The 99-year-old co-founder of vacuum cleaner business Godfreys Group has launched a bid to buy back the struggling business and take it private.
John Johnston who founded Godfreys in the 1930s with Godfrey Cohen has launched a 32¢-a-share bid through family business Arcade Finance to take the group off the ASX and set about rebuilding its failing fortunes.
Since listing in 2014 at $2.75, Godfreys has suffered falling sales, multiple changes of senior management and a sustained slide in share price to 21¢ at the close of business on Monday an all-time low.
Arcade Finance currently holds just over 28 per cent of Godfreys stock. An associated company, 1918 Finance, which is also owned by Mr Johnston and his family, is the lender to Godfrey…
Read the full article at: https://thewest.com.au/business/mergers-and-acquisitions/godfreys-vacuum-cleaner-founder-john-johnston-99-in-takeover-bid-to-rebuild-struggling-business-ng-b88801073z