It comes as several reports suggested concerns about Thames Water’s finances had now broadened to other firms in the industry. Thames Water is seeking to raise cash from investors as it struggles under a £14 billion debt pile, with the Government said to be laying the groundwork for the firm’s emergency nationalisation. In a statement on Wednesday evening, Ofwat said it has been “clear that Thames Water has significant issues to address” and that it needed to “improve their financial resilience”. Thames Water, having confirmed it is working with shareholders to secure the cash it needs, has said it requires “further equity funding” on top of the £500 million it raised just three months ago. On Tuesday, Thames Water chief executive Sarah Bentley stepped down with immediate effect amid mounting worries over the financial stability of the company.

Source: The Times June 29, 2023 05:13 UTC