Pimlico Plumbers has been sold to US company Neighborly in a deal estimated between £125 and £145 million. Founder Charlie Mullins sold his 90% stake in the company, leaving his son Scott Mullins in charge as chief executive, with a 10% holding.
Established in 1979 as a small concern, the business has grown to a turnover of £50 million a year, completing around 100,000 service calls annually in and around central London and employing some 400 people.
Mullins says he will use some of the income to back his other ventures in music and overseas property. He also says that he plans to run for London Mayor at the next election in 2024.
“It was a big decision to make, to step away completely,” says Charlie Mullins. “I’ve spent a lifetime at Pimlico. But I’ve handed it over to good people. Neighbourly has the same work ethic as myself, and they have the financial backing.”
Neighborly is a home services provider, which in addition to plumbing, provides pest control, cleaning, and home inspection services to a base of more than 10 million residential and commercial customers world wide.
Mike Bidwell, president of Neighborly, says: “We are thrilled to be growing our global footprint with the addition of Pimlico as the next subsidiary brand to join our global family of home service professionals. Pimlico’s wide array of trade services as well as its exceptional customer care perfectly align with Neighborly’s purpose, which is to build an extensive service community known for providing excellent experiences.”
