Pimlico Plumbers tycoon Charlie Mullins to sell large chunk of his empire
Plumbing tycoon Charlie Mullins is looking to sell a large chunk of his empire for millions.
The London-born businessman wants to retain some of his 90 per cent stake in Pimlico Plumbers, the Mail understands. His oldest son Scott, who is chief executive, owns the rest.
A deal could value Pimlico at up to £100million, and help fund expansion, with Mullins keen to push into Dubai.
Cashing in: Pimlico Plumbers founder Charlie Mullins (pictured) reportedly has a 90% stake in the firm. His oldest son Scott, who is chief executive, owns the rest
Suitors are believed to include Neigborly, a US home services company owned by private equity firm KKR, with several other private equity firms thought to be in the running. Mullins, 68, founded Pimlico Plumbers in 1978.
The son of a factory worker father and a cleaner mother, he left school with no qualifications, and claims to have been up to his elbows in other people’s lavatories since the age of 12.
His plumbers work for an hourly rate of £120 during the day, but are known for their professionalism.
Pimlico’s reputation has been furthered by Mullins’ personality – he was vocal about leaving the EU, in his ‘Bollocks to Brexit’ campaign.