Buyers found for the majority of Peter Stevens Motorcycles business

The administrators of Peter Stevens Motorcycles, KordaMentha report that  majority of the company’s retail network will be acquired by new owners after a brisk and competitive sale process.

The Joe Rascal Group, led by James Tonna and Barry Fitzpatrick, will acquire Harley Heaven Dandenong, Harley Heaven Ringwood, Harley Heaven Melbourne and Peter Stevens Ducati South Melbourne.

“Joe Rascal Group is thrilled to be able to acquire these stores and partner with iconic brands Harley Davidson and Ducati. These stores have a strong reputation for quality and customer service, and we are excited to build on that foundation,” Tonna says. 

“We look forward to integrating their expertise and offerings into our operations, and we are confident that this acquisition will drive significant growth and innovation for us in the years to come,” Tonna say.

ASX-listed Motorcycle Holdings Ltd will acquire Peter Stevens Dandenong, Peter Stevens Adelaide, Savage Motorcycles Perth, Harley Heaven Sydney, Harley Heaven Penrith, Harley Heaven Perth, and Harley Heaven Adelaide.

Motorcycle Holdings Ltd chief executive Matthew Wiesner says the company would maintain the Peter Stevens and Harley Heaven brands in the market, building on their well-established reputations for customer service and expertise.

“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 says

“We are pleased to have found two 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,” KordaMentha spokesperson Craig Shepard says

While there are several conditions 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.

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

KordaMentha will assist employees from these locations during the transition to closure.