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Home Business & Economy

Thames Water survival hopes suffer fresh blow | Money News

Spluk.ph by Spluk.ph
June 3, 2025
in Business & Economy
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Thames Water hit with largest-ever fine issued by regulator Ofwat | Money News
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The non-public fairness agency that had been the frontrunner to steer a rescue of the UK’s largest water supplier – Thames Water – has pulled out.

Thames Water Utilities, which is staring down the prospect of a particular administration course of with out recent funding, stated an alternate plan was now below dialogue after KKR’s exit from the method.

It’s understood that the corporate hopes a brand new transaction could possibly be agreed by July.

KKR was handed most popular bidder standing again in March as Thames, which serves 15 million prospects however has a £22.8bn debt pile, moved to safe recent fairness.

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Thames stated that KKR had indicated it was not ready to proceed. No causes are understood to have been given.

However its withdrawal was introduced per week after Thames was handed a record fine by the business regulator for failures associated to its wastewater operations and dividend payouts.

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Pic: istock

2:35

Thames Water hit with large superb

The transfer was additionally divulged shortly after an interim report for the federal government raised the prospect of a brilliant regulator being created to bolster and streamline oversight of the water business.

Thames stated it was now progressing talks with senior collectors for an alternative choice to stabilise its funds, and was additionally planning discussions with the regulator Ofwat on that plan.

The watchdog is known to be learning a 400-page doc which incorporates proposals for brand new fairness and debt amenities.

It’s hoped {that a} transaction could possibly be accomplished by subsequent month.

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Chris Weston

1:33

Thames boss defends bonus

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The corporate’s chairman, Sir Adrian Montague, stated: “While as we speak’s information is disappointing, we proceed to consider {that a} sustainable recapitalisation of the corporate is in the most effective pursuits of all stakeholders and proceed to work with our collectors and stakeholders to attain that aim.

“The corporate will due to this fact progress discussions on the senior collectors’ plan with Ofwat and different stakeholders.

“The board wish to thank the senior collectors for his or her persevering with assist.”

Money-strapped Thames secured a £3bn lifeline to tide it over again in March as the corporate moved to safe recent funding to ensure its long-term survival.

It had stored open the prospect of an alternate answer, given there was no certainty over a KKR deal being agreed.

A failure to seek out new funding once more raises the prospect of Thames falling right into a particular administration course of.

That might successfully see the corporate come below non permanent authorities possession to keep up very important providers till a brand new proprietor, or possession answer, is discovered.



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Tags: blowFreshHopesMoneynewssuffersurvivalThamesWater
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