Charlie Mullins: Britain’s richest plumber launches a new venture
Plumbing tycoon and businessman Charlie Mullins aims to become the "Harrods of the handyman world".
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.
Subscribe to 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.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Stuart graduated from the University of Leeds with an honours degree in biochemistry and molecular biology, and from Bath Spa University College with a postgraduate diploma in creative writing.
He started his career in journalism working on newspapers and magazines for the medical profession before joining MoneyWeek shortly after its first issue appeared in November 2000. He has worked for the magazine ever since, and is now the comment editor.
He has long had an interest in political economy and philosophy and writes occasional think pieces on this theme for the magazine, as well as a weekly round up of the best blogs in finance.
His work has appeared in The Lancet and The Idler and in numerous other small-press and online publications.
-
Could you become an ISA millionaire by 2031?
Hargreaves Lansdown says the number of ISA millionaires on its platform has increased by almost 700% over the past seven years. We reveal the top funds they invested in and how you could reach millionaire status by 2031.
By Katie Williams Published
-
DeepSeek: Chinese chatbot sends shockwaves through US stock market
China’s launch of a cheaper, more efficient version of ChatGPT could challenge Silicon Valley’s dominance in the AI race
By Katie Williams Published
-
Remembering Sir David McMurtry: Renishaw founder and Concorde engineer
Sir David McMurtry, co-founder of Renishaw, made a unique contribution to Britain. We look back at his legacy
By Jamie Ward Published
-
Has inflation been tamed in the UK?
After a surprise drop in inflation, the Bank of England is set for more rate cuts in the year ahead. But investors are cautious about pricing in too many cuts
By Alex Rankine Published
-
Low Tuck Kwong: the Indonesian mining billionaire who is benefitting from coal boom
Low Tuck Kwong’s coal business was in deep trouble a decade ago with no future. Now, he is riding the waves of a global coal boom
By Jane Lewis Published
-
Why is the UK's economic growth falling behind?
Poor economic growth and productivity in the UK is due to several factors that are our own fault, says David C. Stevenson
By David C. Stevenson Published
-
What does Rachel Reeves's visit to China mean for the UK?
The Chancellor faced severe criticism for her China visit amid financial market turmoil. But how important is reviving economic ties with China for Britain?
By Emily Hohler Published
-
Is the Office for National Statistics fit for purpose?
Britain’s statistics authority, the Office for National Statistics, is increasingly unfit for purpose. Why, and what can be done?
By Simon Wilson Published
-
David Montgomery's potential new ally as he seeks to buy The Telegraph
Veteran media mogul David Montgomery has seen off a bid for his media group National World. But he now has his eye on The Telegraph
By Jane Lewis Published
-
Is there hope for the UK economy in 2025?
Analysis The UK economy's upswing we enjoyed in the first half of 2024 has petered out thanks to a darkening global backdrop and concern over burdens imposed by Labour, says Julian Jessop
By Julian Jessop Published