Charlie Mullins, the renowned founder of Pimlico Plumbers, has listed his £12 million London penthouse for sale as he prepares to relocate abroad. The move comes in response to anticipated tax hikes under the Labour government, which has prompted Mullins to divest his UK assets.
Mullins, who acquired the luxury apartment following the £145 million sale of his business in 2021, has stated his intention to have “no assets in the UK whatsoever” as he prepares for substantial tax changes. The penthouse, situated next to a property owned by singer Tom Jones and featuring its own bar, is now on the market as Mullins shifts his financial focus to investments in Spain and Dubai.
Mullins has expressed concerns over potential increases in inheritance tax, explaining: “I’m selling my property because of the inheritance tax. It’s a £12 million property – if I lose £6 million, it’s a significant hit. My family would be furious.”
The upcoming Budget, led by Chancellor Rachel Reeves, is expected to introduce significant financial measures. Reeves has indicated that tough decisions will be made to address the nation’s financial situation, with Labour leader Sir Keir Starmer suggesting that wealthier individuals might face higher tax burdens. This has triggered anxiety among high-net-worth individuals like Mullins.
In addition to selling his penthouse, Mullins plans to reinvest his wealth in Spanish real estate and other ventures. His shift is in line with a broader trend observed by Ceri Vokes, a partner at law firm Withers Worldwide, who noted an increasing number of wealthy clients relocating overseas to avoid potentially burdensome tax reforms.
Mullins is also preparing to launch a new plumbing business, WeFix, following the end of a non-compete clause with Pimlico Plumbers’ new owners. Although he is the founder and chairman, Mullins is not involved in the day-to-day operations. The new venture, financed through his children’s family trust, will be led by his eldest son Scott as CEO and his grandson Ashley as managing director.
Reflecting on the political climate, Mullins remarked: “If I’d known Labour was going to come to power, I might have considered moving to Dubai instead of starting this new venture. However, the plans for WeFix were already well underway.”
Mullins, a vocal critic of remote working and anticipated changes to workers’ rights, fears that proposed reforms could adversely affect business operations. He has voiced concerns that new regulations may shift the dynamics between employers and employees, potentially deterring companies from hiring.
Mullins, who rose from modest beginnings in London’s Elephant and Castle to build a successful plumbing empire, sold Pimlico Plumbers in 2021. Despite his departure from the UK, he remains a prominent figure in the business world, with future investments set to shape his financial landscape.
