Mon, 17 Mar 2025

Mon, 17 Mar 2025 Thames Water's £3bn rescue deal cleared by court

The funding allows the company to continue operating and attempt to restructure its massive debt pile.

* Thames Water's £3bn rescue loan has been approved after a court appeal was dismissed.
* The troubled firm, which serves around 16 million customers across London and southern England, secured the loan in February to avoid government control.
* Opponents of the deal argued it mainly benefited current lenders and would lead to higher costs for customers through expensive interest charges.
* Thames Water's chief executive said he was pleased with the decision and that the company's "turnaround plan" can continue.
* The firm will receive the initial £1.5bn in instalments over coming months, allowing it to operate for at least another 12 months.
* Opponents of the deal, including Liberal Democrat MP Charlie Maynard, have vowed to explore further options, including appealing to the Supreme Court.
* Customers will still face a 31% increase in their bills from April and the ruling will not affect this.
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