The people duped into handing over their pension pots in the Norton pensions scandal have finally received recompense from the fraud compensation scheme.
It’s been reported in the Guardian that more than 200 people were affected by the fraud, and that £9.4 million has now been paid back into the schemes that collapsed when the famous brand went belly-up in 2020. Those affected by the fraud gave Norton access to their pension pots, which Garner then invested directly back into the company via three pension schemes.
The Norton V4CR is one of the models that came about under TVS ownership
Garner, the then owner and CEO of Norton, was originally told to pay back the money himself, thought to be around £14 million along with a separate payment of £180,000. However, not long after this, he filed for bankruptcy. That left the Fraud Compensation Fund as the only viable means to rectify the situation for those affected.
Today Norton is a very different company to the one we knew under Garner’s ownership, with TVS Motor swooping in to buy the brand in 2020. Since then it has invested heavily in the company, building a state-of-the-art production facility in Solihull and has focused on R&D to help fix the issues found with the existing range of Norton models that TVS inherited from the time of Garner’s ownership.
Two of the bikes that have benefitted from this estimated £100 million investment are the re-designed V4SV, and the 961 Commando, as well as the recently announced V4CR cafe racer. The investment in the brand is thought to have created between 250 and 300 new jobs in the west midlands.
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