It’s a mixed motorcycle news day as reports of the continuing economic crisis and its effect on the European motorcycle market continue (Italy’s July motorcycles sales for 2011 are down 23 percent on last year), but now we get the announcement that Norton Motorcycles from the UK is receiving a government grant.
Getting the Norton brand off the ground and selling bikes is no easy task, and the trade loan from the UK government has been issued under the Exports Enterprise Finance Guarantee Scheme.
The funds will go to increasing Norton production to 1,000 units a year, but we’re guessing that they won’t be looking at Italy for high sales.
Under the agreement, Norton will receive £625,000 (approx.
€715,000) from the Santander bank to increase its production.
The export financing is also expected to provide more jobs as Norton expands its workforce to 60 full time staff by 2012.
Head of Norton Motorcycles, Stuart Garner, says:The ExEFG scheme has enabled our business to grow rapidly to meet the demands of an ever increasing international customer base and I am thrilled we now have the opportunity to take on more staff to join our team.
This scheme will not only benefit Norton and the local area, by supporting enterprising firms across the country it will help drive forward the British economy.
Here’s hoping we get to see some more Norton Commando models coming our way as the company expands, despite the difficult economic environment the motorcycle industry is in right now.