Derby-based Norton Motorcycles, the iconic British bike manufacturer, has received £2.65 million in new funding from Santander Corporate & Commercial to support the firm’s significant growth and expansion programme. The funding from Santander, which will directly allow bike production to increase by around 30 bikes per month, is a key part of a wider Government-supported investment project to help Norton Motorcycles develop new bikes, boost output and increase staff numbers.
The firm has been awarded £4 million from the Government’s Advanced Manufacturing Supply Chain Initiative (AMSCI), with the additional £2.65m facility from Santander covering the non-grant funded element of the investment programme and working capital.
The funds will allow Norton to set up a new British Motorcycle Manufacturing Academy to train and supply the next generation of engineering apprentices; build a new 10,000 sq. feet manufacturing facility; develop a new 650cc bike platform for sale across the world, and develop a new clean motorcycle engine technology which will power a green motorcycle within two years. The funding will also result in 159 direct jobs at Norton Motorcycles, which the firm expects will grow into 600 direct and indirect jobs – including 200 apprentices – over five years.
Norton Motorcycles has been a customer of Santander Corporate & Commercial since 2011, with the bank providing wide-ranging support – particularly with regards to international trade and exporting.
Stuart Garner, Chief Executive, Norton Motorcycles, said: “Santander has played a vital part in the ongoing success of Norton over the past five years. This latest funding was fundamental to the wider support we have received under the AMSCI and will help us deliver some exciting new products and tangibly expand our production.”
Nick Pulley, Regional Director, Santander Corporate & Commercial, said: “We’re delighted to be able to support Norton as the firm enters a new, bolder phase of growth and global expansion. The firm is a true UK manufacturing success story and a business the East Midlands can be rightly very proud of.”