Thames Water Utilities Limited (“TWUL” or the “Company”) provides a further update on its equity raise process.
On 31 March 2025 the Company announced that it had selected KKR to enter the Phase 2 diligence stage of the equity process as preferred partner, and that certain senior creditors would progress alternative transaction structures to seek to recapitalise the business.
Following completion of this diligence stage, KKR and the senior creditors have prepared detailed plans, including turnaround plans which have been shared with the Company.
However, KKR has indicated that it will not be in a position to proceed, and its preferred partner status has now lapsed. The Company ccordingly intends to progress discussions on the senior creditors’ plan with Ofwat and other stakeholders.
Sir Adrian Montague, Chairman of Thames Water, said: “Whilst today’s news is disappointing, we continue to believe that a sustainable recapitalisation of the Company is in the best interests of all stakeholders and continue to work with our creditors and stakeholders to achieve that goal. The Company will therefore progress discussions on the senior creditors’ plan with Ofwat and other stakeholders. The Board would like to thank the senior creditors for their continuing support.”
