Kitchen firm Howden shops at Screwfix for new CEO

KITCHEN supplier Howden Joinery has hired Andrew Livingston, the boss of Kingfisher-owned DIY firm Screwfix, as its new chief executive.

Mr Livingston will replace Matthew Ingle, Howden founder and chief executive, who the company said would retire in the first half of next year after 22 years at the helm.

Mr Livingston spent four years in charge of Screwfix, which has more than 500 stores, overseeing a period of rapid growth.

Screwfix sales grew by almost a quarter (23.2pc) to £1.3bn in its last financial year to January, driven by more trade sales, strong digital growth and 60 store openings.

Mr Livingston will be succeeded by Graham Bell, Screwfix’s operations and property director, who has held roles within the Kingfisher group for 18 years. Mr Ingle set up Howden Joinery as a division of the former furniture chain MFI in 1995 with just 14 depots, before splitting it from its parent in 2006.

He will become the FTSE 100 company’s honorary lifetime president.

Last year Howden posted pre-tax profits of £237m on sales of £1.3bn. It currently has 650 depots across the UK and sees scope for up to 800.

Like Screwfix, Howden has benefited from the rise of the “do-it-for-me” culture, with homeowners increasingly shunning DIY projects in favour of hiring a professional to carry out home improvements.

Its share price is up more than 230pc over the last five years on the back of strong sales growth, but its stock has fallen back in recent weeks due to fears of a consumer spending crunch.

Shares in Howden ended down 1.3p at 416.4p.