Notes from Howdens Joinery Meeting in London (Flight Crew)
Thoughts from meeting Howdens in London
Greetings from balmy London!
It’s been nearly 15 years since I was last here, and, despite the heat wave, it’s clear that I need to visit much more often. There are too many great places to see and great people to meet in just a week.
The heat emergencies and family duties changed some plans, so if I missed you on this trip, I do apologize and hope to see you soon on my next journey here.
A Flyover Stocks meetup would also be more amenable in better weather and there aren’t World Cup match conflicts…
One of the highlights of this trip was that a friend and I met with Howdens Joinery in their Central London offices.
I was hoping we might get to meet with CEO Andrew Livingston or CFO Jackie Callaway, but the DIY Kitchens acquisition closed that morning and the RNS went out during our meeting with IR.
As such, I was grateful they kept the meeting despite the major press release going out.
We were also grateful for the hour in an air conditioned office!
Todd Wenning is the founder of KNA Capital Management, LLC, an Ohio-registered investment advisor. KNA Capital Management manages a concentrated equity strategy and provides other investment-related services.
At the time of publication, the author, his immediate family, and/or KNA Capital Management, LLC or its clients own shares of Howden Joinery.
This profile is for educational and informational purposes only and does not constitute personalized investment advice, financial planning, or a specific recommendation to buy or sell any security.
Past performance is no guarantee of future results.
Please see important disclaimers.
It might be an odd strategy, but I don’t take notes during in-person meetings. I understand why others do and recognize it’s superior in some ways, but I’ve found that note-taking changes the dynamics of a conversation and can make the other party more circumspect.
Many years ago, I listened to a famous journalist who also didn’t take notes say, “The good stuff sticks.” And I’ve found that to be true. You remember the important things.
That aside, I wrote down my thoughts from the meeting on the sweltering Tube ride home.
The DIY Kitchens acquisition was opportunistic. Importantly, there wasn’t an auction process. The DIY Kitchens family owners were aging and wanted to put it in good hands to someone with an aligned focus, rather than sell to a private buyer who might strip it down or load it with debt.