Thames Water asks for £2.4bn more to avoid going bust this year or early 2027
Summary
Thames Water, the UK’s largest water company, has asked its creditors for an additional £2.4 billion to avoid running out of money by late 2026 or early 2027. The company is carrying a large debt of about £20 billion, and it needs more cash to keep operating while working out a long-term financial deal.Key Facts
- Thames Water serves 16 million customers in London and the Thames Valley.
- The company has a debt of around £20 billion.
- Shareholders have left, so creditors now control the company.
- Creditors gave Thames Water a £3 billion loan in February 2023; £2.65 billion has already been used.
- Thames Water needs another £2.4 billion to continue its repairs and upgrades and extend cash availability into autumn 2027.
- Creditors have proposed a rescue plan that would cut £4 billion of the company’s loans if regulators allow the company to avoid pollution fines.
- Some politicians and environmental groups want Thames Water to be put into temporary government control.
- The company is working with others to find a market-based solution, and creditors will vote on the plan later this month.
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