Historic UK bike manufacturer Norton Motorcycles has been bought out of administration by an Indian firm.
Earlier this year, the Castle Donington-based firm called in the administrators, putting the future of the brand and its 100 staff at risk.
Now, TVS Motor Company has announced it has completed a deal to buy the company, which is headquartered at Donington Hall, in Leicestershire.
TVS is the sixth largest bike manufacturer in the world. It is part of the TVS Group, which is worth £7.2 billion.
Norton was founded in Birmingham in 1898 and is regarded as an iconic British motorcycle brand.
In 2008, businessman Stuart Garner bought the brand and based the firm at Castle Donington.
However, in recent months the firm got into financial difficulties and administrators from BDO were called in.
Following the deal, TVS Motor Company has said it will back Norton and help it regains is “rightful glory”.
Joint managing director Sudarshan Venu said: “This is a momentous time for us at TVS Motor Company.
“Norton is an iconic British brand celebrated across the world. With its exciting range of products, Norton presents us with an immense opportunity to cater to the aspirations of discerning motorcycle customers around the world.
“We will extend our full support for Norton to regain its rightful glory.
“Norton will continue to retain its distinctive identity with dedicated and specific business plans.
“TVS Motor Company will work closely with customers and employees in building the success and pre-eminence of the Norton Motorcycles brand and we look forward to growing together globally in the years to come.”
Norton’s products include the Commando, Dominator, V4 RR and the upcoming Atlas series.
TVS Motor Company has said it will grow Norton by using its existing global reach and supply chain capabilities.
The deal was undertaken under the guidance of UK India Business Council, and Rothschild & Co, together with its subsidiary Arrowpoint Advisory who acted as the financial adviser to TVS Motor.
Legal advice for the transaction was provided by Khaitan & Co and Slaughter and May.
Gerry Grimstone, UK Minister for Investment, has welcomed the deal.
He said: “A huge congratulations to TVS Motor on this acquisition.
“As we fight coronavirus around the world, it is great to see business resilience, the preservation of jobs, and continued support for our highly skilled British engineers.
“It’s fantastic news that this British motorcycle company can carry on producing their world-class motorcycles with its headquarters in the UK.”