Contingency plans being drawn up for possible collapse of Thames Water – reports

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. Ofwat continues to monitor the financial position of all the key water and wastewater companies.” Thames Water – owned by a consortium of pension funds and sovereign wealth funds – has come under pressure in recent years over its poor performance in tackling leaks and sewage contamination, while facing criticism for handing out big rewards to top bosses and shareholders. On announcing her departure, she said: “The foundations of the turnaround that we have laid position the company for future success to improve service for customers and environmental performance.” Whatever the situation is at Thames Water, the water will continue to flow Work and Pensions Secretary Mel Stride Thames Water’s owners last year invested £500 million in the firm – the first injection of equity into the group since privatisation. Work and Pensions Secretary Mel Stride said he is confident that, whatever happens with Thames Water, the “water will continue to flow”. Appearing on LBC, he said he could not speculate on the specific company, but added: “Ofwat has as part of its remit a requirement to look at the resilience of the entire sector and will have been looking at and continue to look very closely at Thames Water.” He said the Government “has contingency arrangements in place to cover any scenario which may play out and what I’m supremely confident of is, whatever the situation is at Thames Water, the water will continue to flow”.