Godfreys’ new chair

GODFREYS has appointed restructuring expert Nicholas Stretch as its chairman as cofounder John Johnston continues to build his controlling stake in the vacuum cleaner retailer.

Mr Stretch has 30 years experience in the legal practice, and as a partner at Dentons law firm has experience in insolvencies and business reconstructions across a range of sectors.

Arcade Finance, the familyowned company controlled by 99-year-old Mr Johnston, has so far secured 67.7 per cent of Godfreys’ shares, as shareholders continue to accept its unconditional takeover offer.

Five directors stood down from the Godfreys board when Arcade took a controlling stake in the company earlier this week.