Howden Joinery
inpractise.com/articles/howden-joinery
Our research on Howden Joinery has focused on:
- Understanding the differences in the retail and trade kitchen buying process
- The risk of Wren Kitchens winning share from HWDN
- HWDN historical international performance
- Outlook on France and Belgium growth opportunity
Business Model: Scaled Economies Shared
Founded in 1995, Howden Joinery is the number one trade kitchen supplier in the UK and has compounded FCF per share over 12% for 20 years with a consistent ~50% ROE. The company has ~850 depots in the UK and has also expanded into Europe with ~70 depots in France and Belgium combined.
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Howdens Joinery: France History & Growth Opportunity
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Howden Joinery, Wren Kitchens, and HWDN in France
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