Charlie Mullins’ father worked in a toy car factory. His mother cleaned homes. Today, Mullins, 71, lives in a £10 million London penthouse with a view of the Thames, say Sabah Meddings and Michael Sasso on Bloomberg.
He can credit his “dazzling rise to the unlikely intersection of high finance and blue-collar labour”. Mullins left school at 15 with no qualifications and became an apprentice to a plumber. Over four decades, he built a successful firm, Pimlico Plumbers, that sought to improve the industry’s reputation for poor service.
Smartly dressed workers in clean vans would turn up promptly, for a premium price. In the year ending May 2021, Pimlico reported £49.2 million in revenue, distributing £3.2 million to Mullins in dividends. He sold out at the end of 2021 to Wall Street giant KKR for £140 million. Mullins now says he regrets selling.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sales have declined since the acquisition, a son and grandson have quit in frustration and Mullins says he hears complaints about service from customers who assume he’s still in charge. The American buyers lack the personal touch associated with smaller, British companies, he says, and so he is now planning to go “head to head with his former empire” by setting up a new company, says Lucy Burton in The Telegraph.
WeFix will be trading when a non-compete clause agreed with Pimlico’s new owners ends this September. A fleet of distinctive vans is ready to be rolled out, and the plan is for the venture to repeat Mullin’s initial success and become the “Harrods of the handyman world”. Mullins, who has become a celebrity thanks to his rock-star looks and conservative commentary for the media, affirms there will be no “working from home” at WeFix. At Pimlico, he forbade workers to use their smartphones and is known for his no-nonsense approach.
Workers at WeFix will, however, get a share of the profits after a year’s service. While most rich founders mumble about making a difference, Mullins is straightforward about what gets him out of bed in the morning, says Lucy Tobin on This Is Money. “Money motivates me,” he says. “Become an apprentice plumber and you’ll never run out of work, and you’ll earn loads of money.” It’s a strategy that’s worked, and he’s sticking with it.
This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
-
Review: Puerto Rico – embrace the spirit of BoricuaTravel Natasha Langan discovers why the indigenous name for Puerto Rico has come to define this Caribbean island’s vibrant culture
-
RICS: Property market confidence falls further as Autumn Budget loomsProperty experts claim buyer confidence dropped for a second month in August, with several citing Budget speculation as a headwind
-
'Britain is on the road to nowhere under Labour'Opinion Britain's economy will shake off its torpor and grow robustly, but not under Keir Starmer's leadership, says Max King
-
What are wealth taxes and would they work in Britain?The Treasury is short of cash and mulling over how it can get its hands on more money to plug the gap. Could wealth taxes do the trick?
-
UK bank stocks are no bargain – here's a safer alternativeOpinion Britain's banking sector faces severe political risks. Switch into this global financials trust instead, says Max King
-
Three small companies with big potentialOpinion Nish Patel, portfolio manager of The Global Smaller Companies Trust, picks three small companies where he'd put his money
-
Automatic Data Processing is making big profits from organising offices – should you invest?Automatic Data Processing has established itself as a one-stop shop for managing the workplace. Is it a sound long-term investment?
-
Crypto mogul Do Kwon pleads guilty to fraudSouth Korean entrepreneur Do Kwon, who used to call critics cockroaches, faces a long spell in jail after pleading guilty to fraud relating to the collapse of two digital coins
-
How multi-asset trusts can help you deal with volatilityMulti-asset trusts help navigate global uncertainty and provide investors with an added layer of protection through diversification
-
When buying bank stocks, think small for the best valueBankers love to build bloated global empires, but that rarely rewards their investors, says Bruce Packard
