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"Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. Howdens possesses an exceptional moat through uncopiable depot density and national infrastructure, earns 23% ROIC, and gains share through downturns."
Colebrooke Partners spent the first half of 2026 upgrading portfolio quality and defensibility through deliberate position changes. The manager sold Eurocell after its CEO departed abruptly, as the thesis was explicitly tied to that leader's execution plan. Macfarlane Group was sold to fund the purchase of Howden Joinery, upgrading from a good business to an exceptional one. Howdens was acquired at approximately £7.30 per share during spring volatility driven by delayed UK rate cut expectations. The manager views Howdens as one of the UK's best businesses, with an uncopiable moat built on local depot density, national manufacturing infrastructure, and a trade-focused model that monetizes builders' careers rather than homeowners' transactions. The business earns 23% returns on capital, trades at less than 15x earnings, and has consistently gained share through every downturn. The portfolio now consists of eight concentrated positions, each a market leader with understood competitive advantages and trusted management. Midwich was added to opportunistically during forced selling. The manager expects to own these businesses for many years, allowing depot expansion, margin recovery, and compounding to drive returns from current valuations that assume very little about the future.
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