According to reports in City AM today, Britain’s biggest independent plumbing company – Pimlico Plumbers – is considering a flotation, which would value the firm at £50m. But founder Charlie Mullins tells us he has some hesitations.
Charlie Mullins - Charlie Mullins
“I've been seriously considering selling shares in Pimlico Plumbers for the past couple of months," says Mullins. "After a television appearance on CNBC, I was approached by a professional stockbroker who suggested I consider floating the company on the stock exchange," he says.
“Obviously it would provide a lot of valuable investment capital to grow my operation. But there are other considerations related to going public that need to be seriously looked into – the main one, to my mind, being my ability to retain control of the direction Pimlico Plumbers takes, and retaining a direct relationship with our customers. This company has grown becuase of its ability to react to customer demand, and that cannot be allowed to change."
He adds: “Let me be quite clear, I have no interest in losing control of the company that I have built up with more than 30 years of hard work, and, if shares were to become publically available, I intend to keep hold of a controlling interest.“
Watch this space...