Thames Water spends millions of pounds a week on consultants and bankers as the ... trends now

View
comments

Thames Water and its lenders are spending millions of pounds a week on management consultants and bankers amid a cash crisis at the struggling utility company.

Britain's biggest water supplier is scrambling to shore up its finances after its parent company, Kemble, defaulted on its debts and shareholders refused to provide new funding.

Taxpayers could be left to foot the bill if the Government has to bail out the debt-laden company, which has 16million customers.

Half a dozen firms are advising the beleaguered firm and its associates, it emerged yesterday. Kemble has reportedly hired turnaround firm Alvarez & Marsal to convince lenders to hand over more money.

Meanwhile, Big Four accounting firm EY is advising a group of Kemble lenders on recovering £190million, according to the Sunday Times.