Founded in 1995, Howdens is the number one trade kitchen supplier in the UK. The company has ~800 depots in the UK and ~50 in France and Belgium combined. Howdens is a trade-only business serving local builders with a focus on high product availability, generous trade credit terms, and high depot density to save builders time and money completing jobs.
Howdens is vertically integrated and manufactures all worktops and ~30% of frontals in the UK. Depots are located on inexpensive industrial real estate and only require £350k capex and £350k of inventory cost to open. At maturity, each depot earns ~£2m in revenue and ~20% EBITDA margins.
Howdens has compounded FCF per share over 12% for 20 years and consistently earns ~50% ROIC. The company’s founder stepped down in 2018 and the Former Screwfix CEO now runs the business. Howdens believes they can reach 900 depots in the UK and is now expanding to France and Belgium which is the potential growth opportunity.
Arthur is a Former Product and Marketing Manager at Howdens Joinery Netherlands, where he was responsible for growing the number of builders and curating the kitchen range selection. Howdens entered the Netherlands in 2015 and eventually left the market in late 2019 to focus entirely on France and Belgium. We’re exploring the history of Howdens in NL to help us understand the French but also wider EU opportunities for Howdens.
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Arthur is a Former Product and Marketing Manager at Howdens Joinery Netherlands, where he was responsible for growing the number of builders and curating the kitchen range selection. Howdens entered the Netherlands in 2015 and eventually left the market in late 2019 to focus entirely on France and Belgium. We’re exploring the history of Howdens in NL to help us understand the French but also wider EU opportunities for Howdens.