The troubled utility firm says it’s now talking with senior creditors for an alternative to stabilise its finances.
Meanwhile, South West Water says hiking bills would help fund its £3.2 billion investment plans.
Meanwhile, the water sector in England and Wales is in need of a ‘fundamental reset’ according to a newly published report which has identified ‘deep-rooted, systemic’ failures.
The Independent Water Commission calls for a “fundamental strengthening” of regulation, as well as clearer government direction.
Responding to the news that private equity giant KKR has pulled out of its deal to buy Thames Water, Lib Dem MP for Sutton and Cheam and Spokesperson for London, Luke Taylor said:
“Thames Water is now at the end of the road. The public want to see the Government now do the right thing and put Thames Water into Special Administration.
“That is the only way to protect 16 million customers and write down its shocking debt, which is just accumulating more and more interest to be passed onto the billpayer.
“The creditors are the ones who should pay to fix this mess – but the only way to do that is through administration. The Government should get in, sort the mess out, get out, and then make the company a public benefit company mutually owned by its customers”.
