Britain's wealthiest plumber, Charlie Mullins, initiates a fresh business endeavor
In the heart of London, 71-year-old Charlie Mullins resides in a £10 million penthouse, overlooking the serene Thames. The man who built a successful empire, Pimlico Plumbers, over four decades, is now setting his sights on a new challenge.
Mullins, known for his no-nonsense approach and strict policies, left school at 15 with no qualifications and became an apprentice to a plumber. His journey from humble beginnings to a multi-millionaire is a testament to his determination and financial motivation, as he himself admits, "Money motivates me."
In the year ending May 2021, Pimlico Plumbers reported £49.2 million in revenue, and Mullins distributed £3.2 million in dividends during the same period. However, the end of 2021 saw Mullins selling Pimlico Plumbers to Wall Street giant KKR for £140 million. Despite the sale, Mullins now regrets his decision.
The new venture, WeFix, is set to compete with Mullins' former empire. WeFix will aim to become the "Harrods of the handyman world," offering a fleet of distinctive vans and a workforce that will receive a share of the profits after a year's service. The company is also developing an AI-driven platform to simplify access to social benefits, addressing unmet claims by about 10 million people, particularly families.
However, Mullins' son and grandson have quit in frustration, leaving the man who sought to improve the industry's reputation for poor service to forge ahead alone. One thing is certain: there will be no working from home at WeFix, and Mullins' strict policies against smartphone use will remain in place.
As WeFix prepares to trade when a non-compete clause ends in September, Mullins looks forward to reclaiming his place at the helm of a successful company. Sales at Pimlico Plumbers have declined since the acquisition, and Mullins is determined to prove that he can still deliver the high standards that made his original company a success.
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