Godfreys co-founder and rescuer John Johnston dead at 100

Godfreys co-founder John Johnston, who at 99 seized back control of the ailing vacuum cleaner chain, has died.

John Johnston, right, with Godfreys CEO John Hardy, opens a new store in Adelaide. Pic: Tricia Watkinson

The co-founder of Godfreys, who returned to take control of the ailing vacuum cleaner retailer soon before he turned 100, has died.

John Johnston’s death was announced by Godfreys.

He had turned 100 in July, just weeks after he and his family took over the then publicly-listed Godfreys and returned it to private ownership.

Mr Johnston’s move, paying $13.7 million through his family investment vehicle Arcade Finance, was aimed at overhauling the struggling retailer and restoring its value, and followed a string of profit warnings.

When he stepped in, the company had suffered falling sales and a near-93 per cent drop in its share price since it listed in 2014. Its market value had fallen from more than $100m when it listed, to below $10m.

As recently as October, Mr Johnston opened a new store in the Adelaide Arcade, just metres

from where he opened the first Godfreys outlet in Adelaide in 1939.

Godfreys chief executive John Hardy said it was a very sad day for the company, which currently has more than 220 stores across Australia and New Zealand and around 460 employees.

A Godfreys store in Sydney

“Mr Johnston has been actively involved in Godfreys since he joined Godfrey Cohen as a partner in 1936 when they had one store in Melbourne,” he said.

“Mr Johnston moved to Adelaide shortly afterwards and was the driving force behind the company’s growth into a national retail chain.

“He retained a close relationship with the company and this year led the action to buy back the company to ensure its long-term survival.”

Mr Hardy said the ownership of Godfreys would remain with the family and the firm would continue as normal.

“Mr Johnston was an outstanding businessman with an incredible vision, unrelenting drive and with an eye for the future,” Mr Hardy said.

“One of the reasons he bought back Godfreys this year was because he could see a great long-term future for the business under private ownership.”

Mr Johnston was also a world-renowned big game fisherman, said Godfreys.

He remains the only man to have caught four different species of fish each weighing over 1000 pounds.

Mr Johnston is survived by his daughter Jane.

John Johnston was an avid game fisherman.