Charlie Mullins, Britain’s wealthiest plumber and founding father of Pimlico Plumbers, is promoting his £12 million London penthouse as he prepares to depart the UK, citing considerations over potential tax hikes beneath Labour. Mullins, who bought his enterprise for £145 million in 2021, plans to divest all his UK belongings, redirecting his investments to Spain and Dubai.
Mullins has employed an agent to promote the posh residence, which boasts a bar and is situated subsequent to Sir Tom Jones’s property. He expressed his intent to sever monetary ties with the UK, stating, “I’ll have no investments here, no bank account here. It’s all in the process now. I think my last tax bill is January and that’s me done.”
The transfer comes amid hypothesis of elevated taxes for the rich, with Chancellor Rachel Reeves hinting at robust monetary measures in her upcoming Finances. Labour chief Sir Keir Starmer has indicated that the richest will bear the brunt of those adjustments, sparking fears of a tax crackdown amongst high-net-worth people. Mullins particularly cited considerations over inheritance tax, saying, “I’m selling my property because of the inheritance tax. It’s a £12m property – if I lose £6m, I’m brown bread. Family would go mad.”
Mullins, a former Tory supporter who now backs Reform UK, plans to shift his wealth into abroad properties, together with in Spain, a transfer mirrored by different prosperous Britons. Ceri Vokes, a associate at legislation agency Withers Worldwide, famous an growing pattern of rich people relocating overseas, with widespread locations together with Italy, the UAE, and Switzerland.
Regardless of his plans to exit the UK, Mullins is gearing as much as launch a brand new plumbing enterprise, WeFix, in London. This comes as a non-compete clause with Pimlico Plumbers’ new homeowners expires. WeFix is branded as “the Harrods of the handyman world,” with Mullins serving as founder and chairman. Nevertheless, he is not going to be on the payroll or maintain possession, because the enterprise is funded by his youngsters’s household belief. His eldest son Scott will take the function of chief government, and his eldest grandson Ashley can be managing director.
Mullins, a former Enterprise Issues columnist, identified for his outspoken views in opposition to working from house, additionally voiced considerations over Labour’s proposed reforms to staff’ rights, which may embody full employment rights from day one and default versatile working preparations. He warned these adjustments may deter companies from hiring, stating, “You can’t have an employee running the business. If I have to go down the working from home route then we’ll close the business down.”
Reflecting his no-nonsense strategy to employment, Mullins mentioned WeFix is not going to contemplate candidates who advocate for unions, distant working, or a four-day work week. As an alternative, employees can be incentivised with a share of the income after one 12 months of service.
Charlie Mullins’s journey from rising up in poverty on the Rockingham Property in London’s Elephant and Citadel to changing into a self-made millionaire is well-known. He based Pimlico Plumbers in 1979 from the basement of a Pimlico property agent and constructed it right into a distinguished enterprise earlier than promoting it three years in the past to Neighborly, a house companies firm owned by US personal fairness agency KKR. Mullins held a 90% stake within the firm, with the remaining shares owned by his son.
