John Johnston, the new owner of retailer Godfreys, turns 100 on Tuesday but he'll leave a bigger celebration until this weekend as his Arcade Finance vehicle begins the compulsory acquisition process to mop up 357 holdouts who declined to accept his 33.5¢ offer.

Mr Johnston, who lives in an upmarket retirement complex in Adelaide's inner south, scooped up 93.3 per cent of Godfreys in the takeover that began in April, and on Tuesday will formally begin the process of soaking up the shares of those who didn't accept. Some of those hold as few as one share, and will be paid just 33.5¢ as part of the compulsory acquisition.