Godfreys draws interest from ‘leading retail brands’ following administration
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The iconic Australian vacuum retailer, Godfreys, has been a household name since its inception in 1931.
Known for its extensive range of floor care and cleaning products, it has been a go-to destination for Australians and New Zealanders alike. However, the company's future was uncertain when it went into voluntary administration in late January.
But now, it seems there's a glimmer of hope on the horizon.
According to recent updates from administrators at PricewaterhouseCoopers (PwC), the process of selling the company is progressing well, with 'multiple leading retail brands and investment groups' expressing interest in acquiring the brand.
The potential buyers have until next Tuesday, 27 February, to make an indicative offer to buy Godfreys Group.
'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,’ said PwC Australia Partner and Administrator Craig Crosbie.
'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 quickly established itself as a leading floor care and cleaning product supplier in Australia and New Zealand.
Over the years, it has become one of the world's largest vacuum retailers, boasting a network of 141 stores and an additional 28 operated by franchisees.
However, the company faced various challenges that led to its voluntary administration in late January.
These included 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.
What do you think the future holds for Godfreys? Do you use any Godfreys products at home? Let us know in the comments below!
Known for its extensive range of floor care and cleaning products, it has been a go-to destination for Australians and New Zealanders alike. However, the company's future was uncertain when it went into voluntary administration in late January.
But now, it seems there's a glimmer of hope on the horizon.
According to recent updates from administrators at PricewaterhouseCoopers (PwC), the process of selling the company is progressing well, with 'multiple leading retail brands and investment groups' expressing interest in acquiring the brand.
The potential buyers have until next Tuesday, 27 February, to make an indicative offer to buy Godfreys Group.
‘Multiple leading retail brands and investment groups’ are interested in acquiring Godfreys. Credit: Godfreys / Facebook
'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,’ said PwC Australia Partner and Administrator Craig Crosbie.
'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 quickly established itself as a leading floor care and cleaning product supplier in Australia and New Zealand.
Over the years, it has become one of the world's largest vacuum retailers, boasting a network of 141 stores and an additional 28 operated by franchisees.
However, the company faced various challenges that led to its voluntary administration in late January.
These included 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.
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