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.