Buyers have been found for the majority of collapsed retailer Peter Stevens Motorcycles, including its Dandenong outlets.
KordaMentha administrators of the 55-year-old retailing giant announced the new owners after a” brisk and competitive sale process”.
The Joe Rascal Group, led by James Tonna and Barry Fitzpatrick, will acquire four Victorian Harley Heaven and Peter Stevens Ducati stores.
These include Harley Heaven Dandenong as well as outlets in Ringwood, Melbourne and South Melbourne.
“These stores have a strong reputation for quality and customer service, and we are excited to build on that foundation,” Mr Tonna said.
“We are confident that this acquisition will drive significant growth and innovation for
us in the years to come.”
ASX-listed Motorcycle Holdings Ltd (ASX:MTO) will acquire seven Peter Stevens and Harley Heaven outlets around Australia, including Peter Stevens Dandenong.
Motorcycle Holdings Ltd chief executive Matthew Wiesner said the company would maintain the Peter Stevens and Harley Heaven brands in the market.
“These new stores will benefit from our scale of operations, particularly in relation to purchasing, supplier relationships and from the support our corporate teams can provide.”
KordaMentha’s Craig Shepard said the administrators were “pleased to have found two highly credentialed purchasers” to continue the brands and provide ongoing employment for about 250 staff.
There are several conditions precedent to be met before the sales can be finalised, including obtaining regulatory approvals from motor dealer licensing authorities in each state.
All parties are working towards completion by mid-July, KordaMentha stated.
According to administrators, Peter Stevens employs a 400-strong workforce with a $250 million annual turnover.
Peter Stevens was established in 1970 by three brothers. It expanded to 15 in Victoria, New South Wales, South Australia and Western Australia.
Its business includes new and used motorcycle sales, parts and accessories, servicing, and finance and insurance.
Its dealer network comprises Peter Stevens Motorcycles, as well as Ducati, Triumph and Harley Heaven franchises.
Peter Stevens also supplies their market leading watercraft product, the Sea-Doo, to the Australian market.
