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 mattersReports 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.
AdvertisementHe 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.
More from BusinessNeighborly 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 businessesNeighborly 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.