Millionaire plumber defies the plunging economy

by Carryn Dewing - Wednesday, 18th June 2008 - (2) comments - Business comment

More doom and gloom is forecast for British business-owners. According to BDO Stoy Hayward, over 17,800 businesses will fall prey to the effects of the credit crunch this year. But Charlie Mullins of Pimlico Plumbers is one wily entrepreneur bucking the trend.

Pimlico Plumbers reported a record turnover of £15m in May this year – an impressive 11 per cent increase since last year.

Mullins says his secret to success in the face of the dreaded credit crunch has been to keep service and efficiency standards high.

"In the current economic climate people expect value for money and that’s what we have been making sure they get," he says.

“Money is obviously getting a bit tight but our performance has improved because we have raised our already high standards.”

BDO Stoy Hayward predicts that the number of business casualties will increase to 19,100 next year – a rate that looks eerily similar to that of 2002’s dot-com crash, when 19,928 businesses went bust.

Let's see if smart entrepreneurs like Mullins can continue outwitting the economy.

Picture: source

WHAT NEXT?
Sign up for our newsletter and get our weekly pick of business news in your inbox!
Subscribe to our magazine for in depth interviews and advice from leading entrepreneurs!
Join our forum and talk business with other entrepreneurs!

2 Comments

July 29, 2008 12:05am
Steve Jobs Says:

Pimlico are not too disimilar to Foxtons,they will get found out sooner or later!

June 18, 2008 4:27pm
Peter Hetherington Says:

Mullins' analysis of the cause behind his success seems suspect to me. I can easily recall the sight of Pimlico Plumbing vans shuttling around London in their distinctive livery... The not-so-secret to his success is doubtless a good marketing manager, and a price card that would make hasten his millionaire golfing pals into a cardiac related demise. This is evidenced neatly by a recent quote I received from Pimlico Plumbing that came out at £750. After a sceptical call to the next firm on my shortlist, a reputable Chelsea based firm, I received a fantastic piece of work for £295! Clearly the popular stories about plumbers who earn salaries of £70k a year, replete with stories of bankers re-training as such, have hoodwinked half the public into paying over the odds!