Founded by the Chiodo family, Peter Stevens expanded to 15 locations across Victoria, South Australia, New South Wales, and Western Australia. The company's offerings included new and used motorcycle sales, parts and accessories, service, insurance, and finance, representing brands such as Harley-Davidson, Ducati, Yamaha, Honda, Suzuki, Kawasaki, KTM, and Triumph.
Documents lodged with the Australian Securities and Investments Commission (ASIC) detail the company's financial obligations, including $2.1 million in customer deposits and $26.5 million in secured loans. Employee entitlements are listed at $1.6 million, while the Australian Taxation Office is owed approximately $4.5 million in deferred tax and $318,586 in GST. Westpac is identified as a secured creditor, with $7.6 million owed to the bank.
The company's assets include approximately $42 million in inventory, $1.2 million in cash, and a $5.7 million deferred tax asset. Despite these assets, the substantial liabilities have led to the decision to enter voluntary administration.
For customers and employees, this situation raises concerns about the fulfillment of existing orders, warranties, and job security. The appointed administrators are expected to explore options for restructuring or selling parts of the business to mitigate the impact on stakeholders.
This development serves as a stark reminder of the challenges facing the retail sector, particularly in industries susceptible to economic fluctuations. It underscores the importance of financial resilience and adaptability in navigating market uncertainties.
