Peter Stevens Motorcycles enters voluntary administration
Tips & Insights
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Tips & Insights
3 min read
Dealership giant Peter Stevens has entered voluntary administration, leaving more than 400 employees in limbo.
Melbourne accounting firm KordaMentha has been appointed as the administrator and will be tasked with restructuring the embattled business.
According to the Herald Sun, the administrator is seeking expressions of interest from potential buyers or investors. The same publication also said that trading would continue throughout the process.
If a resolution cannot be reached, then Peter Stevens will face liquidation and approximately 400 people could be left without a job.
Employees have reportedly been given four weeks’ notice about potential closures, however a source told bikesales that they have been guaranteed entitlements personally by the owners of the business.
Peter Stevens was founded in 1970 by Vince Chiodo and today operates 15 stores across Victoria, South Australia, Western Australia, and New South Wales. That includes Harley-Heaven stores.
In 2021, the business was divided in two, with Paul Chiodo taking ownership of the importing side (PS Importers), separating it from the retail business. Jessica Chiodo-Reidy took ownership of the retail business in 2023. It is that business that is now under administration.
For clarity, PS Importers is a separate business to Peter Stevens Motorcycles. However, as the Australian distributor for Triumph, Aprilia, Moto Guzzi, Vespa, Fox Racing and more, PS Importers will likely face flow-on effects from any potential closure of the retail business. The same can be said for all distribution companies in Australia that deal with Peter Stevens.
The retail business deals with at least 16 brands including Harley-Davidson, KTM, the four big Japanese brands, Ducati, and Triumph among others. Peter Stevens also sells watercraft, including Sea-Doo and Yamaha, as well as parts, accessories, and apparel.
The company is also the official Australian distributor for electric pioneer, Zero Motorcycles.
Zero Australia’s Marketing Manager, Tom Reynolds, told bikesales that Zero’s future is “understandably uncertain under the current situation”.
More to come.
This article originally appeared on bikesales.com.au
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