Celebrity plumbing tycoon Charlie Mullins is in line for an unexpected profit of more than £100 million after agreeing to sell his business.
The 68-year-old, who often makes headlines for expressing his outspoken views, founded Pimlico Plumbers in 1979.
Since then it has expanded to £50million in annual sales, giving its name to serving London’s rich and famous.
Cash flood: Charlie Mullins, who founded Pimlico Plumbers in 1979, in line for windfall gains of over £100m
Shiny clients include Liam Gallagher, Daniel Craig, Dame Helen Mirren, Joanna Lumley, Jonathan Ross and Chelsea footballers.
But yesterday it was announced that the family-run business had been bought by US giant Neighborly for an undisclosed sum – believed to be around £140 million.
It is understood Mullins has been sold as part of the deal, with his 90 percent stake valued at around £125 million.
His 49-year-old son Scott, who holds a 10 per cent stake according to regulatory filings, is believed to have held a stake in the business.
Neighborly said that after succeeding his father as chief executive in 2019, he would continue in the role.
Yesterday Scott Mullins paid tribute to his father, who left school at the age of 15 without any qualifications, to ‘build a business for nothing’.
Texas-based Neighborly is owned by private equity firm KKR, one of the world’s largest providers of home maintenance services.
Scott Mullins said: ‘We’ve found a like-minded company that can help us grow.’ Charlie Mullins received £6.1million in dividends last year.