The company said it had £1.1bn to tide it over within annual results that showed it had only met 55% of its regulated targets and that customer complaints had risen by 101%, likely driven by gripes over rising bills.
The financial hole engulfing Britain’s biggest water utility, which has been slapped with record fines for poor performance, was laid bare through a growing debt pile to £18.5bn over the 12 months to 31 March.
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Thames revealed its progress hours after a story by Sky News that the creditors had agreed further funding, pending a decision on their planned £10bn rescue that would see the consortium take control under a new business called London and Valley Water.
The terms are being reworked after recent criticism from the environment secretary that they represented a poor deal for the company’s 16 million customers.
Failure to agree the package would likely push Thames into a Special Administration Regime, a move that could potentially pave the way for nationalisation under a government led by Andy Burnham.
He has previously voiced support for public ownership of the long-criticised water sector.
Read more:
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South East Water pays for multiple failures
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