Charlie Mullins: ready for flotation.

Pimlico Plumbers considers a flotation

Published:  08 November, 2010

LONDON: Charlie Mullins, head of Pimlico Plumbers, is said to be eyeing a £50m flotation.

The west London company is in talks with brokers Dawn Traders over a potential listing in Q1 of 2011.

Mr Mullins, who founded the firm in 1979 and pays himself £1m a year, plans to hold a 50% stake in his business.

"The proceeds from a listing would allow the business to expand outside the M25 and nationwide," he said. "It would also give our customers a chance to buy shares."

Pimlico Plumbers accounts show profits of £343 168 for the 12 months to the end of May 2009. Sales increased to £12.6m from £11.9m the previous year.

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