Founded by the Chiodo family, Peter Stevens expanded to 15 locations across Victoria, South Australia, New South Wales, and Western Australia, representing major brands such as Harley-Davidson, Ducati, and Triumph. The company's operations encompassed new and used motorcycle sales, parts and accessories, service, insurance, and finance.
Documents lodged with the Australian Securities and Investments Commission (ASIC) outline the full extent of the company's financial position. According to a report by company director Luc Favre, the group owes a total of $65.9 million to its creditors. Employee entitlements are listed at $1.6 million, while customer deposits total over $2.13 million.
The report also notes that the business owes the Australian Taxation Office approximately $4.5 million in deferred tax and $318,586 in GST. A further $4 million is owed to related companies, VC Motorcycles and Motorcycle Dealership Group.
Westpac is identified as a secured creditor, with $7.6 million owed to the bank. An additional $26.5 million in retail floor plan financing-commonly used by motorcycle and automotive dealers to manage stock purchases-has been recorded as secured debt. Lease obligations account for another $15.1 million.
Offsetting these liabilities, the company's assets include approximately $42 million in inventory, $1.2 million in cash, and a $5.7 million deferred tax asset.
In response to the administration, Peter Stevens has announced discounts for new and used motorcycle stock on hand of up to 50% until June 25th, 2025. This move aims to liquidate inventory and generate cash flow during the restructuring process.
The voluntary administration of such a prominent retailer underscores the challenges facing the Australian motorcycle industry, particularly in the current economic climate. For consumers, this situation may present opportunities to purchase motorcycles at reduced prices. However, it's crucial to exercise due diligence, especially concerning warranties, servicing, and the availability of parts.
As the administration process unfolds, stakeholders-including employees, customers, and creditors-will be keenly observing developments to understand the future trajectory of Peter Stevens Motorcycles and its impact on the broader motorcycle retail landscape in Australia.
