Pimlico Plumbers founder Charlie Mullins to sell £12m penthouse as he exits UK ahead of tax hike fears

Charlie Mullins, Britain’s wealthiest plumber and founder of Pimlico Plumbers, is selling his £12 million London penthouse as he prepares to leave the UK, citing concerns over potential tax hikes under Labour. Mullins, who sold his business for £145 million in 2021, plans to divest all his UK assets, redirecting his investments to Spain and Dubai.

Mullins has hired an agent to sell the luxury apartment, which boasts a bar and is located next to Sir Tom Jones’s property. He expressed his intent to sever financial 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 move comes amid speculation of increased taxes for the wealthy, with Chancellor Rachel Reeves hinting at tough financial measures in her upcoming Budget. Labour leader Sir Keir Starmer has indicated that the richest will bear the brunt of these changes, sparking fears of a tax crackdown among high-net-worth individuals. Mullins specifically cited concerns 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 overseas properties, including in Spain, a move mirrored by other affluent Britons. Ceri Vokes, a partner at law firm Withers Worldwide, noted an increasing trend of wealthy individuals relocating abroad, with popular destinations including Italy, the UAE, and Switzerland.

Despite his plans to exit the UK, Mullins is gearing up to launch a new plumbing business, WeFix, in London. This comes as a non-compete clause with Pimlico Plumbers’ new owners expires. WeFix is branded as “the Harrods of the handyman world,” with Mullins serving as founder and chairman. However, he will not be on the payroll or hold ownership, as the business is funded through his children’s family trust. His eldest son Scott will take the role of chief executive, and his eldest grandson Ashley will be managing director.

Mullins, a former Business Matters columnist, known for his outspoken views against working from home, also voiced concerns over Labour’s proposed reforms to workers’ rights, which could include full employment rights from day one and default flexible working arrangements. He warned these changes could deter businesses 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 approach to employment, Mullins said WeFix will not consider candidates who advocate for unions, remote working, or a four-day work week. Instead, staff will be incentivised with a share of the profits after one year of service.

Charlie Mullins’s journey from growing up in poverty on the Rockingham Estate in London’s Elephant and Castle to becoming a self-made millionaire is well known. He founded Pimlico Plumbers in 1979 from the basement of a Pimlico estate agent and built it into a prominent business before selling it three years ago to Neighborly, a home services company owned by US private equity firm KKR. Mullins held a 90% stake in the company, with the remaining shares owned by his son.

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Pimlico Plumbers founder Charlie Mullins to sell £12m penthouse as he exits UK ahead of tax hike fears