Peter Stevens Motorcycles enters voluntary administration, KordaMentha called in
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AU Financial Review
21 minutes ago
- AU Financial Review
Too many boats, not enough berths. Why marinas are hot property
Yacht marinas are proving to be lucrative investments as the demand for berths grows from Australians becoming wealthier and their boats getting bigger, coupled with constraints on the development of new facilities. Demand is rapidly outpacing supply on Sydney Harbour, which has the highest concentration of yachts during summer, but is largely locked out from further development.
Herald Sun
an hour ago
- Herald Sun
LLM teams up with Terra Search at historic mine
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. LLM and Dr Simon Beams team up to explore historic Highway Reward mine Company has extensive and detailed exploration and mining data from acquisition The parties will use AI tech to determine new copper-gold drill targets Special Report: Loyal Metals has joined forces with highly regarded Terra Search geologist Dr Simon Beams to unlock the potential of its Highway Reward copper-gold mine in north Queensland. Amongst the world's highest-grade copper mines, the project operated from 1987 to 2005 with historical production of 3.65Mt at 5.7% copper and 260kt at 4.5 g/t gold. Throughout the mine's 20-year dormancy, Terra Search has preserved a comprehensive and robust archive of both exploration and mining data — an invaluable foundation for revitalisation. And Dr Beams himself has over 38 years of hands-on experience at the mine and with the broader Mount Windsor Volcanic Belt – invaluable expertise at the company works to realise the full potential of the world-class copper-gold system. Loyal Metals (ASX:LLM)says this collaboration could unlock the remnant potential of the mine using advanced AI-powered mining software to create 3D geological models and identify promising exploration targets for drilling. Transforming legacy assets through innovation The company has $4.4m in funding to deploy modern exploration techniques at the project, which it believes could unearth the next generation of discoveries. 'Highway Reward is more than a historic mine - it's a proven, high-grade copper-gold system with significant untapped potential,' MD Adam Ritchie said. 'Engaging Dr. Simon Beams enables us to fast track the next phase of discoveries, combining unmatched local expertise, modern exploration tools, and a clear vision for revitalisation. 'With a comprehensive digital data set and $4.4 million in funding, Loyal Metals is well positioned to unlock significant value through targeted exploration.' Dr Beams says the project has immense untapped potential. It also holds a special place for him, having been there for the first discovery drill hole. 'Having guided this project through its early exploration, I've seen firsthand the richness of its geology,' he said. 'Now, we're bridging decades of hands-on knowledge with cutting-edge tools—AI, advanced geophysics, and 3D modeling—to fast-track new discoveries. 'This isn't just about revisiting old data; it's about rewriting the playbook with modern precision. 'We're not just revisiting a mine; we're setting a new standard for how legacy assets can be transformed through innovation.' This article was developed in collaboration with Loyal Metals, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Originally published as Loyal Metals teams up with Dr Simon Beams to unlock Highway Reward copper-gold potential
Herald Sun
an hour ago
- Herald Sun
Health Check: On Lamington Day, biotechs serve up their chocolate-dipped quarterly morsels
Today's news is all sweet on trial progress, revenue and cash Amplia to raise capital after runaway share performance Tryptamine starts binge eating 'magic mushie' trial Today is National Lamington Day and biotechs are serving up a solid sponge-like base of news encased in chocolate and coconut – occasionally interspersed with a jam layer. Hold the cream and pink jelly though – it just doesn't work. Like so many drug discoveries, the lamington had serendipitous origins. The story goes that one of Queensland governor Lord Lamington's maids was serving up a yellow sponge, but accidentally dunked it into molten chocolate. Lord Lammo recommended the squares to be rolled into coconut shavings for ease of eating – and the rest is history. As is this non-sequitur. Now onto the biotech news. Lumos glows after last week's mega deal Point-of-care diagnostics house Lumos Diagnostics (ASX:LDX) reports revenue of $12.4 million for the year to June 30, up 12%. June quarter revenue declined 26% to $2.6 million, owing to the end of the US flu season. Lumos reported cash outflows of US$1.7 million for the quarter, taking June 30 cash to US$2 million. Investor interest has focused on last week's mega US distribution deal with Phase Scientific, which could deliver Lumos up to US$317 million ( $487 million) over six years. This pertains to the company's bacterial-versus-viral rapid lateral flow test, Febridx. Lumos has also signed a term sheet for a $5 million loan facility, proffered by shareholders Tenmile Ventures (Andrew Forrest) and Ryder Capital. At its discretion, Lumos can draw down the facility over the next 12 months. READ: Why $487 million US distribution deal is a 'watershed moment' for skyrocketing biotech Lumos Cleo eyes FDA approval for ovarian cancer assay Still on diagnostics, Cleo Diagnostics (ASX:COV) says it aims to submit a US Food & Drug Administration (FDA) marketing approval application for its ovarian cancer assay next year. The company is on track to complete a supportive US trial in the December quarter. Thanks to government grants and tax incentives, Cleo reported cash inflows of $38,000, taking end of quarter cash to $6.46 million. Turning to drug development, genetic disease specialist PYC Therapeutics (ASX:PYC) reports cash outflows of $17.6 million. At quarter's end the company still had cash of $153 million. The company has dosed the first patient in a combined phase 1a/2b trial for polycystic kidney disease. PYC has achieved 'alignment' with the FDA on the structure of a registrational trial for its lead program, the blinding eye disease retinitis pigmentosa type 11. The company believes the regulator will require only a phase II trial. Tryptamine BEDS down eating disorder trial Psychedelic medicines house Tryptamine Therapeutics (ASX:TYP) has started recruiting patients for a world-first binge eating disorder (BED) study. In the open-label trial, 12 patients will be administered intravenously infused psilocybin, combined with psychotherapy. Melbourne's Swinburne University is undertaking the study, with first dosing this quarter and top line results due by the end of the year. BED is the most common eating disorder in the US and second most prevalent in Australia here. The condition can result in depression, anxiety, post-traumatic stress disorder and compulsive behaviour. Amplia passes the hat Meanwhile Amplia (ASX:ATX) shares this morning entered trading halt, ahead of a share placement and share purchase plan. Amplia thus continues the rich tradition of companies leveraging clinical trial results, in this case its stunning data for hard-to-treat pancreatic disease. Amplia has reported 17 'partial response' rates in it Accent trial, in 17 out of 55 advanced disease patients. A confirmed partial response is tumour shrinkage of more than 30%, sustained for two or more months with no new cancerous lesions detected. Amplia is testing AMP-945 (narmafotinib). AMP-945 appears to inhibit the protein FAK, which is overexpressed in pancreatic cancers. Amplia shares have surged 376% in the past 12 months, but investors still value the company at a modest $110 million. As of the end of March, Amplia had cash of $10.8 million. 'Perplexed' Imugene laments soft-as-a-sponge share price Imugene (ASX:IMU) chairman Paul Hopper hopes the company's lamington-soft share price will 'do an Amplia' (our words) and reflect the company's progress with its multiple cancer trials. The company last Monday announced its phase 1b study for an aggressive blood cancer had resulted in two additional 'complete responses' (that is, the tumours disappeared). Imugene is trialing Azer-cel, its allogeneic Car-T drug made from healthy donor T-cells rather than the patient's. Naturally, Imugene announced a $22.5 million and share purchase plan for up to $15 million. On reinstatement, the shares lost 4.5 cents, or 10%, taking the loss over the past year to around 80%. This allows for a one for 34 share consolidation. 'We are very disappointed with the share price performance,' Hopper says. 'We are perplexed why we had such a lukewarm reception to the earlier data at the start of year.' Cashed up for pivotal trial But with the share raising in train, Imugene investors should no longer fear that such a dilutionary event is around the corner. Post raising Imugene should have cash of $64 million, with management costing a 60-80 patient pivotal trial at $30-40 million. If approved, Azer-cel would be the first commercial allogenic Car-T treatment, enabling mass produced, off-the-shelf therapies. 'We are in active discussions with partners on the strategy for developing the drug and getting it approved,' Hopper says. Shares settle in orbit after last week's Meso-blast off Mesoblast (ASX:MSB) shares have taken a breather after Friday's 35% surge on the back of initial US sales of its first US-approved stem cell product. The company reported unaudited June quarter revenue of US$13.2 million ($20.3 million) for Ryoncil, its treatment for childhood graft-versus-host disease. The FDA approved Ryoncil in December last year. Mesoblast founder and CEO Prof Silviu Itescu points to higher sales in the current quarter, given US Centres for Medicare and Medicaid Services coverage became effective on July 1. The company has signed up more than 25 transplant centres and hopes to enlist all 45 priority centres by October. Bell Potter analyst John Hester says the sales were in line with the firm's expectations. 'The figure is inclusive of sales to the distributor, nevertheless it represents a reasonable proxy for hospital demand.' The firm values Mesoblast at $3.50 a share, implying 55% of upside. At Stockhead, we tell it as it is. While Lumos and Tryptamine are Stockhead advertisers, the companies did not sponsor this article. Originally published as Health Check: On Lamington Day, biotechs serve up their chocolate-dipped quarterly morsels
