Bunzl Now the hard part

Boring can have its own rewards. And Bunzl has been very good at reaping them. The UK distributor of mundane goods such as paper cups and plastic packaging has spent a profitable 12 years under chairman Tony Habgood with a remarkably consistent, if not terribly exciting strategy. The strategy is simple. Get rid of businesses that don’t fit. Add smaller, high growth businesses that do. And raise margins through economies of scale. The result was that Bunzl’s stock has easily outperformed the FTS...