MINISTERS have appointed insolvency specialists to step up planning for Thames Water in case the troubled company collapses.
Environment Secretary Steve Reed signed off the appointment of FTI Consulting to act as an administrator in case Britain’s largest water company fails to secure funding from lenders.
Contingency plans could see the firm placed into a special administration regime, meaning it would be put into an insolvency process.
A spokeswoman for the Department for Environment, Food & Rural Affairs said: “The Government will always act in the national interest on these issues.
“The company remains financially stable, but we have stepped up our preparations and stand ready for all eventualities, including applying for a special administration regime if that were to become necessary.”
Thames Water, which has 16million customers, remains locked in talks over a rescue funding deal with a number of senior creditors.
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In June, private equity firm KKR pulled out of plans to inject around £4billion into the financially-stricken company in a bid to keep it afloat.
Thames chairman Sir Adrian Montague recently said the firm was still in “crisis mode” as it seeks to avoid special administration measures.
A company spokeswoman said: “Our focus remains on a holistic and fundamental recapitalisation.
“Constructive discussions with our many stakeholders continue.”
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WORK SLUMP
UNEMPLOYMENT remains at a four-year high as job vacancies fall, figures show.
Some 4.7 per cent of Brits were without work in the three months to June, the same as the quarter before.
Meanwhile, job openings fell by 44,000 to 718,000 in the three months to July, the lowest since April 2021.
Liz McKeown, of the Office for National Statistics, said the job losses were “concentrated in hospitality and retail”.
TAKING NOTES
LLOYDS customers will soon be able to deposit cash into their account through their app while popping to the shops.
The bank is adding a barcode feature to the software which, from August 26, will let customers scan in up to £300 a day in notes and coins, up to a £600 monthly maximum.
It can be done at more than 30,000 locations with a PayPoint. Lloyds is the first major UK bank to offer the service.
ENTAIN NET BETS BOOTY
LADBROKES and Coral owner Entain cashed in on an online betting surge as the men’s football Club World Cup and Wimbledon reeled in the punters.
The sports betting giant reported total net gaming revenues – money pocketed after paying out winnings – of £2.6billion for the first six months of the year, excluding its operations in the US. That was six per cent up on last year.
Entain said horse racing interest surged, with Royal Ascot and the Epsom Derby among the most bet-on competitions. The Women’s Euros also did well.
