By BBC (Business) | Created at 2024-12-10 07:58:33 | Updated at 2024-12-22 11:44:11
1 week ago
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The embattled Thames Water saw a 40% increase in pollution incidents in the first half of the year as its debts continued to spiral.
The UK's biggest water firm reported 359 so-called category one to three pollution incidents in the six months to 30 September, which it said was due a wet spring and summer.
Its boss Chris Weston said the company had made "solid progress" on its attempted turnaround, but that record rainfall meant pollutions and spills were "unfortunately up".
The ailing business is saddled with debts which stood at just under £16bn in those six months, up 7% on the year before.
An insider told the BBC that if it was not for the firm's huge debt pile, Thames would be in reasonable shape financially.
But the company could run out of money within the first three months of 2025, which is why its creditors secured a lifeline of up to £3bn to be released in two tranches, the first £1.5bn of which could be released in February.
The survival of the company depends a cash infusion from investors during this time. One in four people in the UK rely on Thames for their water supply.
