Godfreys co-founder wins back company

Co-founder John Johnston secures more than 91 per cent of Godfreys ahead of his 100th birthday in July.

Godfreys 99-year-old co-founder John Johnston has taken control of the vacuum cleaner retailer after securing 91.21 per cent in the company’s shares.

The win comes just in time for Johnston, who will be celebrating his 100th birthday in July.

Johnston, who first launched Godfreys in 1936 with Godfrey Cohen in Melbourne, made an all-cash takeover bid for Godfreys in April that valued the business at around $13 million.

In May, Johnston increased his takeover offer from 32c per share to 33.5c.

On 22 June, Arcade Finance acquired a relevant interest of 91.21 per cent in Godfreys shares, announcing that it intended to proceed with the compulsory acquisition of the remaining Godfreys shares.

Arcade Finance plans to seek to have Godfreys de-listed from the Australian Securities Exchange and return to private ownership.

John Hardy, who was CEO of Godfreys from 1983 to 2010 and from mid-2016 to 2017, has also returned to the company as interim CEO.

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