Peter Stevens Motorcycles Enters Voluntary Administration Amidst $65.9 Million Debt

Established in Melbourne in 1970 by the Chiodo family, Peter Stevens expanded to 15 locations across Victoria, South Australia, New South Wales, and Western Australia. The company represented major brands such as Harley-Davidson, Ducati, Yamaha, Honda, Suzuki, Kawasaki, KTM, and Triumph. At the time of administration, the business reported an annual turnover of around $250 million, encompassing new and used motorcycle sales, parts and accessories, service, insurance, and finance.

Documents lodged with the Australian Securities and Investments Commission (ASIC) detail the company's financial obligations. According to a report by company director Luc Favre, the group owes a total of $65.9 million to its creditors. This includes employee entitlements of $1.6 million and customer deposits exceeding $2.13 million. Additionally, the company owes the Australian Taxation Office approximately $4.5 million in deferred tax and $318,586 in GST. Related companies, VC Motorcycles and Motorcycle Dealership Group, are owed a further $4 million.

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-a common practice among 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 an effort to manage stock levels, Peter Stevens announced discounts of up to 50% on new and used motorcycle stock until June 25, 2025.

The voluntary administration of such a significant player in the Australian motorcycle market underscores the challenges faced by the industry, including fluctuating sales and economic pressures. Customers with deposits and employees are advised to stay informed as the administration process unfolds.