A further £1.5billion successful loans tin beryllium accessed if it succeeds successful its entreaty against regulator Ofwat
- Ashley Armstrong, Business Editor
- Published: 0:20, 26 Oct 2024
- Updated: 0:20, 26 Oct 2024
THE UK’s biggest h2o institution has been thrown a lifeline to halt it moving retired of currency by Christmas.
Troubled Thames Water yesterday said it had secured a indebtedness of up to £3billion.
The caller indebtedness volition springiness it the indispensable breathing abstraction to proceed talks with different investors astir injecting caller currency into the business.
Chris Weston, the firm’s main executive, said it was the “best option”.
If Thames Water — which supplies 16million households — does not find a semipermanent reply and runs retired of cash, it volition beryllium transferred into impermanent Government ownership.
Regulator Ofwat said safeguards are successful spot to support h2o supplies.
READ MORE ON THAMES WATER
Thames — which volition beryllium successful astir £18billion of indebtedness by the extremity of March — has asked existing creditors to enactment successful £1.5billion to widen its resources to adjacent October.
A further £1.5billion successful loans tin beryllium accessed if it succeeds successful its entreaty against regulator Ofwat connected however overmuch it tin enactment up bills.
Ofwat said successful July the supplier could lone rise bills by 22 per cent, but the steadfast wants a 53 per cent rise.
Castle Water, co-founded by Tory treasurer Graham Edwards, is progressive successful concern talks.
Infrastructure capitalist Brookfield, backstage equity elephantine Carlyle and Hong Kong billionaire Li Ka-shing, who controls Northumbrian Water, are besides weighing it up.
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CASUAL covering marque White Stuff has been bought by the South African proprietor of Hobbs, Whistles and Phase Eight.
White Stuff, which has 113 shops and 46 concessions successful UK section stores, has gone to TFG London, portion of Johannesburg-listed THE Foschin Group.
Debt-ridden Thames Water deed with multi-million lb good for polluting rivers arsenic steadfast ‘pushed to brink of collapse’
Natwest location win
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Profits astatine the slope person jumped by much than a 4th to £1.7billion successful the past 3 months, beating City predictions of £1.5billion.
Good week
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Bad week
OLA Kallenius, brag of Mercedes-Benz, which revealed that profits had slumped by implicit half.