London’s best-known plumber, Charlie Mullins, is selling the company he founded more than 40 years ago – Pimlico Plumbers – to U.S.-based Neighborly.
Fnancial details of the transaction were not disclosed, but Mullins reportedly pockets close to £100m, according to various media reports.
Founded in 1979, Mullins started the company by working from home with nothing more than a second-hand van and a bag of tools, while today the organization brings in annual revenue of nearly £70m and is recognized as one of the few UK’s branded plumbing companies.
Pimlico’s services include heating, plumbing, bathrooms, drainage, electrics and more. It has around 400 associates, completing on average around 100,000 service jobs across London every year. It services private homes as well as businesses.
“Neighborly is well-respected across the globe as the driving force behind so many reputable brands in the home service and maintenance industry,” said Scott Mullins, president and CEO of Pimlico.
“Even after Pimlico’s 40-plus years of independent business success, Neighborly’s proven track record for growth and its commitment to its Code of Values assures that we’ve found a like-minded company that can help us grow,” he added.
Neighborly, a franchise giant of home service brands, confirmed the deal in a statement. It said the transaction expands the franchise to 29 brands across 19 service verticals and nearly 1,500 associates operating in nine countries.
“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,” said Mike Bidwell, president and CEO of Neighborly.
“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,” he concluded.