Thames Water receives buyout offer from investment group Covalis Capital
1 month ago

Thames Water receives buyout offer from investment group Covalis Capital

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Investment firm Covalis Capital has made an offer for Thames Water, in a plan which could see the embattled utility giant broken up into smaller businesses. Covalis’s bid involves bringing in French company Suez to help it run Thames Water as it sells off large chunks of the supplier’s assets. It would act in an advisory role, helping current management to overhaul Thames Water’s operations and installing things such as more up-to-date IT and leak monitoring systems. They added: “At this stage, Suez’s scope of work is limited to advisory mission to ensure the project’s success and address the specific challenges faced by Thames Water.” Covalis’s bid comes after Castle Water, a firm founded by former investment banker John Reynolds and co-owned by Conservative Party treasurer Graham Edwards, was set to make an offer.

Water Investment Billion Firm Thames Water Thames Ofwat Suez Covalis  water  thames  group  giant  covalis  suez  infrastructure  firm  sign  investment  offer  capital  buyout  billion  receives  equity

History of this topic

How water firms could rinse the taxpayer
2 weeks, 6 days ago

How water firms could rinse the taxpayer

The Independent  

It was probably not the best day for the water industry regulator to announce that average bills in England and Wales will increase by 36 per cent over the next five years. Its debts of around £18bn are simply too large to service without swingeing increases in bills and possible taxpayer assistance – subsidies that will end up in the …

Thames Water slapped with £18m fine by Ofwat for dishing out 'unjustified' dividends
3 weeks ago

Thames Water slapped with £18m fine by Ofwat for dishing out 'unjustified' dividends

Daily Mail  

Thames Water has been handed an £18.2million fine after regulator Ofwat used powers to crack down on firms paying 'unjustified' dividends for the first time. The regulator said Thames Water made interim dividend payouts totalling £37.5million to its holding company, Thames Water Utilities Holdings Limited, in October last year and further payouts of about £158.3million in March 2024. The ruling …

Brits get soaked again! Check how much YOUR water bill is going up by after watchdog signs off massive hikes... with some places facing 53% rise PLUS inflation
3 weeks ago

Brits get soaked again! Check how much YOUR water bill is going up by after watchdog signs off massive hikes... with some places facing 53% rise PLUS inflation

Daily Mail  

Water bosses were today given the green light for huge bill hikes averaging 36 per cent over the next five years. Southern Water customers are being hit hardest with bills going up 53 per cent over the period - and inflation projected to add another 10 per cent. The water firms provide supplies to England and Wales The proposed bill …

Creditors in High Court row over Thames Water restructuring plans
3 weeks, 2 days ago

Creditors in High Court row over Thames Water restructuring plans

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But this is opposed by a secondary group of …

Thames Water boss defends bonuses and repeats calls for steep bills hikes
4 weeks, 2 days ago

Thames Water boss defends bonuses and repeats calls for steep bills hikes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Regulator Ofwat revealed in November that Thames Water was …

Thames Water is a leaky pipe – so why are bidders fighting to buy it?
1 month ago

Thames Water is a leaky pipe – so why are bidders fighting to buy it?

The Independent  

It’s not Thames Water anymore and it hasn’t been that for quite some time; it’s Thames Wat-er-mess. The tragedy of this now-zombie company – which has warned that it will run out of cash sometime next year – is that things like leaks, customer service and the untreated sewage that keeps getting pumped into the environment aren’t anywhere near the …

Water firms blocked from using customer cash for ‘undeserved’ £6.8m boss bonuses
1 month, 2 weeks ago

Water firms blocked from using customer cash for ‘undeserved’ £6.8m boss bonuses

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Nine water companies, including stricken …

Which water companies are in financial trouble – and which paid out bonuses?
1 month, 2 weeks ago

Which water companies are in financial trouble – and which paid out bonuses?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. – Thames Water Thames Water paid £770,000 in bonuses …

Water firms blocked from using billpayer cash for ‘unjustifiable’ bonuses
1 month, 2 weeks ago

Water firms blocked from using billpayer cash for ‘unjustifiable’ bonuses

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Troubled Thames Water is among …

Thames Water: Fears of more bill hikes as £38bn bill revealed
1 month, 3 weeks ago

Thames Water: Fears of more bill hikes as £38bn bill revealed

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. A spokesperson for Thames Water said: “We take a rigorous approach to financial discipline …

Polluting water companies to face lighter punishments despite public outrage
2 months, 1 week ago

Polluting water companies to face lighter punishments despite public outrage

The Telegraph  

Failing water companies face lighter punishments under a climbdown being prepared by the industry regulator, risking an increase in leakages, water supply interruptions, and pollution. Investors in Britain’s water sector have rounded on the watchdog, claiming its hardline stance risks deterring further foreign investment in the industry at a time when it is crying out for billions of pounds of …

Thames Water: Why does the struggling water firm need emergency funding?
2 months, 2 weeks ago

Thames Water: Why does the struggling water firm need emergency funding?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has said it …

Water companies 'lied over sewage discharges'
3 months, 2 weeks ago

Water companies 'lied over sewage discharges'

China Daily  

A drone view shows Mogden sewage treatment works, owned by Thames Water, in west London, Britain on July 9. It is alleged that the companies, including the largest, Thames Water, which has around 15 million customers, have under-reported the number of sewage discharges to the water industry regulator Ofwat, enabling them to charge customers higher bills, with Reuters reporting that …

Starmer plots to raise bills to fund Thames Water bailout
3 months, 3 weeks ago

Starmer plots to raise bills to fund Thames Water bailout

The Telegraph  

Sir Keir Starmer is planning to allow water bills across the country to be raised to pay for a Government bailout of Thames Water. New legislation will let the Government charge all water companies the full £10 billion cost if ministers decide to take over the struggling company. Thames Water has more than £15 billion of debt, and said in …

Thames Water debt emergency seized on by US hedge funds
4 months ago

Thames Water debt emergency seized on by US hedge funds

The Telegraph  

A combative Wall Street hedge fund is positioned to play a central role in the future of Thames Water after scooping up the company’s loans at knockdown prices. New York-based Elliott Management is among a pack of aggressive US players to have hoovered up Thames Water debt at steep discounts in an attempt to capitalise on the financial uncertainty engulfing …

Thames Water creditors seek peace deal to avoid threat of nationalisation
4 months ago

Thames Water creditors seek peace deal to avoid threat of nationalisation

The Telegraph  

Creditors to Thames Water are attempting to broker a peace deal between the beleaguered supplier and regulator Ofwat amid fears that a breakdown in relations between the two sides risks speeding up the company’s demise. Sources involved in attempts to stop Thames Water being nationalised are warning privately that it may prove impossible to draw up a rescue deal unless …

Thames Water proposes huge new bills hike
4 months, 1 week ago

Thames Water proposes huge new bills hike

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. In its response to Ofwat’s draft determination on water companies’ …

Thames Water Creditor Abrdn Sees Bond Losses of Up to 20%
5 months, 3 weeks ago

Thames Water Creditor Abrdn Sees Bond Losses of Up to 20%

Live Mint  

-- One of Thames Water Ltd.’s key bondholders says a turnaround of the company envisioned by the government regulator has raised the likelihood of significant losses on its top-ranked securities. Luke Hickmore, investment director at Abrdn Investment Management Ltd., said it will be harder for the UK’s biggest water and sewage company to attract a new buyer without imposing losses …

Starmer vows to make underperforming water bosses ‘personally responsible’
5 months, 4 weeks ago

Starmer vows to make underperforming water bosses ‘personally responsible’

The Telegraph  

It emerged on Thursday that Britain’s biggest water company, which serves 16 million customers in London and the south east, will face more intrusive oversight from Ofwat after being put into special measures. Chris Walters, an Ofwat director said: “It is difficult for us to stand behind a plan that a board can’t stand behind.” As part of its announcement …

Consumers set to learn of likely water bill rises over next five years
5 months, 4 weeks ago

Consumers set to learn of likely water bill rises over next five years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Consumers in England and Wales …

Thames Water confirms £158m dividends despite debt and sewage leaks anger
6 months ago

Thames Water confirms £158m dividends despite debt and sewage leaks anger

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has confirmed it paid two fresh dividends worth …

Thames Water is worthless, says biggest investor
7 months, 3 weeks ago

Thames Water is worthless, says biggest investor

The Telegraph  

Thames Water’s biggest investor has slashed the value of its stake in the company to zero in a move that renders the troubled supplier effectively worthless, The Telegraph can disclose. The Canadian pension fund Omers said it has been forced into a “full write down” of its investment in Thames, a day after withdrawing its representative from the utility company’s …

Thames Water non-executive director quits board of troubled utilities firm
7 months, 3 weeks ago

Thames Water non-executive director quits board of troubled utilities firm

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A representative from Thames Water’s …

Thames Water seeks 45pc bill rise as it piles pressure on Ofwat
8 months, 2 weeks ago

Thames Water seeks 45pc bill rise as it piles pressure on Ofwat

The Telegraph  

It emerged on Monday that feared US hedge fund Elliott, owner of Waterstones, has been buying up debt in Thames Water in a bid to profit from its recent turmoil, the Financial Times reported. The need for increased revenues at Thames Water has been made increasingly acute after shareholders, such as China’s sovereign wealth fund, cut off funding last month. …

Raising bills to pay for Thames Water failures ‘utterly outrageous’, says Hunt
8 months, 4 weeks ago

Raising bills to pay for Thames Water failures ‘utterly outrageous’, says Hunt

The Telegraph  

Jeremy Hunt has said that it would be “utterly outrageous” for Ofwat to grant Thames Water’s demands for higher household bills as it faces potential insolvency. The Chancellor said shareholders in the embattled utility company had “an obligation to sort out the mess”, when asked whether they had a duty to inject more cash into the business. Speaking at a …

Thames Water plots break-up as it scrambles to avoid nationalisation
9 months ago

Thames Water plots break-up as it scrambles to avoid nationalisation

The Telegraph  

Thames Water is exploring a radical break-up plan as the threat of nationalisation moves closer. A carve-up of the company is among several options being studied by executives as Thames attempts to navigate a severe cash crunch that could precipitate its collapse. Under the proposals being looked at, Thames Water, which serves 16 million customers, could be split into two …

Thames Water owner defaults on £400m bond
9 months ago

Thames Water owner defaults on £400m bond

The Telegraph  

The parent company of Thames Water has defaulted on a £400m loan as the crisis at Britain’s biggest water supplier deepens. Bondholders were alerted to Kemble’s breach in a letter on Friday, triggering a formal restructuring process that will determine the fate of the company which supplies a quarter of UK homes. Kemble’s failure to fulfil interest payments earlier this …

Chinese state-owned banks among lenders Thames Water owes money to – reports
9 months ago

Chinese state-owned banks among lenders Thames Water owes money to – reports

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Two Chinese state-owned banks and …

Thames Water under threat of nationalisation as shareholders refuse to inject £500m lifeline
9 months, 1 week ago

Thames Water under threat of nationalisation as shareholders refuse to inject £500m lifeline

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Thames Water’s sewage treatment works have come under scrutiny The …

Thames Water: Who owns the struggling water service – and could it be nationalised?
9 months, 1 week ago

Thames Water: Who owns the struggling water service – and could it be nationalised?

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. If Thames Water’s financial issues cause it to become unable to deliver its services …

Thames Water dividend payouts in spotlight after shareholders pull funding
9 months, 1 week ago

Thames Water dividend payouts in spotlight after shareholders pull funding

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK’s largest water company …

Five water firms in court over allegations of under-reporting pollution
9 months, 3 weeks ago

Five water firms in court over allegations of under-reporting pollution

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Five UK water companies have …

Thames Water hires new boss on pay deal worth up to £2.3m
1 year ago

Thames Water hires new boss on pay deal worth up to £2.3m

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has hired a …

Troubled Thames Water names former Centrica executive as its new boss
1 year ago

Troubled Thames Water names former Centrica executive as its new boss

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has named a …

Thames Water asked to explain how dividend payment does not break Ofwat rules
1 year, 1 month ago

Thames Water asked to explain how dividend payment does not break Ofwat rules

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Ofwat has asked Thames Water …

Thames Water to cut 300 jobs as it battles £14bn debt pile
1 year, 2 months ago

Thames Water to cut 300 jobs as it battles £14bn debt pile

The Telegraph  

Thames Water is preparing to cut 300 jobs as the debt-laden supplier struggles to improve its finances. A Thames Water spokesman said: “The last year has been an extremely challenging year for the business and we continue to take a rigorous approach to financial discipline throughout the company in order to operate within budget. A Thames Water spokesman said: “We …

Ofwat names four worst performing water firms as £1.4bn paid out to shareholders
1 year, 2 months ago

Ofwat names four worst performing water firms as £1.4bn paid out to shareholders

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Water regulator Ofwat has named …

Thames Water says it faces £2.5bn budget black hole unless investors can make more money
1 year, 3 months ago

Thames Water says it faces £2.5bn budget black hole unless investors can make more money

The Telegraph  

Ofwat’s proposed rate of return on equity is 6.3pc. The company said: “There are thousands upon thousands of other places that an investor can invest their money, and almost all these alternative investments are nowadays paying significantly higher returns than was the case prior to 2021, following a marked rise in global interest rates. “It follows that if we are …

Inside the water industry’s £96bn plan to clean up Britain’s rivers
1 year, 3 months ago

Inside the water industry’s £96bn plan to clean up Britain’s rivers

The Telegraph  

In the coming weeks, water company executives will face questions from the public in a fresh series of “your water, your say” meetings. At previous sessions this year, conducted via video conference, bosses from Thames Water, South West Water, United Utilities and others were asked to explain their poor record tackling leaks and river pollution. Under plans to clean up …

Which five water companies must pay the most for failing to meet Ofwat targets?
1 year, 3 months ago

Which five water companies must pay the most for failing to meet Ofwat targets?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Under Ofwat’s performance review, the company is expected to …

Thames Water averts nationalisation threat with £750m funding lifeline
1 year, 5 months ago

Thames Water averts nationalisation threat with £750m funding lifeline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Britain’s biggest water supplier said the initial funding agreement …

Great British water crisis: From Thatcher’s pipe dream to busted flush
1 year, 6 months ago

Great British water crisis: From Thatcher’s pipe dream to busted flush

The Independent  

Back in the late 1980s, Mrs Thatcher was in her pomp. Michael Howard, the minister in charge of flogging water, pledged the companies would be embarking upon “the biggest programme of sustained investment in their history”. Currently, my eldest son lives in Whitstable, in Kent, and he can’t swim in the sea – part of his reason for living there …

Thames Water crisis explained as utility giant serving 15m people faces collapse
1 year, 6 months ago

Thames Water crisis explained as utility giant serving 15m people faces collapse

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. He told Sky News: “Absolutely nothing is going to happen …

Water bosses hold secret meeting to fight off nationalisation
1 year, 6 months ago

Water bosses hold secret meeting to fight off nationalisation

The Telegraph  

The boss of Severn Trent has called in an urgent meeting with utilities bosses in an effort to ward off the threat of nationalisation under a potential Labour government. Liv Garfield, who is paid £4m-a-year to lead the FTSE 100 company, sent an email to her counterparts asking them to join a roundtable to discuss the future of the utilities …

Thames Water demonstrates that privatisation is not fit for purpose
1 year, 6 months ago

Thames Water demonstrates that privatisation is not fit for purpose

The Independent  

Environmental quality and resilience minister Rebecca Pow states that “the government is confident that Ofwat, as the economic regulator for the water industry, is working with any company that is facing financial distress”. The Independent’s informative article by Sean O’Grady makes the observation that “privatisation was a great symbol of Thatcherism and the Conservative belief in the ability of free …

Thames Water appoints new chair as questions swirl about its future
1 year, 6 months ago

Thames Water appoints new chair as questions swirl about its future

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has chosen a …

Thames Water has ‘secure and committed’ funding, Government insists
1 year, 6 months ago

Thames Water has ‘secure and committed’ funding, Government insists

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Government has doubled down …

Who owns Thames Water, how much money does it owe and what might happen next?
1 year, 6 months ago

Who owns Thames Water, how much money does it owe and what might happen next?

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. As of last September, Thames Water owed around £13.8 billion to its lenders, a figure that was around £840 …

Emergency plans ‘drawn up for Thames Water collapse’ as water firm racks up £14bn debt
1 year, 6 months ago

Emergency plans ‘drawn up for Thames Water collapse’ as water firm racks up £14bn debt

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Sarah Bentley was paid £1.6mn despite giving up bonus Environment minister Rebecca Pow told …

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