Latest news with #PeterStevens
Herald Sun
4 days ago
- Automotive
- Herald Sun
Peter Stevens dealerships close in Geelong, Ringwood
Don't miss out on the headlines from News. Followed categories will be added to My News. Two major Victorian motorcycle dealerships closed at the weekend following the collapse of the Melbourne-based Peter Stevens retail group. The stores and showrooms at Peter Stevens Geelong and Ringwood have not been sold and have shut permanently, administrators KordaMentha said. And the City Triumph dealership which closed its West Melbourne showroom earlier this year will also not return. The stores could not be saved although a large portion of the business has been taken over, securing 250 jobs. Dozens of staff at the Peter Stevens sites at Mercer St, Geelong, and Maroondah Highway, Ringwood were only told on Friday of the closure. And customers have been left in the dark over parts and accessories orders. Triumph rider Richard Farrar ordered a $500 part from the Peter Stevens Geelong store but has no idea what's happened to his money. 'They obviously knew they were in trouble when I ordered … and it's bordering on obtaining my money deceptively,'' he said. Peter Stevens went into voluntary administration last month saddled with debt, and last week it emerged that creditors faced losses of over $65m including millions in customer deposits. The company was founded by the Chiodo brothers – Vince, Peter and Steve – in 1970 and grew into a national network of motorcycle stores and dealerships. Flagging motorcycle sales and the cost of living crisis has hit the industry hard in recent years. Some parts of the Peter Stevens group have now been taken over by private company Joe Rascal Group and ASX-listed MotorCycle Holdings. The Joe Rascal Group has will acquire the Harley Heaven stores at Dandenong, Ringwood and Melbourne, as well as Ducati South Melbourne. And Brisbane-based MotorCycle Holdings will take over the Peter Stevens Dandenong and Adelaide sites as well as Savage Motorcycles in Perth and the Harley Heaven dealerships in Sydney, Penrith, Perth and Adelaide. MotorCycle Holdings chief executive Matthew Wiesner said the company would maintain the Peter Stevens and Harley Heaven brands. The deals would mean about 250 employees would keep their jobs, Craig Shepard of KordaMentha said. The administrators said it would assist employees from the closed locations 'during the transition to closure'.
Herald Sun
20-05-2025
- Automotive
- Herald Sun
Peter Stevens Motorcycles collapse leaves 400 jobs in limbo
Don't miss out on the headlines from SA News. Followed categories will be added to My News. 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
