Multimillionaire Charlie Mullins, who is now 70, left school at 15 and founded Pimlico Plumbers at the age of 27 in 1979. He sold his stake in Pimlico Plumbers for around £145m in 2021 and plans to spend all his money. He’s got no desire to be the richest man in the graveyard, he has said. With an eye for property, Saville Row suits, cars, watches and a desire to secure his family’s future finances, he told i he has spent £100m since selling the business.
What was life like growing up?
Money was very, very tight. I grew up with my parents and three brothers in Camden, north London, when it was a dump, before moving to the Rockingham council estate in Elephant and Castle. Dad worked in a factory and my Mum was a cleaner. We’d often not have enough food.
When I was nine, I started bringing in money by doing car cleaning, working in a chip shop, running errands and delivering milk. I’d do these jobs both before and after school and sometimes at night. I’d sometimes have seven or eight jobs on the go.
How did you get into plumbing?
When I was nine I started bunking off school and go out to work with a local plumber. He’d pay me two bob a day and buy me egg and chip dinners in the evening. He had money, went on holidays and had a car, which I thought was fantastic. I’d clear up rubbish, carry his tools and pass things up to him on ladders. I loved it and quickly knew I wanted to be a plumber.
I left school at 15, but wish I’d left at 14. Straight after leaving school, I started a plumbing apprenticeship, which finished when I was 19.
How did Pimlico Plumbers come about?
I worked as a self-employed plumber after finishing my apprenticeship and set up Pimlico Plumbers in 1979, in the basement of an estate agency. I purchased a second-hand van for about £40 at auction to get the business going and eventually hired someone to work for me part-time. It all grew from there.
Over time, and after moving premises, we ended up with clients such as Daniel Craig, Joanna Lumley and Dame Helen Mirren.
How much money were you making at Pimlico Plumbers?
For many years, I took home £1m a year from Pimlico Plumbers. Over time, this rose to £2m and then £3m a year. Before selling the business, I took home £6m in one year via dividends.
Why did you sell your stake in Pimlico Plumbers? How much cash did you make?
I sold my stake in Pimlico Plumbers in 2021 to an American firm called Neighbourly for about £145m. It was definitely the best financial year of my life. I couldn’t believe it when the money came through and had to sit down and take it in.
I sold up as I thought the business needed to change and expand. I thought it’d take up too many years of my life to do this and thought I was becoming a bit stale with it. At the time, I thought my willpower to take the business forward had gone.
Do you regret selling Pimlico Plumbers?
I definitely regret selling the business. Looking back, I did have it in me to take the business forward. We were growing, a lot of work had gone into it, and we were doing more right than we realised at the time.
Will you be returning to a prominent life in business?
Yes, I will. I signed a clause preventing me from setting up a rival business for three years, but this agreement runs out in September next year. So, in September 2024 I’ll be launching a business called We Fix. We have premises very near the Pimlico Plumbers site and aim to be better than them. It will dominate London and be a full home services firm, dealing with, among other things, plumbing, electrics and heating. All our vans will be electric.
What’s in your wallet?
I don’t have a wallet and never have. I’m normally a cash man. If I’m in the UK, I generally have about £1,000 in cash on me and a similar sum in euros if I’m in Spain. I have one debit card. I don’t like credit cards for personal use.
How many homes do you own?
I have an amazing 3,500 sq ft apartment by the river in Millbank, London, which I purchased in 2022 for £10m. I’ve had it revalued recently and it’s now worth £11.5m.
I’ve also got three villas in Marbella, Spain. I purchased two for a total of €13m and am knocking them down to build one large villa, which should be worth around €30m once it’s finished.
I also have a €5m villa in Marbella that I’m living in. I feel a bit more comfortable in Spain and may buy a few more villas for my family to enjoy over here. Two more villas would probably cost about €5m each. I definitely won’t be renting them out.
I’m also actively looking to buy an apartment in Dubai for about £3m; nothing massive.
What do you splash the cash on?
I like staying in the Burj Al Arab hotel in Dubai, which costs anything from £4,000 to about £6,000 a night. Sometimes we spend a few weeks there. My last bill from the hotel came in at £125,000.
I’ve spent a good few million pounds on cars over the years. I’m not a great car person but I like to be the best on the road. I’ve got a number of Rolls-Royce cars and Bentleys. The last Rolls-Royce I got cost £550,000 and the other ones were £350,000 and £250,000.
I’ve also spent a lot on watches and got a Cartier Crash watch for £750,000. I read the other day that one recently sold at auction for over £1m. I see it is an investment.
How much money are you spending a year?
Millions. I’m living a great lifestyle. I won’t run out of money as I have properties. I want to spend my money and have no desire to be the richest man in the graveyard.
Since selling the business, I’ve spent about £100m. I’ve been buying property, giving each of my four kids a few million quid each and enjoying life.
I have about 10 Saville Row suits made a year and probably spend a couple of hundred grand on clothes every year. I probably spend £250,000 to £500,000 on holidays a year.
In the last 14 months, I’ve also given about £1.2m between different charities, including Shooting Star’s Children’s Hospices. Plumbers ain’t all greedy. Yes, I spend millions a year, but I’m also very charitable.
What’s the oddest thing you’ve purchased?
I was on Channel 4’s The Greatest Auction show recently and purchased a pinball machine for £33,000. It’s signed and was once owned by Elton John.
Do you have a private pension or invest in shares?
I don’t have a personal pension or invest in shares. I don’t get involved in all that nonsense. I buy property.
How much tax are you paying?
Following the sale of the business, my last annual tax bill came in at around £22m.
I pay millions of tax every year and am OK with that. I earn the money and pay the tax. Everyone else, including the ultra-wealthy, should be doing the same. People loading money into offshore accounts and entities harm the economy and ordinary people.
I’m grateful to be in a position where I need to pay large sums in tax.
You get £1m tomorrow – what do you do with it? Charity donations are banned.
I’d definitely spend it. I’d put it towards getting a private jet. They can cost millions.
How much would you go on a TV show like I’m A Celebrity…Get Me Out Of Here! for?
I’d go on a show like I’m A Celebrity for a six-figure sum, which I would donate to charity. I wouldn’t go on just to take part though, I’d go on to win it. I don’t like coming second. I once got asked to go on Big Brother for about £250,000, but turned it down. I didn’t want to do it.
How much does money still motivate you?
I’m still very money motivated, primarily as a result of my poor background. Growing up, I had nothing. This is why I recognise the value of money. It has given me a considerably better life than I would have otherwise had. I love making and spending money.
People treat you with more respect if you have money, especially if you’re self-made. Many people know and admire me. Having money also means I’ve proven something to myself. I’ve done something right and that gives me satisfaction. You don’t need brains to make money. You need enthusiasm, drive and willpower.
It’s also important for me to provide financial security for my family. They now have enough and will never be short of money.
Do you wish you were a billionaire?
I have no desire to be a billionaire. I think I would have to work harder than I would like to in order to reach that point. Being a millionaire is enough for me. That said, you never know, anything can happen.
You are appointed Chancellor – what do you do?
I would put a stop to tax-dodging by wealthy individuals and businesses in the UK. All the off-shore nonsense and loopholes would come to an end. If a business is running from the UK, then it needs to pay taxes in the UK. The UK economy would be booming if everyone paid their taxes properly.
I’d also launch a government-funded apprenticeship scheme. I’ve spoken to the likes of Boris Johnson and David Cameron in detail about my proposals. Having an adequately funded apprenticeship scheme would help plug the UK’s skills shortage and reduce youth unemployment. People taking part in the scheme would become taxpayers and contribute to the economy, while also developing professionally and personally.
The UK’s Corporation Tax system also needs radically changing. In the first year of operating, businesses shouldn’t have to fork out any money in corporation tax. After that, the amount payable should be slowly increased as the years go by. Businesses should be able to get going without having to give most of the money they make back to the Government. People need to be incentivised to start a business.
If I was Chancellor, I’d also raise the National Minimum Wage and change the benefits system. Some people are too unwell to work, but others claiming long-term benefits do not fall into this category. I would give people in the latter category a maximum of three months off, before compelling them to go back to work. If you allow someone to claim money for years on end, even if they don’t really need to, then they will continue to do it. We need to be more truthful with ourselves about what’s happening within the benefits system.
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