Peter Stevens Motorcycles collapse leaves 400 jobs in limbo
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One of Australia's largest motorcycle retailers, Peter Stevens Motorcycles, has collapsed into administration and put at risk around 400 jobs.
The business has appointed voluntary administrators Craig Shepard, Michael Korda and Andrew Knight of KordaMentha Restructuring.
Established in 1970 by the Chiodo family in Melbourne, Peter Stevens is one of the biggest motorcycle retailers in Australia, with 15 dealerships across Victoria, New South Wales, South Australia and Western Australia.
The company has four main dealer sites – Ringwood, Dandenong and Geelong in Victoria, and Adelaide in South Australia.
The Peter Stevens business includes new and used motorcycle sales, parts and accessories, servicing, and finance and insurance offerings.
Its dealer network comprises Peter Stevens Motorcycles, as well as Ducati, Triumph and Harley Heaven franchise dealerships. Peter Stevens represents eight of the top 12 selling motorcycle brands in Australia, including Harley Davidson, Yamaha, BRP, Ducati and Triumph.
Together, these brands comprise more than 85 per cent of Australian motorcycle sales, with Peter Stevens selling around 8000 units per year. It also stocks a large and diverse range of pre-owned motorcycles, selling around 2000 units per year.
Last year, Peter Stevens had an annual turnover of around $250m and currently employs around 400 people.
Mr Shepard said the administrators would continue trading while seeking immediate expressions of interest in all or parts of the Peter Stevens Motorcycles business.
'With more than 50 years of brand recognition, an established dealer footprint across the country and a significant share of the local motorcycle market, there is a genuine turnaround opportunity here,' he said.
'These are strong foundations for a new owner to set the business up for future success.'
In addition to its range of motorcycle brands, the company is a partner of Canada's Bombardier Recreational Products, supplying its watercraft product, the Sea-Doo, to the Australian market.
Originally published as Peter Stevens Motorcycles collapse leaves 400 jobs in limbo
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