Thames Water’s Deal Collapses as KKR Pulls Out

The deal to save Thames Water has collapsed. The private equity firm KKR has walked away from a proposed £4bn rescue - leaving the company drowning in debt and without a plan.

As the MP for Newbury, I’ve heard repeatedly from residents who are angry with Thames Water. They’re angry about sewage in our rivers, sky-high water bills, and a company that has put shareholder profits above public service for too long. We have been let down time and time again.

With KKR out, Thames Water is out of road. The only responsible step left is for the Government to place Thames Water into special administration. This would allow the company’s unsustainable debt to be restructured and protect the interests of its 16 million customers, including thousands here in Newbury and West Berkshire.

While this situation has dragged on, the River Kennet and River Lambourn, two of the world’s rare chalk streams, have continued to suffer. These are globally significant natural assets, and Thames Water is failing them.

This isn’t just mismanagement, it’s a model that’s broken. A third of customers’ bills are currently going to service Thames Water’s £15bn debt. That is outrageous.

I’ve co-signed letters, questioned Ministers, and met with Thames Water directly to raise concerns. But now we’ve reached breaking point. This is no longer about tweaks or promises. We need bold action. We need to:

·       Put Thames Water into special administration

·       Write down unsustainable debt

·       Create a new, customer-owned model for the future

·       Replace Ofwat with a regulator that takes action and actually holds companies accountable

The days of pumping sewage into our rivers while bosses chase bonuses must end. I’ll keep pressing in Parliament until we fix this broken system - for residents, for nature, and for fairness.