Peter Stevens Motorcycles has gone bust – but there are hopes it could be saved

Melbourne’s largest motorcycle dealer Peter Stevens went into administration on Monday but there are already hopes the business could be saved from closure.

The Peter Stevens Ringwood store is one of four dealer sites.

Hopes are rising that a buyer can be found to save Melbourne-based motorcycle giant Peter Stevens from closure.

Several interested parties have contacted administrators KordaMentha requesting more financial information about taking over the retail business which went bust on Monday, the Herald Sun believes.

The company operates 15 dealerships across Australia including four Peter Stevens flagship stores in Ringwood, Dandenong, Geelong and Adelaide as well as eight Harley-Heaven dealerships in Melbourne, Perth, Adelaide and Sydney.

The Peter Stevens dealership in Franklin St, Adelaide.

All sites are still open for trade.

The financial state of the 55-year-old family business will be further revealed at the first creditors’ meeting expected early next week.

But it’s believed there has been keen interest in the business after it went into voluntary administration.

Sources said that liquidation was unlikely at this early stage and that a sale, partial sale or restructure were all options.

The financial predicament does not include the wholesale side of the business.

The company is Melbourne’s biggest motorcycle dealer and employs about 400 staff.

It was founded by the Chiodo brothers more than 50 years ago.

The dealerships sell a range of brands including Triumph, KTM, GASGAS, Yamaha, Kawasaki, Honda, Suzuki, Aprilia, Moto Guzzi, Can-am trikes, Vespa scooters and Sea-doo jetskis.

KordaMentha has been appointed administrators for the business which has an annual turnover of about $250m.

Administrator Craig Shepard of KordaMentha said the company would continue trading while “seeking expressions of interest in all or parts of Peter Stevens Motorcycles’’.

“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,” he said.

It’s believed some interested parties have already made contact.

The company was formed in 1970 by Vince, Steve and Peter Chiodo. It is now a second-generation family business with Vince’s daughter Jessica Chiodo-Reidy taking ownership of the retail business in 2023.

In March, retail chief executive Darren Munro left after more than 30 years with the company, with Andrew Malarkey appointed interim CEO.

Staff are believed to have received a four-week notice regarding the likely closure of the Peter Stevens businesses.

The distinctive Peter Stevens Motorcycles logo.

The potential shutdown follows the company’s decision to close its CBD location on Elizabeth Street in February 2020, an area historically known for motorcycle retailers.

Peter Stevens has faced challenging market conditions in recent years, despite renewed interest during the pandemic as people sought more affordable transport.

Recent data from the Federal Chamber of Automotive Industries showed a 3.5 per cent decline in motorcycle sales for the first three months of this year compared to the same period in 2024. The scooter category experienced the most significant drop, with an 8.5 per cent slump in sales.

FCAI chief executive Tony Weber said the decline reflected tough economic conditions.

“Motorcycles are often a discretionary purchase, and in the current environment of high living costs and interest rates, many Australians are understandably more cautious with their spending,” Mr Weber said.

The rise in popularity of e-bikes and e-scooters has also hit the motorcycle market, particularly for inner-city commuting.

Originally published as Peter Stevens Motorcycles has gone bust – but there are hopes it could be saved