Howdens has agreed to acquire DIY Kitchens for an enterprise value of £390m on a cash and debt-free basis.

The proposed deal for the parent company of Ultima Furniture Systems comprises £292.5m in cash and £97.5m in Howdens’ shares.

The kitchen and joinery products supplier described DIY Kitchens as a “vertically integrated kitchen business” that is “highly profitable” and has a business model that is distinct from its own trade-only, full-service.

In 2025, DIY Kitchens generated £136m in revenue and earnings of £37m. In the last five years, its revenue growth has increased by 17% per annum.

Howdens added that the acquisition will provide it with an additional route to market and expand its accessible UK customer base.

Furthermore, it said that on completion, the group will "comprise two of the best business models in the kitchen industry". DIY Kitchens will remain an online-only offer, with Howdens trading in-stores.

Howdens stated that it retains a robust balance sheet, and there is no change to its previous £100m share buyback programme.

CEO at Howdens, Andrew Livingston, stated: "The acquisition of DIY Kitchens, which will be operated on a standalone basis, adds a complementary very profitable, business to the group, providing access to non-trade end customers through its direct online channel with self-service planning, design and ordering tools.

"DIY Kitchens shares many of the characteristics that underpin Howdens' success including well-invested manufacturing, strong vertical integration, scalable capabilities and a deep, well-embedded entrepreneurial culture.

"We are excited to welcome the DIY Kitchens team to Howdens. We have great respect for the innovative business model they have built, and we look forward to supporting the business's continued growth and investing behind its next phase of development."

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