Thames Water has said its shareholders have agreed to pump another £750 million in funding into the utility giant, but warned that it needs “significant additional funding” in the coming years.
The supplier said the initial funding agreement to the end of March 2025 is a “major milestone,” although it is less than the £1 billion expected.
But the firm said that it needs another £2.5 billion by 2030 for its turnaround to be delivered.
Thames Water, the UK’s biggest water supplier with 15 million customers, is struggling under a £14 billion debt mountain.
Its former chief executive, Sarah Bentley, stepped down abruptly last month amid mounting worries over the financial stability of the company….