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Pimlico Plumbers sold to US firm Neighborly

Written by Latifa Yedroudj on Thursday, 30 September 2021. Posted in Insight, Analysis

Charlie Mullins founded Pimlico Plumbers in 1979, with nothing but a second-hand van and a bag of tools

Pimlico Plumbers sold to US firm Neighborly

Charlie Mullins founded Pimlico Plumbers in 1979, with nothing but a second-hand van and a bag of tools

London-based independent home services company, Pimlico Plumbers, has now been sold to US home services group Neighborly. President and CEO of Pimlico Plumbers, Scott Mullins, cited the move as a "major international milestone" for the company.

Founder of Pimlico Plumbers, Charlie Mullins will offload his 90% stake in the group, expected to be worth £125 million and £145 million, according to the Financial Times. His son, Scott Mullins, will retain a stake of about 10% and continue his role as chief executive.  The acquisition of Pimlico will see Neighborly expand to 29 brands across 19 service verticals with nearly 1,500 associates operating in nine countries.

Charlie Mullins founded Pimlico in 1979 and started the company by working from home with nothing but a second-hand van and a bag of tools. Operating on a motto of "more than just plumbers", Mr Mullins has scaled the London-based firm to great heights making it the UK's first branded plumbing company. Pimlico Plumbers now brings in annual revenue of nearly $70 million, employing more than 400 workers.

Pimlico’s services include heating, plumbing, bathrooms, drainage, electrics and more. With the support of more than 400 associates, the company prides itself on completing an average of more than 100,000 service jobs for central London homeowners and businesses each year.  “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. This marks a major international milestone for both organizations, and I am excited about the continued innovation and prosperity that is sure to follow for us all.” 

“I would like to pay tribute to my father Charlie, for creating the business out of nothing. I would like to thank all of those involved in the process that has concluded with us ultimately choosing Neighborly as our partner going forward, those at finnCap Cavendish and our CFO Mike Bergin, without whom this would have not happened.”

Founded in 1981, Neighborly is a home services provider, serving more than 10 million residential and commercial customers across 29 brands and more than 4800 franchise locations. The company focuses on repairing, maintaining and enhancing homes and businesses. The acquisition of Pimlico Plumbers will see Neighborly extend its international reach. Neighborly was bought by KKR from investment firm Harvest Partners just two months ago.

 “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. We are excited for the growth to come for both Pimlico and Neighborly as a result of this acquisition."

About the Author

Latifa Yedroudj

Latifa Yedroudj

Latifa Yedroudj has joined the Elite team to fully immerse herself in the business side of journalism, a strong passion of hers cultivated from young having co-run her mother's start up business since she was 18. Her interests lie in a wide range of subjects, including start ups, business, travel, and anything entrepreneurial she can get her hands on. She has worked for some of the biggest names in journalism including The Guardian and The Mirror. Follow her on @latifayed on Twitter for her latest journo rants.

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