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.
They also warned that if it was nationalised, taxpayers would face a hefty bill.
They also warned that if it was nationalised, taxpayers would face a hefty bill.
Thames, which serves 15 million households, and its parent company Kemble Water, owes a total of £18bn in debt.
Sir Adrian Montague, flanked by acting co-chief executives, admitted that the situation was precarious.
Speaking to the Environment Committee in Parliament, he said: “This is a seminal moment for Thames. You know, we were very fragile in July.”
“The chief executive resigned without notice 10 days before a change of chairman. The financial markets took fright.”
“We have stabilised the business. We need to make a fresh start. I know management always says this, but it’s true in this case, because this is a fresh team.”
Thames Water is facing a “seminal moment”, its chairman has said, during an intense grilling by MPs on the firm’s financial performance.
They also warned that if it was nationalised, taxpayers would face a hefty bill.
Senior management admitted the company did not have enough money to pay off a £190m loan due in April next year.
Thames, which serves 15 million households, and its parent company Kemble Water, owes a total of £18bn in debt.
They also warned that if it was nationalised, taxpayers would face a hefty bill.
They also warned that if it was nationalised, taxpayers would face a hefty bill.
Thames, which serves 15 million households, and its parent company Kemble Water, owes a total of £18bn in debt.
Sir Adrian Montague, flanked by acting co-chief executives, admitted that the situation was precarious.
Speaking to the Environment Committee in Parliament, he said: “This is a seminal moment for Thames. You know, we were very fragile in July.”
“The chief executive resigned without notice 10 days before a change of chairman. The financial markets took fright.”
“We have stabilised the business. We need to make a fresh start. I know management always says this, but it’s true in this case, because this is a fresh team.”
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