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Thames Water creditors build board for bailout bid
The proposed directors would oversee a 10-year turnaround plan that includes billions in new capital investment and stricter governance.
- On Monday, August 24, 2026, the London & Valley Water consortium announced initial board candidates for Thames Water, naming infrastructure expert Mike McTighe as proposed chairman to lead the utility's turnaround.
- Creditors holding over £17 billion of Thames Water's debt proposed these directors to reassure the Government and prevent nationalization amid calls to convert the utility into public ownership.
- The initial tranche includes Liz Barber, former Yorkshire Water CEO with over 30 years in regulated utilities; Dame Bernadette Kelly, ex-Department for Transport permanent secretary; and Clive Selley, former BT Openreach chief executive.
- Subject to Ofwat's approval, these directors will oversee a 10-year Turnaround Plan designed to improve network resilience and operational performance, with enhanced transparency for regulators and local communities.
- The consortium aims to secure formal agreement this autumn, with Thames Water recently warning it could run out of cash as soon as October, making recapitalization the final realistic option.
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Thames Water's creditors line up new board under proposed rescue deal
Thames Water's senior creditors on Monday named the first group of proposed directors, including a turnaround specialist and a former civil servant, to oversee a decade-long overhaul of Britain's struggling utility if its rescue plan is approved.
·London, United Kingdom
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Thames Water creditors eye board shake-up if takeover plan succeeds
The group of creditors vying to take control of Thames Water has said it will appoint the former bosses of Yorkshire Water and BT Openreach to the utility’s board should it succeed in fending off nationalisation by the government. The London & Valley Water (L&VW) consortium, which includes heavyweight investors including Apollo and Elliott, has announced four proposed appointments to the company’s board if its turnaround plan is given the go-ahe…
·London, United Kingdom
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Total News Sources18
Leaning Left1Leaning Right2Center10Last UpdatedBias Distribution77% Center
Bias Distribution
- 77% of the sources are Center
77% Center
C 77%
15%
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