Godfreys, the vacuum cleaner retail group that collapsed into voluntary administration, has attracted the interest of multiple prospective bidders ahead of the deadline for indicative offers next week.
An unspecified number of potential buyers have proceeded into the data room as part of the stage one phase of due diligence, including “multiple leading retail brands and investment groups” according to the administrators.
“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 administrator and PwC Australia partner 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.”
Crosbie, along with Robert Ditrich and Daniel Walley of PwC Australia are the voluntary administrators of Godfreys’ Australian assets.
The submission of offers for Godfreys will close on February 27.
Last month, Godfreys announced its collapse and its administrators decided to close 54 stores and axe 193 jobs, of which 171 are in Australia.
Jane Allen, daughter of Godfreys co-founder John Johnston, blamed declining consumer spending due to macroeconomic challenges and Covid-related business disruptions for the failure to keep the business afloat.
This article was first published on sibling website Inside Retail.
