Charlie Mullins, a multimillionaire plumber, states that his top objective is to spend all of his wealth on the finest experiences life has to offer. Mullins launched Pimlico Plumbers in 1979 and sold it for £145 million last year. He informed Donna Ferguson that he didn’t even pop a bottle of champagne the night he signed the contract because he was so shocked.
Instead of investing in the stock market, he prefers to purchase real estate. He purchased a £10 million apartment in Westminster earlier this year and is currently constructing an eight-bedroom beachfront mansion in Marbella, Spain.
The 70-year-old and his 32-year-old fiancee, singer-songwriter Raquel Reno, frequently stay at the seven-star, £5,000-per-night Burj Al Arab hotel in Dubai.
In 2015, he was awarded an OBE for his contributions to the plumbing business, and he had four children with his first wife, Lynda.
What financial lessons did your parents teach you?
That it is difficult to obtain and requires effort. My mother was a housekeeper, while my father worked at a factory transporting boxes. Money was scarce. We frequently ran out of food.
By the time I was nine, I worked alongside my brothers to help pay for food by washing cars, delivering milk, and doing errands. There were no free school lunches at the time. I recall falling asleep hungry.
We had an outdoor restroom but no bathroom. The only source of heat was a coal fire in the living room, and after it ran out, there was no other option. It was frigid, particularly at 6 a.m., when I delivered milk. However, many of my friends were in the same scenario. To me, it seemed ordinary.
Have you ever battled to make ends meet?
Yes. I left home at age 16 and struggled until I completed an apprenticeship in plumbing at age 19. I cleaned all night on Fridays and worked in a pub cellar on the weekends to pay my rent. I didn’t do much else besides work.
Have you ever been paid an absurd amount?
Not that I remember. When I sold my business for £145 million, though, I received the largest sum of money. In all likelihood, I will never obtain a better one. It was also the most shocking experience I’ve ever experienced.
I believed my company was worth a lot for years, yet it felt like it happened instantly.
I suddenly had £145,000,000 in the bank. I was in shock for several days following the event. I simply could not believe it had occurred. However, I did not throw a wild party.
I was in Marbella with my business partner, so I took her out to dinner and informed her that the transaction had been finalized. Not even a bottle of champagne was opened. It was arduous to take everything in.
What was the finest financial year of your life?
previous year. Before it, however, 2020 was my finest. During the epidemic, business at Pimlico Plumbers grew by between 15 and 20%. My plumbers were considered vital employees, so we were permitted to work, and we were among the few who decided to.
I spent £100,000 on masks, gloves, thermometers, and hand sanitizers since it was so evident that we needed to do so. We received testing kits six months before the government conceived of the concept.
And we highlighted the notion that we were taking safety steps and that a customer could leave the door open and pay by credit card online without having to see us.
If we had 100 more plumbers, our revenue would have likely doubled. In 2020, I made a total of £6 million, including dividends, which was the highest I had ever earned in a single year.
What is the most expensive item you have purchased for pleasure?
In 2020, it was a sequin blue Phantom Rolls-Royce that cost £450,000. I spray-paint every car I ever purchase with the Pimlico Plumbers brand color.
I already owned a few Bentleys, but I purchased this one because I believe it is the perfect business vehicle.
Alan Sugar and Simon Cowell have the same car, and they can buy whatever they want.
What’s the best financial decision you’ve made?
In 2000, I spent £1.7 million buying a 30,000-square-foot warehouse in Lambeth, South-West London and converted it into my headquarters. 50 employees at the moment made Pimlico Plumbers too tiny for such a massive property, but I could see the potential.
It enabled us to expand and improve our revenue. At the time I sold the company, we had 150 employees and the property was worth £10 million.
Invest in a retirement account or the stock market?
No, I don’t. I used to contribute to a pension when I was twenty. But I ceased when I purchased my first home at age 24. I soon realized that a pension was useless for me. I too do not invest in the stock market.
I do not know anything, and I just do not trust anyone with my money. I feel powerless when stockbrokers discuss investment results, as I am unable to influence them.
A portion of the £145,000,000 was placed in a trust for my four children and their families. My funds have always been invested in real estate.
I own three properties in Marbella, Spain: an apartment and two villas that I’m demolishing to construct a large, eight-bedroom beachfront mansion. I also own a three-bedroom penthouse flat on the River Thames in London, facing the MI6 headquarters, which I purchased for £10 million in January.
What is one indulgence that you enjoy?
My fiancée and I will be visiting Dubai and staying at the Burj Al Arab, a seven-star hotel. Each night costs between £4,000 and £5,000. We likely visit there five times every year. At Christmastime, we remain for one month.
If you were the Chancellor, what would you do first?
I would create government-funded apprenticeships and increase the amount that firms pay trainees. Their compensation is inadequate. I would also ensure that when a student graduates from high school, they proceed to work, college, or a government-funded apprenticeship.
Do you contribute to charities?
Yes, I contribute to Shooting Star Children’s Hospices. It does a remarkable job to make dying children more comfortable.
What is your primary financial concern?
To have a pleasant time. It is not my family because I have already made arrangements for their care. My current objective is to spend as much money as possible on the finest things in life. I do not wish to be the wealthiest person in the cemetery.
