Dec 12, 2023
Thames Water says it can't pay back £190m loan
Thames Water is facing a "Seminal moment", its chairman has said, during an intense grilling by MPs on the firm's financial performance. Senior management admitted the company did not have enough money to pay off a £190m loan due in April next year. The numbers are going in the wrong direction for Thames. Profits fell 54% in the first six months of this year, complaints rose 13%, debt rose to £18bn. Thames recently announced a £500m cash injection - but that was financed by a further loan to its parent company. Committee member Barry Gardiner said that amounted to Thames having the regulator "By the short and curlies" - suggesting that if Ofwat did not agree to the rise, it would essentially trigger a quasi-nationalisation that would cost the taxpayer billions.
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