexit as a catalyst to grow the business. He then started to look for markets outside the EU to replace the expected downturn in EU business. He said things were going really well thanks to the new strategy.
9 months later they’ve gone bust with Brexit uncertainty being blamed.
Do you understand now?
 
west didsblue said:
Seems like I have to spell it out for the hard of thinking.
The article I posted was from last March when the proprietor of Norton said that in spite of voting Remain, he had since changed his mind and saw Brexit as a catalyst to grow the business. He then started to look for markets outside the EU to replace the expected downturn in EU business. He said things were going really well thanks to the new strategy.
9 months later they’ve gone bust with Brexit uncertainty being blamed.
Do you understand now?
Click to expand...
They've been in the shit since 2012 and it's (sadly) finally caught up with them.

"Norton Motorcycles have been placed in administration as last-minute attempts to save the business appear to have failed to secure the backing needed to continue trading. The firm launched a share scheme in November with a view to raising the cash required to fulfil their order book, but the lure of a single investor saw the offer withdrawn while Norton attempted to construct a deal that could underpin the business’ critical cash-flow problems."

"With echoes of the near-collapse of the business in 2012 when cash-flow issues very nearly sank the firm just four years after businessman Stuart Garner bought the rights back from American ownership under Kenny Dreer, it appears that the same problem has finally pushed the business past breaking point as Metro Bank appointed administrators BDO"

"Investment in the development of the V4 SS and RR models, first unveiled in 2016, proved to be a hugely expensive undertaking for a brand starting from scratch in terms of superbike chassis, engine and electronics technology. But while the limited edition V4 SS sold out rapidly at the £44,000 asking price, forcing those not fast enough to plump for the lower spec V4 RR at £28,000, the cash-flow needed to set-up – and then buy parts from – the supply chain to build the models at the Donington Hall factory simply wasn’t there."

west didsblue said:
He said things were going really well thanks to the new strategy.
Click to expand...
He was talking bollocks.
tenor.gif

But yeah... totally brexit.
 
George Hannah said:
It'll be like Brexit never happened before too long
Click to expand...

Probably but then Johnson keeps insisting he wants a ‘Canada style FTA’ which means tariffs, quotas and sod all else on pets, roaming charges and a thousand and one other things plus lots of form filling such as document and identity checks for all consignments and physical checks which for Canada is 10% of everything. And that’s just between GB and NI :)

The only way to look at is to view EU membership as a very detailed and extensive legal contract which has grown and evolved over 40 years and which in 11 months is null and void. In that 11 months we have to replace it with something else and it really is a question of how much of these thousand and one things we want to keep enjoying and to do that we have to sign another legal contract. And that will mean obligations, legal oversight and a system that can act on breaches of the contract. Everything else is just noise.
 
Mëtal Bikër said:
They've been in the shit since 2012 and it's (sadly) finally caught up with them.

"Norton Motorcycles have been placed in administration as last-minute attempts to save the business appear to have failed to secure the backing needed to continue trading. The firm launched a share scheme in November with a view to raising the cash required to fulfil their order book, but the lure of a single investor saw the offer withdrawn while Norton attempted to construct a deal that could underpin the business’ critical cash-flow problems."

"With echoes of the near-collapse of the business in 2012 when cash-flow issues very nearly sank the firm just four years after businessman Stuart Garner bought the rights back from American ownership under Kenny Dreer, it appears that the same problem has finally pushed the business past breaking point as Metro Bank appointed administrators BDO"

"Investment in the development of the V4 SS and RR models, first unveiled in 2016, proved to be a hugely expensive undertaking for a brand starting from scratch in terms of superbike chassis, engine and electronics technology. But while the limited edition V4 SS sold out rapidly at the £44,000 asking price, forcing those not fast enough to plump for the lower spec V4 RR at £28,000, the cash-flow needed to set-up – and then buy parts from – the supply chain to build the models at the Donington Hall factory simply wasn’t there."

But yeah... totally brexit.
Click to expand...
Last May the owner said this according to the BBC article you posted:
“Mr Garner said last May that the firm was performing strongly and planned to open a new factory.”
and he said today:
“It has become increasingly difficult to manufacture in the UK, with a growing tax burden and ongoing uncertainties over Brexit affecting many things like, tariffs, exports and availability of funding.”
https://www.itv.com/news/2020-01-30/pension-holders-lose-out-amid-the-crash-of-norton-motorcycles/

So yeah, its demise is nothing to do with Brexit even though Brexit was cited as the reason it was doing well just 9 months ago.
 
Buckle up for the tedious ride. Everything from the weather, crime, third world famine and Wat in the middle east will now be 'because of brexit'. The next recession, dip in house prices or the pound will be because of brexit - meanwhile any positive economic news will be 'despite brexit' or ignored.
 
Mazzarelli's Swiss Cheese said:
Buckle up for the tedious ride. Everything from the weather, crime, third world famine and Wat in the middle east will now be 'because of brexit'. The next recession, dip in house prices or the pound will be because of brexit - meanwhile any positive economic news will be 'despite brexit' or ignored.
Click to expand...

You are not obligated to read statements from CEO’s of failed businesses. Brexit will always be a factor, be it for good or ill, because it is a factor.
 
Mazzarelli's Swiss Cheese said:
Buckle up for the tedious ride. Everything from the weather, crime, third world famine and Wat in the middle east will now be 'because of brexit'. The next recession, dip in house prices or the pound will be because of brexit - meanwhile any positive economic news will be 'despite brexit' or ignored.
Click to expand...
A crap business strategy and financial issues which began back in 2012, well before the result was even announced, that has seen the brand fall into administration, is now being blamed on brexit.
YCNMIU
 
west didsblue said:
Last May the owner said this according to the BBC article you posted:
“Mr Garner said last May that the firm was performing strongly and planned to open a new factory.”
and he said today:
“It has become increasingly difficult to manufacture in the UK, with a growing tax burden and ongoing uncertainties over Brexit affecting many things like, tariffs, exports and availability of funding.”
https://www.itv.com/news/2020-01-30/pension-holders-lose-out-amid-the-crash-of-norton-motorcycles/

So yeah, its demise is nothing to do with Brexit even though Brexit was cited as the reason it was doing well just 9 months ago.
Click to expand...
He wasn't being truthful.

"Despite already struggling to deliver the V4 model, Norton knew they had to invest in the next new model in the range – the more mass-market and affordable 650cc parallel-twin Atlas Nomad and Ranger, first revealed in 2017.

If successful, the Atlas would have given the firm the higher volume, lower cost model needed to deliver a consistent cash-flow for the business. But despite the final prototypes showing huge promise and the first bikes being available for customer test rides over recent weeks, it’s been too little, too late. The new 12,000sqft factory extension intended to house Atlas production isn’t finished and production hasn’t started.

Just three weeks ago, Norton were facing a serious challenge from HMRC over £300,000 of unpaid taxes, while the firm asserted that much of this outstanding figure would be significantly reduced through outstanding research and development tax relief owed to the company. The courts had adjourned the case, the next hearing was scheduled for mid-February.

It’s understood that the senior Norton team were still negotiating with their anticipated foreign investor at the beginning of this week, but confirmation came today that Metro Bank had appointed administrators BDO."


He's citing brexit now as a "get out" of criticism, something I expect other failing businesses to start doing. It's not the case. His poor decisions in 2012 sealed Norton's doom.
 
Mëtal Bikër said:
A crap business strategy and financial issues which began back in 2012, well before the result was even announced, that has seen the brand fall into administration, is now being blamed on brexit.
YCNMIU
Click to expand...
This is the problem. You can apply selectively interpretation of this to assume Norton collapsed because the three years of dithering denied the ability to reach new markets. I actually just think it was a doomed business that had not recovered from the 2008 economic downturn.
 
Mazzarelli's Swiss Cheese said:
This is the problem. You can apply selectively interpretation of this to assume Norton collapsed because the three years of dithering denied the ability to reach new markets. I actually just think it was a doomed business that had not recovered from the 2008 economic downturn.
Click to expand...
giphy.gif


Which is also a huge shame as I really liked Norton.
 
Mëtal Bikër said:
It's okay, just accept you were wrong to blame this on brexit.

No-one will think any less of you for it.
Click to expand...
I suggest you go back and read my posts and the direct quotes and see if you have the capacity to understand my point.

Spoiler: I wasn’t simply blaming Brexit for Norton’s demise.

Try not deflecting for once but I know that’s a pointless request.
 
Status
Not open for further replies.
Unread Posts

Don't have an account? Register now and see fewer ads!

SIGN UP
Back
Top