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

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

Sky News has learnt that Neighborly, a US-based supplier of residence companies owned by the enormous personal fairness agency KKR, is amongst various events which have expressed an curiosity in shopping for Pimlico Plumbers.

Charlie Mullins, the entrepreneur who grew to become an unlikely business celeb because the founding father of a London-based plumbers, is closing in on a deal to sell the 42 year-old business.

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

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

An outspoken opponent of Brexit who has become an outspoken figure in a range of economic affairs, the tycoon founded Pimlico Plumbers in 1979 with a single second-hand car.

He has built it into one of the capital’s most ubiquitous businesses, with his prominent branding displayed on a fleet of vehicles operated by his approximately 400 employees.

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

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

It was bought by KKR from Harvest Partners, another investment company, just two months ago. Neighborly owns a range of franchise-based home service brands, including HouseMaster and Mr Appliance.

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

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