Tag Archives: Stuart Garner

Former Norton boss to sell properties

Properties owned by former Norton Motorcycles boss, Stuart Garner, have hit the market at £13m, which is £1m short of the amount he owes to investors.

Last month, Garner was ordered to pay back £14m to pensioners who invested in retirement funds not knowing he was dishonestly using the money to prop up his ailing motorcycle company.

The order to pay back the money will not affect Norton Motorcycles which was bought in April by  Indian company TVS who are investing heavily and promise to produce all current and promised models as well as some new models.

The UK Pensions Ombudsman is now chasing Garner to repay funds from three pension schemes he set up which fraudulently funnelled money into his company.

Norton boss Stuart Garner at Donington Castle
Garner in his home at Donington Castle

Properties up for sale

Garner now says he hopes to pay back all the money through the sale of property assets.

The property portfolio includes Donington Hall, the Priest House Hotel (which has recently been operated by Legacy Hotels since going into administration), Hastings House, The Lansdowne Buildings and Kings Mills Caravan Park, all set in more than 80 acres.

They are estimated to be worth about £13m.

Garner also says the administrators are sitting on £16 million cash from [the] Norton asset sale.

“The money is not ‘missing’. It is all in the business and its assets,” he told Business Live.

“No-one has agreed what the pension investor amount is yet. But with £16 million in cash and several million of property assets to come in, it looks likely they will receive all their capital back.

“I’ve lost everything with Norton, so I’ve no idea what the future holds yet.”

Norton Motorcycles Donington Hall factory crowd
Norton’s Donington Hall factory

Pensions scheme

In 2012 and 2013, 228 pensioners invested in five-year pension funds (Commando 2012 Pension Scheme, the Dominator 2012 Pension Scheme, and the Donington MC Pension Scheme) which invested primarily in Norton Motorcycles.

Garner was trustee of all funds and sole director of their provider, Manocrest Ltd.

The pensioners claim their investment was not returned years after the lock-in period had expired and £14 million in investments were lost in the company collapse.

In February, Garner failed to appear at a public hearing held by the Pensions Ombudsman to investigate complaints about the pension schemes

Pay back time

The Ombudsman issued this statement:

“The trustee [Garner] has acted dishonestly and in breach of his duty of no conflict, his duty not to profit and his duty to act with prudence.

“The investments made by [Garner into Norton] on behalf of each of the schemes were made in breach of the trustee’s statutory, investment and trust law duties.”

The ombudsman ordered Garner to make a “restorative payment” to all the scheme members as well as paying £180,000 to the original 30 fund applicants for “exceptional maladministration causing injustice”.

Garner, a former export “poster boy”, has blamed Brexit for his company’s downfall.

Norton CEO Stuart Garner Norton Motorcycles pay back
“Poster boy” Garner
Norton Motorcycles which went into administration in January following £300,000 in unpaid taxes.  While the debts were piling up, Garner and his wife, Susie, were spotted dining out at an elite restaurant, The Ivy, where a steak costs about £30 (about $A60). Motorcycle journalists also report that Garner had attended international motorsport events and put on lavish motorcycle launches. He also lived in lavish surroundings in Donington Castle where Norton motorcycles are also manufactured.

Source: MotorbikeWriter.com

Former Norton boss to pay back £14m

It’s pay back time for Stuart Garner who dined out at expensive restaurants and lived a lavish lifestyle as he ran Norton — one of the most revered bands in motorcycling — into the ground.

Now the former boss is in deep trouble, ordered to pay back £14m to pensioners who invested in retirement funds not knowing Garner was dishonestly using the money to prop up his motorcycle company.

The order to pay back the money will not affect Norton Motorcycles which was bought in April by  Indian company TVS who are investing heavily and promise to produce all current and promised models as well as some new models.

The UK Pensions Ombudsman is now chasing Garner to repay funds from three pension schemes he set up which fraudulently funnelled money into his company.

Norton boss Stuart Garner at Donington CastleGarner relaxes at home

In 2012 and 2013, 228 pensioners invested in five-year pension funds (Commando 2012 Pension Scheme, the Dominator 2012 Pension Scheme, and the Donington MC Pension Scheme) which invested primarily in Norton Motorcycles.

Garner was trustee of all funds and sole director of their provider, Manocrest Ltd.

The pensioners claim their investment was not returned years after the lock-in period had expired and £14 million in investments were lost in the company collapse.

In February, Garner failed to appear at a public hearing held by the Pensions Ombudsman to investigate complaints about the pension schemes

Pay back time

The Ombudsman has now issued this statement:

“The trustee [Garner] has acted dishonestly and in breach of his duty of no conflict, his duty not to profit and his duty to act with prudence.

“The investments made by [Garner into Norton] on behalf of each of the schemes were made in breach of the trustee’s statutory, investment and trust law duties.”

The ombudsman ordered Garner to make a “restorative payment” to all the scheme members as well as paying £180,000 to the original 30 fund applicants for “exceptional maladministration causing injustice”.

Garner has not made any media comment about the determination, but in the past the former export “poster boy” has blamed Brexit for his company’s downfall.

Norton CEO Stuart Garner Norton Motorcycles pay back“Poster boy” Garner

The pensions payback is not Garner’s only worries as the UK government may investigate almost £8m in funding and loans to Norton Motorcycles which went into administration in January following £300,000 in unpaid taxes.

While the debts were piling up, Garner and his wife, Susie, were spotted dining out at an elite restaurant, The Ivy, where a steak costs about £30 (about $A60).

Motorcycle journalists also report that Garner had attended international motorsport events and put on lavish motorcycle launches.

He also lived in lavish surroundings in Donington Castle where Norton motorcycles are also manufactured.

Source: MotorbikeWriter.com

Norton Motorcycles boss under investigation

Failed Norton Motorcycle boss Stuart Garner is in more strife with the UK Pensions regulator now investigating his role in a pension scheme to fraudulently fund his company.

In January, Norton Motorcycles went into administration amid claims of pension fund frauds and a £300,000 unpair tax bill.

In 2012 and 2013, 228 pensioners invested in five-year pension funds (Commando 2012 Pension Scheme, the Dominator 2012 Pension Scheme, and the Donington MC Pension Scheme) which invested primarily in Norton Motorcycles.

Trustee of all funds and sole director of their provider, Manocrest Ltd, was Stuart Garner.

The pensioners claim their investment was not returned years after the lock-in period had expired and £14 million in investments were lost in the company collapse.

In February, Garner failed to appear at a public hearing held by the Pensions Ombudsman to investigate complaints about the pension schemes. 

Norton boss Stuart Garner at Donington CastleGarner in his home at Donington Castle

Under investigation

It’s taken until now for the Pensions Regulator to launch an investigation.

Last year the Pensions Ombudsman criticised Garner for a “clear” conflict of interest as trustee of schemes that invested all funds into his business.

“It appears to me that the investment of all of the scheme’s assets in Norton Motorcycle Holdings is potentially in breach of the restrictions on employer-related investments under section 40 of the Pensions Act 1995,” the ombudsman said.

Garner faces a fine and/or jail if found guilty of a conflict of interest.

Despite being chased by investors, customers, the government and now the Pensions Regulator, Garner and his wife, Susie, were last month spotted dining out at elite London restaurant, The Ivy, where a steak costs about £30 (about $A60).

Norton Stuart and Susie GarnerStuart and Susie Garner dining out

The photo was published on the Twitter account Notnorton Moto as another example of Garner’s extravagant lifestyle.

At least in Australia, importers Brisbane Motorcycles have returned deposits to those who paid for bikes not yet delivered.

The UK government is now being called on to investigate almost £8m in funding and loans amid claims that Garner squandered the money on fast cars and a lavish lifestyle.

Click here to read the whole sordid tale.

Buyers sought

Norton Motorcycles Donington Hall factory crowdNorton’s Donington Hall factory

The company ceased production in February, but administrators BDO UK say they have “significant interest” from potential buyers.

BDO spokesman Lee Causer says they are “taking all necessary steps to ensure that customers, staff and suppliers are supported through the administration process, as we seek the sale of the business and assets”.

“We have had a significant volume of interest and are hopeful that a sale of Norton Motorcycles (UK) Ltd can be secured,” he says.

That’s good news for Norton fans and customers.

Norton boss Stuart Garner at Donington CastleGarner relaxes at home

The rumour mill has been running hot with talk of Japanese and Chinese motorcycle companies and even motorcycle fan Keanu Reeves being interested in buying the venerable brand.

Norton KeanuKeanu on a Norton Commnando

A petition to Triumph Motorcycles boss John Bloor to buy the company has only received 61 signatures.

Meanwhile, another petition to the government to launch an official inquiry into Garner has more than 7000 signatures.

SuperBike Magazine claims the company’s biggest single investor, Steve Murray, could be interested in buying the company.

They say he invested his entire life savings or about £1 million for 10% equity and loaned the company an extra £500,000.

He was a company director for three months, but chose to be “hands-off”.

The deadline for bidders closed on 21 February 2020. There has been no update from the administrators.

Source: MotorbikeWriter.com

Garner dines out as Norton sinks

Failed Norton Motorcycle boss Stuart Garner and his wife, Susie, have been spotted dining out at elite London restaurant, The Ivy, where a steak costs about £30 (about $A60).

The photo was published on the Twitter account Notnorton Moto as another example of Garner’s extravagant lifestyle.

Meanwhile, customers, pensioners, investors, the tax department and the government are still waiting for their money as the company languishes in administration.

Garner NortonThe Garners at a Swiss watch show in 2018

At least in Australia, importers Brisbane Motorcycles have returned deposits to those who paid for bikes not yet delivered.

In January, Norton Motorcycles went into administration amid claims of pension fund frauds and a £300,000 unpair tax bill.

The UK government is now being called on to investigate almost £8m in funding and loans amid claims that Garner squandered the money on fast cars and a lavish lifestyle.

Click here to read the whole sordid tale.

Buyers sought

Norton Motorcycles Donington Hall factory crowdNorton’s Donington Hall factory

The company ceased production in February, but administrators BDO UK say they have “significant interest” from potential buyers.

BDO spokesman Lee Causer says they are “taking all necessary steps to ensure that customers, staff and suppliers are supported through the administration process, as we seek the sale of the business and assets”.

“We have had a significant volume of interest and are hopeful that a sale of Norton Motorcycles (UK) Ltd can be secured,” he says.

That’s good news for Norton fans and customers.Norton boss Stuart Garner at Donington Castle

The rumour mill has been running hot with talk of Japanese and Chinese motorcycle companies and even motorcycle fan Keanu Reeves being interested in buying the venerable brand.

A petition to Triumph Motorcycles boss John Bloor to buy the company has only received 61 signatures.

Meanwhile, another petition to the government to launch an official inquiry into Garner has almost 7000 signatures.

SuperBike Magazine claims the company’s biggest single investor, Steve Murray, could be interested in buying the company.

They say he invested his entire life savings or about £1 million for 10% equity and loaned the company an extra £500,000.

He was a company director for three months, but chose to be “hands-off”.

The deadline for bidders closed on 21 February 2020.

Source: MotorbikeWriter.com

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