Retailing giant Peter Stevens Motorcycles has collapsed, but there are high hopes of finding a new owner.
Three voluntary administrators have been appointed for the 55-year-old iconic stores, including a Dandenong outlet.
According to administrators at KordaMentha Restructuring, Peter Stevens employs a 400-strong workforce with a $250 million annual turnover.
Administrator Craig Shepard said on 19 May it would continue trading while seeking immediate expressions of interest in all or parts of Peter Stevens.
“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.
“These are strong foundations for a new owner to set the business up for future success.”
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.
