John Johnston’s takeover vehicle Arcade Finance will commence its compulsory acquisition of remaining shares in Godfreys later today.

In an announcement stating Arcade Finance now has 92.27 per cent of issued share capital of Godfreys, the company declared its intention to proceed with the acquisition of remaining shares following the end of the offer period, 6.30 pm Adelaide time tonight.

The 99-year-old made a takeover bid for the company in April through Arcade Finance, aiming to take the business off the ASX and continue to run it as a private company.

It is unclear what this announcement will mean for the turnaround campaign currently being undertaken by Godfreys, including an aggressive advertising campaign revealed yesterday.

Managing director John Hardy noted it was vital to generate excitement among consumers as the turnaround process gathered pace.

“Godfreys main challenge is to continue to put themselves back into the consumers’ mind as the leading destination for vacuum cleaners.

“The retailer has to not only bring new and innovative models into their storefront, but also utilise effective marketing to better promote their product ranges in their bid to regain foot traffic.”

Johnston co-founded Godfreys with Godfrey Cohen in the 1930s before it was purchased by private equity investors CCMP Capital Asia and Pacific Equity Partners for around $300 million in 2006.

Godfreys have been contacted for comment.

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