Pimlico Plumbers to sell £20m stake in expansion effort

Published:  19 February, 2018

Pimlico Plumbers has unveiled plans for a £20 million investment programme to support its continued growth.

The central London-based company is aiming to generate additional external investment to support the expansion of its facilities, fleet of vehicles, training of apprentices and engineer and support staff recruitment.

The company has enjoyed significant growth in recent years, developing from a £10 million turnover business into a near £40 million operation in less than a decade.

Pimlico founder and Chief Executive Charlie Mullins has set a target of achieving £100 million in annual in the near future, and this investment will support this strategic ambition.

Planned investments include the Pimlico Plumbers’ headquarters in Lambeth, which is close to capacity, as well as an update of the company’s 250-strong fleet of vehicles, to include more electric vehicles as well as to provide for the additional engineers the company will recruit to meet existing and future demand.

The company is currently in discussions with potential investors to support its expansion, which could also include operations, for the first time, outside of the capital. The transaction, which is expected to be completed before the summer, is being advised on by Livingstone.

Charlie said: “There are some huge obstacles for UK businesses to overcome in the short and medium term, and in my industry there is no higher hurdle than the already existing skills shortage, combined with the additional restrictions that Brexit will impose on our ability to solve it.

“Expanding aggressively now, which will include a redoubling of our training programme for new apprentices, is designed to put us ahead of the curve, and in pole position to grow as others get bogged down by the increasingly ferocious issue that is the UK's skills shortage.”

Charlie added: “As has been reported, I'm planning to run for mayor in 2020, but this investment is all about a huge expansion of the Pimlico brand in London, and it's also true that the day when the sun rises on a Pimlico operation outside of the capital, while not imminent, may have moved a little closer.”