Peter Stevens and Harley-Heaven find new owners, some locations to close

Aussie retailing giant Peter Stevens Motorcycles has found new owners amidst financial struggles, however, five dealerships will close. 

The administrators of Peter Stevens Motorcycles this week announced that the Joe Rascal Group will purchase three Harley-Heaven stores including Dandenong, Ringwood and Melbourne, as well as taking ownership of Peter Stevens Ducati South Melbourne.

Meanwhile, ASX-listed Motorcycle Holdings Ltd will acquire seven Peter Stevens and Harley Heaven outlets around Australia.

Peter Stevens Motorcycles stores in Geelong, Ringwood and Bankstown, the Harley Heaven Bankstown and Melbourne City Triumph store will have to be closed by the administrators as no offers were received.

Motorcycle Holdings Ltd CEO Matthew Wiesner said the company would maintain the Peter Stevens and Harley Heaven brands in the market.

“We intend to continue growing the Peter Stevens and Harley Heaven brands in these strategic locations and deliver for their many loyal customers. 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,” he said.

KordaMentha’s Craig Shepard said the Administrators were “pleased to have found two highly credentialed purchasers in the Joe Rascal Group and Motorcycle Holdings Ltd, ensuring the Peter Stevens and Harley Heaven brands can continue and provide ongoing employment for around 250 employees.”

According to a statement from KordaMentha, 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.

Unfortunately, Peter Stevens Motorcycles stores in Geelong, Ringwood and Bankstown, the Harley Heaven Bankstown and Melbourne City Triumph store will have to be closed by the Administrators as no offers were received. The Administrators will assist employees from these locations during the transition to closure.

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