Pimlico Plumbers tycoon Mullins nears £100m deal to sell company


Charlie Mullins, the entrepreneur who became an unlikely business celebrity as the founder of a London-based plumbers, is closing in on a deal to sell the 42-year-old business.

Sky News has learnt that Neighborly, a US-based provider of home services owned by the giant private equity firm KKR, is among a number of parties which have expressed an interest in buying Pimlico Plumbers.

A private equity investor who had expressed an interest earlier in the sale process said on Wednesday that a sale of Pimlico Plumbers could be imminent, although they cautioned that it was unclear whether Neighborly or another suitor would be the eventual buyer.

Image: Charlie Mullins has become an outspoken figure on a range of economic matters

Reports earlier this year suggested that Mr Mullins was likely to fetch a price in the region of £100m after hiring advisers from Cavendish Corporate Finance to identify new investors.

The tycoon, a vocal opponent of Brexit who has become an outspoken figure on a range of economic matters, founded Pimlico Plumbers in 1979 with a single second hand van.

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He has grown it into one of the capital’s most ubiquitous businesses, with its prominent branding displayed on a fleet of vehicles driven by its roughly-400 staff.

The company is now run by Scott, Mr Mullins’ son.

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Neighborly would be a logical buyer for Pimlico Plumbers as it seeks to extend its international reach.

It was bought by KKR from Harvest Partners, another investment firm, just two months ago.

Image: Mr Mullins has grown the firm into one of the capital’s most ubiquitous businesses

Neighborly owns a range of franchise-based home services brands, including HouseMaster and Mr Appliance.

Pimlico Plumbers and KKR declined to comment, while a spokeswoman for Neighborly did not respond to a series of requests seeking comment.