Thames Water creditors secure former Labour minister to drive rescue deal
Summary
A group of creditors seeking to rescue Thames Water, Britain's largest water supplier, has chosen Lord John Hutton to lead the company if their takeover is approved. Thames Water faces financial trouble, serves 16 million customers, and is in talks with the government about its future.Key Facts
- Thames Water is the largest water company in Britain, serving 16 million people in southern England.
- The company is struggling financially and recently asked creditors for £2.4 billion more.
- A creditor group called London & Valley Water wants to take over Thames Water with a £10 billion rescue deal.
- They have appointed Lord John Hutton, a former Labour government minister with experience in energy and infrastructure, as the proposed chair.
- Mike McTighe, a specialist in business turnarounds, will be vice-chair and work closely with management.
- Thames Water has been in talks with government ministers and regulators about its future ownership.
- Andy Burnham, prime minister, has asked officials for more radical plans to fix Thames Water and once said he would nationalize it.
- Hutton aims to improve customer service and environmental responsibility at Thames Water.
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