Thames Water creditors submit new plan to Ofwat
Today sees London & Valley Water – the group of firms who hold a lot of the debt of Thames Water – put forward new proposals to Ofwat.
The headline figures included are £4bn of debt written off by class A investors, compared with their earlier offer of £3.2bn.
No dividends are to be paid out during the turnaround period, and in return for the writedowns they are seeking renegotiated targets for pollution incidents and leakage.
Mike McTighe, who would be the future chair of Thames if the plans are greenlighted, said:
“There is a huge amount of work to be done to turn around Thames Water and deliver the improved service and environmental outcomes that customers and local communities deserve.
“From day one, we will inject billions in new investment, strengthen Thames Water’s balance sheet, transform the company for thousands of hard-working frontline staff and begin the delivery of an operational turnaround that puts 16 million customers and the environment first.”
Karl Matchett2 October 2025 09:22
