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Pimlico Plumbers mogul Mullins nears £ 100million deal to sell his company | Economic news

Charlie Mullins, the entrepreneur who became an unlikely business celebrity as the founder of a London-based plumber, makes a deal to sell the 42-year-old company.

Sky News has learned that Neighborly, a U.S. home services provider owned by private equity giant KKR, is among a number of parties that have expressed interest in purchasing Pimlico Plumbers.

A private investor who had expressed an interest earlier in the sale process said on Wednesday that a sale of Pimlico Plumbers could be imminent, although he warned it was not clear whether Neighborly or another suitor would be. the prospective buyer.

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Charlie Mullins has become an outspoken figure on a range of economic issues

Reports earlier this year suggested Mr Mullins was likely to hit a price tag of around £ 100million after hiring advisers from Cavendish Corporate Finance to identify new investors.

The mogul, who has become an outspoken figure on a range of economic issues, founded Pimlico Plumbers in 1979 with just one used pickup truck.

It has made it one of the capital’s most ubiquitous companies, with its leading brand displayed on a fleet of vehicles driven by its roughly 400 employees.

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

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

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

File photo dated 03/09/07 of a Pimlico Plumbers staff member wearing his uniform
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Mr. Mullins has made the company one of the capital’s most ubiquitous businesses

Neighborly owns a range of franchise home service brands including HouseMaster and Mr Appliance.

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

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