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Thames Water and its lenders are reportedly allocating “millions of pounds a week” to management consultants and bankers amidst a cash crisis at the utility company.
With its parent company, Kemble, defaulting on debts and shareholders declining to provide additional funding, the company is working to stabilise its finances.
Potential taxpayer implications loom as Kemble’s debt-laden status raises concerns about government intervention.
According to reports, advisory firms, including Alvarez & Marsal and EY, have been engaged to navigate the financial challenges.
Despite Kemble’s default, Thames Water‘s core utility services for its 16 million customers remain unaffected.
Energy Live News has contacted Thames Water for comment.
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