Norton Motorcycles: Former boss admits £11m pension breaches

Stuart Garner bought the Norton Motorcycles brand in 2008

A former boss of Norton Motorcycles has admitted illegally using an estimated £11 million from the firm's pension schemes to reinvest into the business.

Stuart Garner broke the law by investing more than 5% of assets from three pension schemes for which he was the sole trustee.

The 53-year-old pleaded guilty to three charges of breaching pension scheme regulations when he appeared in court.

He will be sentenced at Derby Crown Court on 28 February.

His prosecution followed the collapse of the business and concerns from investors and their relatives about their pensions being missing.

The business was originally founded in Birmingham in 1898

Garner bought the world-famous motorcycle brand in 2008 and began production at Donington Park in Leicestershire.

He was in charge until the business went into administration in 2020. It has since been bought by TVS Motor Company and new headquarters have opened in Solihull in the West Midlands.

Garner, who is 53 and lives in Castle Donington, has been prosecuted by the Pensions Regulator.

Nicola Parish, executive director of frontline regulation, said: "As a trustee, Stuart Garner failed to comply with restrictions on investments which are designed to protect the funds of pension schemes.

"Trustees have a vital role in protecting the benefits of members and we will take action where that responsibility is abused."

The three pension schemes had a total of 227 members, and the investments were made between 2012 and 2013.