Peter Stevens Motorcycles Faces Financial Turmoil with $65.9 Million Debt

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, accessories, service, insurance, and finance, representing brands such as Ducati, Triumph, and Harley-Heaven.

According to documents filed with the Australian Securities and Investments Commission (ASIC), the company's financial obligations include $2.1 million in customer deposits, $26.5 million in secured loans, and $4.5 million owed to the Australian Taxation Office. Westpac is listed as a secured creditor with $7.6 million owed, and lease obligations amount to $15.1 million.

In response to these challenges, administrators from KordaMentha have been appointed to oversee the process. They have indicated that the business will continue to operate across all dealership locations while seeking expressions of interest for the sale of the business or its parts. Online trading has been temporarily suspended during this period.

For customers who have placed deposits, administrators have advised that they are considered creditors of the company. Those who paid by credit card are encouraged to request a chargeback from their card issuer. Employees have been assured that entitlements accrued post-administration will be honored, with funding provided by shareholders to ensure these payments.

This situation underscores the volatility within the Australian motorcycle retail sector, highlighting the importance of financial stability and adaptability in a rapidly changing market. Customers and employees are advised to stay informed through official communications from the administrators as the situation develops.