Desperate ploy to save beloved iconic Aussie brand

desperate ploy to save beloved iconic aussie brand

Qantas’ half-year profit drops to $1.25 billion

Iconic Australian vacuum retailer Godfreys could be set to stay in business after going into voluntary administration last month, with “multiple leading retail brands and investment groups” interested in buying the brand.

In an update provided this morning, administrators from PwC said the process of selling the company is progressing well.

Potential buyers have until next Tuesday to make an indicative offer to buy Godfreys Group, and administrators say they have already received significant interest.

“The administrators are pleased with the number of parties that have expressed interest and proceeded into the data room as part of the stage one phase of due diligence,” they said in a statement.

“While the details remain confidential, these parties include multiple leading retail brands and investment groups.”

“The strong interest from potential acquirers of the restructured business is a testament to the enduring Godfreys brand, the loyalty of the customer base and the performance of the Godfreys team across 113 stores in Australia and New Zealand that continue to trade,” PwC Australia partner and administrator Craig Crosbie said.

“As the cut-off for indicative bids looms, we are encouraged by the appetite among blue chip retailers and investors to take the business forward.

“The quality and volume of interested parties have exceeded expectations, and we will move confidently towards evaluating the most viable offers.”

Godfreys was founded in 1931 and went on to become one of the world’s largest vacuum retailers and a leading floor care and cleaning product supplier in Australia and New Zealand.

It went into administration in late January citing sliding consumer confidence, high inflation and cost of living pressures, and business disruptions caused by the pandemic.

Prior to appointing administrators, it employed around 600 staff across 141 stores with an additional 28 operated by franchisees.

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