Peter Stevens Motorcycles enters voluntary administration, KordaMentha called in
A popular motorcycle retailer with a 55-year history has gone bust, putting some 400 jobs at risk.
Peter Stevens Motorcycles, which boasts a network of wholesale and retail outlets nationwide, entered voluntary administration on Monday.
The company's dealerships sell beloved brands including Harley-Davidson, Kawasaki, Honda, Suzuki, Yamaha and Vespa scooters.
Its four major dealerships are located in Ringwood, Dandenong, Geelong and Adelaide.
It also runs service centres, a finance division and an online store.
Administrators Craig Shepard, Andrew Knight and Michael Korda from KordaMentha have now taken control of the company, which was founded in 1970 by brothers Vince, Steve and Peter Chiodo.
'The administrators intend to continue to operate the companies on a business-as-usual basis while they seek immediate expressions of interest for the sale or recapitalisation of the businesses,' KordaMentha said in a statement.
Mr Shepard said there was a 'genuine turnaround opportunity' for the 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.'
Motorcycle retailers have been battling through subdued economic conditions in recent months.
The Federal Chamber of Automotive Industries revealed a 3.5 per cent decline in motorcycle sales between January and March this year compared with the same period in 2024.
'Motorcycles are often a discretionary purchase, and in the current environment of high living costs and interest rates, many Australians are understandably more cautious with their spending,' FCAI chief executive Tony Weber said.
'While there is a slight softening across all categories in the wake of current economic conditions, we expect to see enthusiasm among Australian riders to return as conditions stabilise and maybe ease.'
Retailers sold 8073 road motorcycles, a 1.8 per cent fall, over the period.
Off-road motorcycles slumped 5 per cent to 6897 units.
Peter Stevens' tumble into administration also follows some big-name collapses in Australia's retail sector.
ASX-listed Mosaic Brands entered administration in October last year and failed to find a buyer, throwing some 2500 workers out of a job.
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