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Thu October 21 2021

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Pimlico Plumbers founder cashes in with KKR takeover

21 Sep US home service company Neighborly has bought London-based Pimlico Plumbers for a price reported to be in the region of £130m.

Charlie Mullins
Charlie Mullins

Founder Charlie Mullins has stepped down from the business at the age of 68 but his son Scott Mullins, 49, remains chief executive.

Neighborly, owned by private equity giant KKR, describes itself as  “the world’s largest franchisor of home service brands”. The acquisition of Pimlico Plumbers expands Neighborly to 29 brands in nine countries.

Charlier Mullins founded Pimlico Plumbers in 1979 with a second-hand van and a bag of tools. Last year the company made a pre-tax profit of £5m on turnover of £43m.

Scott Mullins said: “Neighborly is well-respected across the globe as the driving force behind so many reputable brands in the home service and maintenance industry. 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.”

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He added: “I would like to pay tribute to my father Charlie, for creating the business out of nothing.”

Mike Bidwell, president and CEO of Neighborly, said: “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. 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.”

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MPU
MPU

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