Godfreys founder dies at 100, months after swooping on vacuum cleaner brand

The co-founder of Godfreys, who this year returned to take control of the ailing vacuum cleaner retailer, has died at 100.

Godfreys CEO John Hardy with John Johnston at the new store in Adelaide Arcade. Picture: Tricia Watkinson

The co-founder of Godfreys, who only this year returned to take control of the ailing vacuum cleaner retailer, 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, metres from where he opened the first Godfreys outlet in 1939.

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

“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,” Mr Hardy said. He 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,” he said.

Godfreys had a troubled ­recent life on the ASX as a listed company after being spun off by private equity.

Its shares sank under the pressure of a string of profit warnings and souring sales.

Mr Johnston launched his takeover bid as the shares hit record lows and vowed to return the company to its former glory as the nation’s vacuum cleaner specialist.

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

Additional reporting: AAP