{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-001","record":{"id":"src-001","title":"Companies House register: Thames Water Utilities Limited (02366661), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/02366661/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 02366661, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Utilities Limited (02366661), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-002","record":{"id":"src-002","title":"Companies House register: Thames Water Utilities Holdings Limited (06195202), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/06195202/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 06195202, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Utilities Holdings Limited (06195202), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-003","record":{"id":"src-003","title":"Companies House register: Thames Water Limited (02366623), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/02366623/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 02366623, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Limited (02366623), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-004","record":{"id":"src-004","title":"Companies House register: Kemble Water Finance Limited (05819317), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/05819317/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 05819317, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Finance Limited (05819317), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-005","record":{"id":"src-005","title":"Companies House register: Kemble Water Eurobond plc (05957999), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/05957999/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 05957999, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Eurobond plc (05957999), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-006","record":{"id":"src-006","title":"Companies House register: Kemble Water Holdings Limited (05819262), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/05819262/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 05819262, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Holdings Limited (05819262), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-007","record":{"id":"src-007","title":"Company statement source · src-007","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-007"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-008","record":{"id":"src-008","title":"Companies House register: Thames Water Utilities Limited (02366661), officers","url":"https://find-and-update.company-information.service.gov.uk/company/02366661/officers","publisher":"Companies House","date":"","locator":"Companies House record 02366661, officers","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Utilities Limited (02366661), officers, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-009","record":{"id":"src-009","title":"Corporate registry source · src-009","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"corporate_registry","publisher_type":"unknown"},"reading":"Corporate registry source · src-009"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-010","record":{"id":"src-010","title":"Companies House register: Kemble Water Holdings Limited (05819262), filing history (confirmation statements)","url":"https://find-and-update.company-information.service.gov.uk/company/05819262/filing-history?category=confirmation-statement","publisher":"Companies House","date":"","locator":"Companies House record 05819262, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Holdings Limited (05819262), filing history (confirmation statements), Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-011","record":{"id":"src-011","title":"Companies House register: Kemble Water Holdings Limited (05819262), confirmation statement made up to 25 September 2024","url":"https://find-and-update.company-information.service.gov.uk/company/05819262/filing-history/MzQzNzQ5NjM3MGFkaXF6a2N4/document?format=pdf&download=0","publisher":"Companies House","date":"","locator":"Companies House record 05819262, filed document","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Holdings Limited (05819262), confirmation statement made up to 25 September 2024, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-012","record":{"id":"src-012","title":"The completed acquisition of Thames Water Holdings Plc by Kemble Water Limited: a position paper","url":"https://www.ofwat.gov.uk/wp-content/uploads/2015/11/pap_pos_tms_acqtmskemble.pdf","publisher":"Ofwat (Water Services Regulation Authority)","date":"2007-05","locator":"Position paper, sections 2 and 6 and annex","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"The completed acquisition of Thames Water Holdings Plc by Kemble Water Limited: a position paper, Ofwat (Water Services Regulation Authority)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-013","record":{"id":"src-013","title":"Companies House register: Kemble Water Holdings Limited (05819262), officers","url":"https://find-and-update.company-information.service.gov.uk/company/05819262/officers","publisher":"Companies House","date":"","locator":"Companies House record 05819262, officers","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Holdings Limited (05819262), officers, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-014","record":{"id":"src-014","title":"Thames Water Utilities Limited – North Cotswolds Supply System Lead: notice under regulation 28(4) (TMS-2025-00002)","url":"https://www.dwi.gov.uk/water-companies/improvement-programmes/thames-water-improvement-programmes/tms-2025-00002/","publisher":"Drinking Water Inspectorate","date":"2025-07-15","locator":"Notice TMS-2025-00002 v1","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Thames Water Utilities Limited – North Cotswolds Supply System Lead: notice under regulation 28(4) (TMS-2025-00002), Drinking Water Inspectorate"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-015","record":{"id":"src-015","title":"Company statement source · src-015","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-015"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-016","record":{"id":"src-016","title":"Company statement source · src-016","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-016"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-017","record":{"id":"src-017","title":"Company statement source · src-017","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-017"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-018","record":{"id":"src-018","title":"Corporate registry source · src-018","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"corporate_registry","publisher_type":"unknown"},"reading":"Corporate registry source · src-018"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-019","record":{"id":"src-019","title":"Companies House register: Church Water Investment Limited (10859956), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/10859956/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 10859956, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Church Water Investment Limited (10859956), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-020","record":{"id":"src-020","title":"Company statement source · src-020","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-020"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-021","record":{"id":"src-021","title":"Companies House register: Kemble Water Holdings Limited (05819262), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/05819262/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 05819262, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Holdings Limited (05819262), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-022","record":{"id":"src-022","title":"Companies House register: Kemble Water Finance Limited (05819317), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/05819317/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 05819317, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Finance Limited (05819317), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-023","record":{"id":"src-023","title":"Companies House register: Thames Water Utilities Limited (02366661), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/02366661/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 02366661, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Utilities Limited (02366661), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-024","record":{"id":"src-024","title":"Companies House officer appointments: Christopher Phillip Anthony Weston","url":"https://find-and-update.company-information.service.gov.uk/officers/fS_wWoIgU5VYC5l47Z94a07zP0c/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Christopher Phillip Anthony Weston, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-025","record":{"id":"src-025","title":"Companies House officer appointments: Steven John Buck","url":"https://find-and-update.company-information.service.gov.uk/officers/oNQdxdf7q-T6FptsyWAkL_mQAxs/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Steven John Buck, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-026","record":{"id":"src-026","title":"Companies House officer appointments: Adrian Alastair Montague","url":"https://find-and-update.company-information.service.gov.uk/officers/nlYYJmCcjnll-6NkTfmuqrbTln0/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Adrian Alastair Montague, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-027","record":{"id":"src-027","title":"Companies House officer appointments: Julian Gething","url":"https://find-and-update.company-information.service.gov.uk/officers/-HImOePkFyOGSnp-KYL69kGpKE4/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Julian Gething, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-028","record":{"id":"src-028","title":"Company statement source · src-028","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-028"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-029","record":{"id":"src-029","title":"Companies House register: Thames Water Super Senior Issuer plc (16110279), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/16110279/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 16110279, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Super Senior Issuer plc (16110279), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-030","record":{"id":"src-030","title":"Companies House register: Thames Water Utilities Finance plc (02403744), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/02403744/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 02403744, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Utilities Finance plc (02403744), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-031","record":{"id":"src-031","title":"Companies House register: Church Water Investment Limited (10859956), officers","url":"https://find-and-update.company-information.service.gov.uk/company/10859956/officers","publisher":"Companies House","date":"","locator":"Companies House record 10859956, officers","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Church Water Investment Limited (10859956), officers, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-032","record":{"id":"src-032","title":"Companies House register: Thames Water (Kemble) Finance plc (07516930), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/07516930/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 07516930, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water (Kemble) Finance plc (07516930), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-033","record":{"id":"src-033","title":"Companies House register: Hermes GPE LLP (OC348770), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/OC348770/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record OC348770, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Hermes GPE LLP (OC348770), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-034","record":{"id":"src-034","title":"Companies House officer appointments: Nicholas Charles Edward Land","url":"https://find-and-update.company-information.service.gov.uk/officers/EyddJmAs0rQKjh1a4GaE6V_xijg/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Nicholas Charles Edward Land, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-035","record":{"id":"src-035","title":"Companies House officer appointments: Catherine Susan Lynn","url":"https://find-and-update.company-information.service.gov.uk/officers/-9rlRWJw5xyI_gOyML80foZqA40/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Catherine Susan Lynn, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-036","record":{"id":"src-036","title":"Company statement source · src-036","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-036"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-037","record":{"id":"src-037","title":"Companies House register: Kemble Water Eurobond plc (05957999), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/05957999/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 05957999, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Eurobond plc (05957999), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-038","record":{"id":"src-038","title":"Companies House register: Thames Water Utilities Holdings Limited (06195202), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/06195202/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 06195202, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Utilities Holdings Limited (06195202), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-039","record":{"id":"src-039","title":"Companies House register: Thames Water (Kemble) Finance plc (07516930), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/07516930/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 07516930, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water (Kemble) Finance plc (07516930), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-040","record":{"id":"src-040","title":"Company statement source · src-040","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-040"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-041","record":{"id":"src-041","title":"Companies House officer appointments: Michael McNicholas","url":"https://find-and-update.company-information.service.gov.uk/officers/xByihioe0qMfANxZnpas9mFgpjw/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Michael McNicholas, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-042","record":{"id":"src-042","title":"Companies House officer appointments: John William Holland-Kaye","url":"https://find-and-update.company-information.service.gov.uk/officers/yqdDTOQ75IXtvP0D8jKN30pqXp4/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: John William Holland-Kaye, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-043","record":{"id":"src-043","title":"Letter from Ofwat to the Chair of the Business and Trade Committee on Thames Water","url":"https://committees.parliament.uk/publications/49598/documents/264138/default/","publisher":"House of Commons committee publication of an Ofwat letter","date":"2025-09-08","locator":"Letter of 8 September 2025","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Letter from Ofwat to the Chair of the Business and Trade Committee on Thames Water, House of Commons committee publication of an Ofwat letter"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-044","record":{"id":"src-044","title":"Thames Water: conclusions on change of control and modification of the instrument of appointment","url":"https://www.ofwat.gov.uk/wp-content/uploads/2018/05/Thames-Water-Conclusions-on-Change-of-Control-and-Modification-of-Instrument-of-Appointment-final.pdf","publisher":"Ofwat (Water Services Regulation Authority)","date":"2018","locator":"Conclusions document","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Thames Water: conclusions on change of control and modification of the instrument of appointment, Ofwat (Water Services Regulation Authority)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-045","record":{"id":"src-045","title":"GLEIF LEI records: Kemble Water Finance Limited, Thames Water (Kemble) Finance PLC, Hermes GPE LLP","url":"https://api.gleif.org/api/v1/lei-records?filter[lei]=2138003A8GC5KL85UR35,213800S7UU2MQXYJQO60,549300OPDMK6XNMN2594","publisher":"Global Legal Entity Identifier Foundation","date":"","locator":"LEI records API response","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"GLEIF LEI records: Kemble Water Finance Limited, Thames Water (Kemble) Finance PLC, Hermes GPE LLP, Global Legal Entity Identifier Foundation"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-046","record":{"id":"src-046","title":"Companies House register: Thames Water Holdings Limited (05685587), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/05685587/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 05685587, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Holdings Limited (05685587), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-047","record":{"id":"src-047","title":"Company statement source · src-047","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-047"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-048","record":{"id":"src-048","title":"Re Thames Water Utilities Holdings Ltd [2025] EWHC 338 (Ch): approved sanction judgment","url":"https://www.judiciary.uk/wp-content/uploads/2025/02/Re-Thames-Water-Utilities-Holdings-Ltd-CR-2024-007540-Sanction-Approved-Judgment-18.2.25.pdf","publisher":"High Court of Justice (Business and Property Courts)","date":"2025-02-18","locator":"Approved judgment of Leech J, CR-2024-007540","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"court_record","publisher_type":"government"},"reading":"Re Thames Water Utilities Holdings Ltd [2025] EWHC 338 (Ch): approved sanction judgment, High Court of Justice (Business and Property Courts)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-049","record":{"id":"src-049","title":"Company statement source · src-049","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-049"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-050","record":{"id":"src-050","title":"Companies House officer appointments: William John Holland-Kaye","url":"https://find-and-update.company-information.service.gov.uk/officers/-VO1jPbxE9y_1HpZ-t5Hd0x1rsE/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: William John Holland-Kaye, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-051","record":{"id":"src-051","title":"Companies House register: Thames Water Utilities Limited (02366661), charges","url":"https://find-and-update.company-information.service.gov.uk/company/02366661/charges","publisher":"Companies House","date":"","locator":"Companies House record 02366661, charges","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Utilities Limited (02366661), charges, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-052","record":{"id":"src-052","title":"Companies House register: Kemble Water Finance Limited (05819317), charges","url":"https://find-and-update.company-information.service.gov.uk/company/05819317/charges","publisher":"Companies House","date":"","locator":"Companies House record 05819317, charges","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Finance Limited (05819317), charges, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-053","record":{"id":"src-053","title":"Companies House register: Thames Water (Kemble) Finance plc (07516930), charges","url":"https://find-and-update.company-information.service.gov.uk/company/07516930/charges","publisher":"Companies House","date":"","locator":"Companies House record 07516930, charges","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water (Kemble) Finance plc (07516930), charges, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-054","record":{"id":"src-054","title":"Kington S.à r.l. and others v Thames Water Utilities Holdings Ltd and others [2025] EWCA Civ 475","url":"https://www.judiciary.uk/wp-content/uploads/2025/04/Kington-S.A.R.L.-Thames-Water-and-another-v-Thames-Water-Utilities-Holdings-and-others-judgment.pdf","publisher":"Court of Appeal (Civil Division)","date":"2025-04-15","locator":"Approved judgment, CA-2025-000371 and others","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"court_record","publisher_type":"government"},"reading":"Kington S.à r.l. and others v Thames Water Utilities Holdings Ltd and others [2025] EWCA Civ 475, Court of Appeal (Civil Division)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-055","record":{"id":"src-055","title":"Thames Water's dividend payments and Condition P30: final decision","url":"https://www.ofwat.gov.uk/wp-content/uploads/2024/12/2025-05-28-Thames-Waters-Dividend-Payments-and-ConditIon-P30-Final-Decision.pdf","publisher":"Ofwat (Water Services Regulation Authority)","date":"2025-05-28","locator":"Final decision document","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Thames Water's dividend payments and Condition P30: final decision, Ofwat (Water Services Regulation Authority)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-056","record":{"id":"src-056","title":"Written evidence from Thames Water to the follow-up inquiry into Ofwat, the water industry and the role of Government (OFU0003)","url":"https://committees.parliament.uk/writtenevidence/123149/pdf/","publisher":"House of Commons committee publication of written evidence","date":"","locator":"Written evidence OFU0003","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"company_statement","publisher_type":"government"},"reading":"Written evidence from Thames Water to the follow-up inquiry into Ofwat, the water industry and the role of Government (OFU0003), House of Commons committee publication of written evidence"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-057","record":{"id":"src-057","title":"Companies House register: Kemble Water Limited (05859424), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/05859424/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 05859424, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Limited (05859424), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-058","record":{"id":"src-058","title":"Company statement source · src-058","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-058"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-059","record":{"id":"src-059","title":"Company statement source · src-059","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-059"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-060","record":{"id":"src-060","title":"Media source · src-060","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-060"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-061","record":{"id":"src-061","title":"Companies House register: Kemble Water Holdings Limited (05819262), filing history (confirmation statements, page 2)","url":"https://find-and-update.company-information.service.gov.uk/company/05819262/filing-history?category=confirmation-statement&page=2","publisher":"Companies House","date":"","locator":"Companies House record 05819262, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Holdings Limited (05819262), filing history (confirmation statements, page 2), Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-062","record":{"id":"src-062","title":"Companies House register: Kemble Water Holdings Limited (05819262), confirmation statement made up to 25 September 2022","url":"https://find-and-update.company-information.service.gov.uk/company/05819262/filing-history/MzM1NDQzNjU3M2FkaXF6a2N4/document?format=pdf&download=0","publisher":"Companies House","date":"","locator":"Companies House record 05819262, filed document","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Holdings Limited (05819262), confirmation statement made up to 25 September 2022, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-063","record":{"id":"src-063","title":"Media source · src-063","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-063"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-064","record":{"id":"src-064","title":"Companies House register: Thames Water Utilities Holdings Limited (06195202), order sanctioning the restructuring plan (21 February 2025)","url":"https://find-and-update.company-information.service.gov.uk/company/06195202/filing-history/MzQ1NzU2MTU2NGFkaXF6a2N4/document?format=pdf&download=0","publisher":"Companies House","date":"","locator":"Companies House record 06195202, filed document","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Utilities Holdings Limited (06195202), order sanctioning the restructuring plan (21 February 2025), Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-065","record":{"id":"src-065","title":"Company statement source · src-065","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-065"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-066","record":{"id":"src-066","title":"Roberts v Severn Trent Water Ltd and others [2026] EWCA Civ 222","url":"https://www.catribunal.org.uk/sites/cat/files/2026-03/Water%20Cases%20(1603;%201628-1631;%201635)%20-%20Judgment%20of%20the%20Court%20of%20Appeal%20%205%20Mar%202026.pdf","publisher":"Court of Appeal (Civil Division), published by the Competition Appeal Tribunal","date":"2026-03-05","locator":"Approved judgment, CA-2025-001337","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"court_record","publisher_type":"government"},"reading":"Roberts v Severn Trent Water Ltd and others [2026] EWCA Civ 222, Court of Appeal (Civil Division), published by the Competition Appeal Tribunal"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-067","record":{"id":"src-067","title":"Notice of Ofwat’s decision to issue an enforcement order and impose a financial penalty on Thames Water (wastewater)","url":"https://www.ofwat.gov.uk/wp-content/uploads/2024/08/2025-05-28-Thames-Water-Final-Decision-Document-REDACTED.pdf","publisher":"Ofwat (Water Services Regulation Authority)","date":"2025-05","locator":"Final decision document (redacted)","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Notice of Ofwat’s decision to issue an enforcement order and impose a financial penalty on Thames Water (wastewater), Ofwat (Water Services Regulation Authority)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-068","record":{"id":"src-068","title":"Company statement source · src-068","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-068"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-069","record":{"id":"src-069","title":"Company statement source · src-069","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-069"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-070","record":{"id":"src-070","title":"Media source · src-070","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-070"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-071","record":{"id":"src-071","title":"Environment Secretary of State's letter to Ofwat outlining concerns on proposals to recapitalise Thames Water","url":"https://www.gov.uk/government/publications/environment-secretary-of-states-letter-to-ofwat-outlining-concernson-proposals-to-recapitalise-thames-water/environment-secretary-of-states-letter-to-ofwat-outlining-concernson-proposals-to-recapitalise-thames-water","publisher":"Department for Environment, Food and Rural Affairs","date":"2026-06-16","locator":"Published correspondence","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"government"},"reading":"Environment Secretary of State's letter to Ofwat outlining concerns on proposals to recapitalise Thames Water, Department for Environment, Food and Rural Affairs"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-072","record":{"id":"src-072","title":"Thames Water fined £4 million after 30 hour waterfall of sewage discharge","url":"https://www.gov.uk/government/news/thames-water-fined-4-million-after-30-hour-waterfall-of-sewage-discharge","publisher":"Environment Agency and Defra","date":"2021-11-19","locator":"Press release","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"government"},"reading":"Thames Water fined £4 million after 30 hour waterfall of sewage discharge, Environment Agency and Defra"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-073","record":{"id":"src-073","title":"Thames Water fined £2.3 million for 'foreseeable' pollution","url":"https://www.gov.uk/government/news/thames-water-fined-23-million-for-foreseeable-pollution","publisher":"Environment Agency","date":"2021-03-02","locator":"Press release","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"government"},"reading":"Thames Water fined £2.3 million for 'foreseeable' pollution, Environment Agency"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-074","record":{"id":"src-074","title":"Thames Water fined £2m for “foreseeable and avoidable” pollution","url":"https://www.gov.uk/government/news/thames-water-fined-2m-for-foreseeable-and-avoidable-pollution","publisher":"Environment Agency and Defra","date":"2019-01-03","locator":"Press release (updated 28 February 2023)","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"government"},"reading":"Thames Water fined £2m for “foreseeable and avoidable” pollution, Environment Agency and Defra"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-075","record":{"id":"src-075","title":"Written evidence from Ofwat to the Public Accounts Committee: water company ownership structures","url":"https://publications.parliament.uk/pa/cm201415/cmselect/cmpubacc/406/406we06.htm","publisher":"House of Commons Public Accounts Committee publication of Ofwat evidence","date":"2014-02-03","locator":"Written evidence, appendix A","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Written evidence from Ofwat to the Public Accounts Committee: water company ownership structures, House of Commons Public Accounts Committee publication of Ofwat evidence"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-076","record":{"id":"src-076","title":"Company statement source · src-076","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-076"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-077","record":{"id":"src-077","title":"Company statement source · src-077","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-077"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-078","record":{"id":"src-078","title":"Company statement source · src-078","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-078"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-079","record":{"id":"src-079","title":"PN 22/18: Thames Water’s failure to tackle leakage results in £65m package for customers","url":"https://www.ofwat.gov.uk/pn-22-18-thames-waters-failure-tackle-leakage-results-65m-package-customers/","publisher":"Ofwat (Water Services Regulation Authority)","date":"2018-06-07","locator":"Press notice","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"PN 22/18: Thames Water’s failure to tackle leakage results in £65m package for customers, Ofwat (Water Services Regulation Authority)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-080","record":{"id":"src-080","title":"Investigation into Thames Water’s failure to meet its leakage performance commitments (OFW-0017071)","url":"https://www.ofwat.gov.uk/investigation-thames-waters-failure-meet-leakage-performance-commitments/","publisher":"Ofwat (Water Services Regulation Authority)","date":"2018-08-08","locator":"Case page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Investigation into Thames Water’s failure to meet its leakage performance commitments (OFW-0017071), Ofwat (Water Services Regulation Authority)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-081","record":{"id":"src-081","title":"Companies House register: Kemble Water Structure Limited (05819276), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/05819276/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 05819276, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Structure Limited (05819276), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-082","record":{"id":"src-082","title":"Company statement source · src-082","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-082"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-083","record":{"id":"src-083","title":"Media source · src-083","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-083"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-084","record":{"id":"src-084","title":"Information note on Thames Water's draft determination","url":"https://www.ofwat.gov.uk/wp-content/uploads/2024/07/Information-note-on-Thames-Waters-draft-determination-1.pdf","publisher":"Ofwat (Water Services Regulation Authority)","date":"2024-07","locator":"Information note","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Information note on Thames Water's draft determination, Ofwat (Water Services Regulation Authority)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-085","record":{"id":"src-085","title":"New bonus rule blocks £4m in first year of operation","url":"https://www.ofwat.gov.uk/potential-bonuses-blocked-by-new-rule/","publisher":"Ofwat (Water Services Regulation Authority)","date":"2025-11-05","locator":"News release","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"New bonus rule blocks £4m in first year of operation, Ofwat (Water Services Regulation Authority)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-086","record":{"id":"src-086","title":"Competition and Markets Authority references (2024 price review)","url":"https://www.ofwat.gov.uk/regulated-companies/price-review/2024-price-review/competition-and-markets-authority-references/","publisher":"Ofwat (Water Services Regulation Authority)","date":"","locator":"Price review page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Competition and Markets Authority references (2024 price review), Ofwat (Water Services Regulation Authority)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-087","record":{"id":"src-087","title":"Companies House register: Thames Water Super Senior Holdco Limited (16110214), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/16110214/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 16110214, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Super Senior Holdco Limited (16110214), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-088","record":{"id":"src-088","title":"Companies House register: Thames Water Super Senior Holdco Limited (16110214), officers","url":"https://find-and-update.company-information.service.gov.uk/company/16110214/officers","publisher":"Companies House","date":"","locator":"Companies House record 16110214, officers","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Thames Water Super Senior Holdco Limited (16110214), officers, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-089","record":{"id":"src-089","title":"Companies House register: Wren House Infrastructure Management Limited (08478917), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/08478917/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 08478917, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Wren House Infrastructure Management Limited (08478917), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-090","record":{"id":"src-090","title":"BCI response to the Ofwat consultation on putting the sector back in balance","url":"https://www.ofwat.gov.uk/wp-content/uploads/2018/04/BCI-Consultation-Response-May-17-2018-Final-signed-for-Publication.pdf","publisher":"Ofwat publication of a consultation response by BCI","date":"2018-05-17","locator":"Consultation response letter","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"company_statement","publisher_type":"regulator"},"reading":"BCI response to the Ofwat consultation on putting the sector back in balance, Ofwat publication of a consultation response by BCI"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-091","record":{"id":"src-091","title":"Companies House register: Kemble Water Investments Limited (05859428), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/05859428/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 05859428, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Investments Limited (05859428), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-092","record":{"id":"src-092","title":"Companies House register: L3 Investment Holdings LP (SL024106), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/SL024106/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record SL024106, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: L3 Investment Holdings LP (SL024106), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-093","record":{"id":"src-093","title":"Companies House officer appointments: Nicholas Charles Edward Land","url":"https://find-and-update.company-information.service.gov.uk/officers/5orJD4T8W4epdDS-C4Z_4gVQS38/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Nicholas Charles Edward Land, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-094","record":{"id":"src-094","title":"Ian Pearson: parliamentary career","url":"https://members.parliament.uk/member/310/career","publisher":"UK Parliament","date":"","locator":"Member 310, career page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"government"},"reading":"Ian Pearson: parliamentary career, UK Parliament"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-095","record":{"id":"src-095","title":"Exhibit 99.1 to Schedule 13D (Puget Energy, Inc.): joint filing agreement","url":"https://www.sec.gov/Archives/edgar/data/1085392/000095012307016634/y44541exv99w1.htm","publisher":"U.S. Securities and Exchange Commission (EDGAR)","date":"2007-12","locator":"EX-99.1","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"regulator"},"reading":"Exhibit 99.1 to Schedule 13D (Puget Energy, Inc.): joint filing agreement, U.S. Securities and Exchange Commission (EDGAR)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-096","record":{"id":"src-096","title":"Media source · src-096","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-096"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-097","record":{"id":"src-097","title":"Companies House officer appointments: Andrew Fraiser","url":"https://find-and-update.company-information.service.gov.uk/officers/GVEbc4GniywGPXUYbuK8CMoWKqg/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Andrew Fraiser, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-098","record":{"id":"src-098","title":"Companies House officer appointments: Adam Banks","url":"https://find-and-update.company-information.service.gov.uk/officers/VIKpHVA72VgXgRJL7RIDgeoO-co/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Adam Banks, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-099","record":{"id":"src-099","title":"Companies House officer appointments: Aidan Whiteman De Brunner","url":"https://find-and-update.company-information.service.gov.uk/officers/vti7ik29DYdy7bcgO7IKejzbVe0/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Aidan Whiteman De Brunner, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-100","record":{"id":"src-100","title":"Companies House officer appointments: Neil Jonathan Robson","url":"https://find-and-update.company-information.service.gov.uk/officers/rG33ZwtKN3zvKwC2N-AQqaZXmSU/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Neil Jonathan Robson, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-101","record":{"id":"src-101","title":"Companies House officer appointments: Nirmal Dhirajlal Kotecha","url":"https://find-and-update.company-information.service.gov.uk/officers/8Az83Y-q93EnSYFf8_HMM5X1CvU/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Nirmal Dhirajlal Kotecha, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-102","record":{"id":"src-102","title":"Companies House officer appointments: Andrew James McNaughton","url":"https://find-and-update.company-information.service.gov.uk/officers/Dkm5gCRf9WqtbhdHgMUoi2MMjpc/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Andrew James McNaughton, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-103","record":{"id":"src-103","title":"Companies House officer appointments: Peter Szymon Antolik","url":"https://find-and-update.company-information.service.gov.uk/officers/j0-GhF1Tlw9GfFSa50Em-2HzKYM/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Peter Szymon Antolik, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-104","record":{"id":"src-104","title":"Companies House register: Kemble Water Liberty Limited (05819270), filing history","url":"https://find-and-update.company-information.service.gov.uk/company/05819270/filing-history","publisher":"Companies House","date":"","locator":"Companies House record 05819270, filing history","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Kemble Water Liberty Limited (05819270), filing history, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-105","record":{"id":"src-105","title":"Companies House register: Universities Superannuation Scheme Limited (01167127), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/01167127/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 01167127, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: Universities Superannuation Scheme Limited (01167127), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-106","record":{"id":"src-106","title":"Companies House register: CSC Corporate Services (UK) Limited (10831084), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/10831084/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 10831084, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: CSC Corporate Services (UK) Limited (10831084), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-107","record":{"id":"src-107","title":"Companies House register: CSC Directors (No. 1) Limited (10830933), persons with significant control","url":"https://find-and-update.company-information.service.gov.uk/company/10830933/persons-with-significant-control","publisher":"Companies House","date":"","locator":"Companies House record 10830933, persons with significant control","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House register: CSC Directors (No. 1) Limited (10830933), persons with significant control, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-108","record":{"id":"src-108","title":"Media source · src-108","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"media","publisher_type":"media"},"reading":"Media source · src-108"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-109","record":{"id":"src-109","title":"Companies House officer appointments: William John Alexander","url":"https://find-and-update.company-information.service.gov.uk/officers/X5xHqLcHaiL2eHS6jFvVWQStNn4/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: William John Alexander, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-110","record":{"id":"src-110","title":"Corporations Canada: Terrace IRR GP Inc. (12452464)","url":"https://ised-isde.canada.ca/cc/lgcy/fdrlCrpDtls.html?corpId=12452464","publisher":"Corporations Canada","date":"","locator":"Federal corporation record 12452464","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Corporations Canada: Terrace IRR GP Inc. (12452464), Corporations Canada"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-111","record":{"id":"src-111","title":"GLEIF LEI records: Thames Water Utilities Finance plc and Thames Water Utilities Limited","url":"https://api.gleif.org/api/v1/lei-records?filter[lei]=213800ESMPQ4RQ7G8351,213800JKM5UQHFJOTZ25","publisher":"Global Legal Entity Identifier Foundation","date":"","locator":"LEI records API response","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"GLEIF LEI records: Thames Water Utilities Finance plc and Thames Water Utilities Limited, Global Legal Entity Identifier Foundation"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-112","record":{"id":"src-112","title":"Corporations Canada: bcIMC WCBAF SIIF101 2006 Investment Corporation (12605287)","url":"https://ised-isde.canada.ca/cc/lgcy/fdrlCrpDtls.html?corpId=12605287","publisher":"Corporations Canada","date":"","locator":"Federal corporation record 12605287","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Corporations Canada: bcIMC WCBAF SIIF101 2006 Investment Corporation (12605287), Corporations Canada"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-113","record":{"id":"src-113","title":"Companies House officer appointments: Peter James Mason","url":"https://find-and-update.company-information.service.gov.uk/officers/eqXsJa-dm_dSE8sx163uE3W6kRU/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Peter James Mason, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-114","record":{"id":"src-114","title":"Companies House officer appointments: Craig Anderson","url":"https://find-and-update.company-information.service.gov.uk/officers/n0tASrsA_iHWO33f6xQx3VvyndQ/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Craig Anderson, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-115","record":{"id":"src-115","title":"Companies House officer appointments: Richard John Aylard","url":"https://find-and-update.company-information.service.gov.uk/officers/U6oJL1s2RZ5A7Nq-isUSm-ce7j4/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Richard John Aylard, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-116","record":{"id":"src-116","title":"Research source · src-116","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"research","publisher_type":"nonprofit"},"reading":"Research source · src-116"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-117","record":{"id":"src-117","title":"GLEIF LEI records: MEIF Luxembourg Holdings and MEIF II Luxembourg Holdings","url":"https://api.gleif.org/api/v1/lei-records?filter[lei]=549300I7KMZ71CCWD353,5493005140CK3YDUNM76","publisher":"Global Legal Entity Identifier Foundation","date":"","locator":"LEI records API response","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"GLEIF LEI records: MEIF Luxembourg Holdings and MEIF II Luxembourg Holdings, Global Legal Entity Identifier Foundation"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-118","record":{"id":"src-118","title":"Company statement source · src-118","url":"","publisher":"","date":"","locator":"","basis":"Source classification retained; identifying metadata omitted.","accessed":"","source_type":"company_statement","publisher_type":"corporate"},"reading":"Company statement source · src-118"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-119","record":{"id":"src-119","title":"Re Thames Water Utilities Holdings Ltd [2024] EWHC 3310 (Ch): convening judgment","url":"https://caselaw.nationalarchives.gov.uk/ewhc/ch/2024/3310","publisher":"High Court of Justice (Business and Property Courts)","date":"2024-12-17","locator":"Judgment of Trower J","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"court_record","publisher_type":"government"},"reading":"Re Thames Water Utilities Holdings Ltd [2024] EWHC 3310 (Ch): convening judgment, High Court of Justice (Business and Property Courts)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-120","record":{"id":"src-120","title":"Reject Thames Water investors and ensure new regulation prevents repeat of chaotic saga, MPs tell government","url":"https://committees.parliament.uk/committee/52/environment-food-and-rural-affairs-committee/news/217944/reject-thames-water-investors-and-ensure-new-regulation-prevents-repeat-of-chaotic-saga-mps-tell-government/","publisher":"House of Commons Environment, Food and Rural Affairs Committee","date":"2026-09-18","locator":"Committee news release on its report","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"regulatory_record","publisher_type":"government"},"reading":"Reject Thames Water investors and ensure new regulation prevents repeat of chaotic saga, MPs tell government, House of Commons Environment, Food and Rural Affairs Committee"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-121","record":{"id":"src-121","title":"Companies House officer appointments: Alastair Edward Cochran","url":"https://find-and-update.company-information.service.gov.uk/officers/qS4ZDVgDIOWy5Q0fhMj54MXf06E/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Alastair Edward Cochran, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-122","record":{"id":"src-122","title":"Companies House officer appointments: Hannah Nixon","url":"https://find-and-update.company-information.service.gov.uk/officers/n1y8f5H_mobd-rrMriy_9LHDLhA/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Hannah Nixon, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"sources","id":"src-123","record":{"id":"src-123","title":"Companies House officer appointments: Jill Belinda Shedden","url":"https://find-and-update.company-information.service.gov.uk/officers/HarwMDVsNpvlm29vEaiRu9_5Cls/appointments","publisher":"Companies House","date":"","locator":"Officer appointments page","basis":"Retained copy of the document in the frozen case database, read in the passages cited by the claims.","accessed":"2026-10-17","source_type":"corporate_registry","publisher_type":"registry_operator"},"reading":"Companies House officer appointments: Jill Belinda Shedden, Companies House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-twul","record":{"id":"c-id-twul","kind":"fact","text":"Thames Water Utilities Limited is a private limited company with Companies House number 02366661, incorporated on 1 April 1989, with its registered office at Clearwater Court, Vastern Road, Reading, Berkshire, RG1 8DB. An archived copy of its Companies House record from March 2026 shows it as active, with accounts made up to 31 March 2025, a last confirmation statement dated 19 June 2025 and the business activity 36000, water collection, treatment and supply.","source_ids":["src-009"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited is a private limited company with Companies House number 02366661, incorporated on 1 April 1989, with its registered office at Clearwater Court, Vastern Road, Reading, Berkshire, RG1 8DB. An archived copy of its Companies House record from March 2026 shows it as active, with accounts made up to 31 March 2025, a last confirmation statement dated 19 June 2025 and the business activity 36000, water collection, treatment and supply."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-twul-lei","record":{"id":"c-id-twul-lei","kind":"fact","text":"The Global Legal Entity Identifier Foundation (GLEIF) record for legal entity identifier (LEI) 213800JKM5UQHFJOTZ25 names THAMES WATER UTILITIES LIMITED, registered as 02366661 in Great Britain, created on 1 April 1989, with active status.","source_ids":["src-111"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: The Global Legal Entity Identifier Foundation (GLEIF) record for legal entity identifier (LEI) 213800JKM5UQHFJOTZ25 names THAMES WATER UTILITIES LIMITED, registered as 02366661 in Great Britain, created on 1 April 1989, with active status."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-twul-undertaker","record":{"id":"c-id-twul-undertaker","kind":"fact","text":"Thames Water Utilities Limited is the water and sewerage undertaker appointed under section 6 of the Water Industry Act 1991, under a licence of appointment issued by the Secretary of State for Environment, Food and Rural Affairs. The Drinking Water Inspectorate identifies it by its registered number 02366661, and its core activities are regulated by the Water Services Regulation Authority (Ofwat), the Drinking Water Inspectorate and the Environment Agency.","source_ids":["src-014","src-048"],"entity_ids":["twul","ofwat","dwi","ea","defra"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited is the water and sewerage undertaker appointed under section 6 of the Water Industry Act 1991, under a licence of appointment issued by the Secretary of State for Environment, Food and Rural Affairs. The Drinking Water Inspectorate identifies it by its registered number 02366661, and its core activities are regulated by the Water Services Regulation Authority (Ofwat), the Drinking Water Inspectorate and the Environment Agency."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-twul-role","record":{"id":"c-id-twul-role","kind":"fact","text":"The group describes Thames Water Utilities Limited (TWUL) as the regulated, licensed operating company that provides water and wastewater services to customers across London, the Thames Valley and the Home Counties, and Kemble Water Holdings Limited as its ultimate parent company, owned by a consortium of institutional shareholders, mostly pension funds and sovereign wealth funds. It states that all companies in the structure between them are incorporated in the UK.","source_ids":["src-007"],"entity_ids":["twul","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: The group describes Thames Water Utilities Limited (TWUL) as the regulated, licensed operating company that provides water and wastewater services to customers across London, the Thames Valley and the Home Counties, and Kemble Water Holdings Limited as its ultimate parent company, owned by a consortium of institutional shareholders, mostly pension funds and sovereign wealth funds. It states that all companies in the structure between them are incorporated in the UK."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-twul-group","record":{"id":"c-id-twul-group","kind":"fact","text":"Thames Water Utilities Limited's 2024/25 annual report describes the company as an intermediate holding company within the Kemble Water Holdings Limited group, whose own group at 31 March 2025 consisted of the company and two subsidiaries, Thames Water Utilities Finance plc (TWUF) and Thames Water Super Senior Issuer plc (TWSSI).","source_ids":["src-028"],"entity_ids":["twul","kwh","twuf","twssi"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited's 2024/25 annual report describes the company as an intermediate holding company within the Kemble Water Holdings Limited group, whose own group at 31 March 2025 consisted of the company and two subsidiaries, Thames Water Utilities Finance plc (TWUF) and Thames Water Super Senior Issuer plc (TWSSI)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-twuf-lei","record":{"id":"c-id-twuf-lei","kind":"fact","text":"GLEIF's record for LEI 213800ESMPQ4RQ7G8351 names THAMES WATER UTILITIES FINANCE PLC, registered as 02403744, previously named Thames Water Utilities Finance Limited, with its legal address at Clearwater Court, Vastern Road, Reading and active status.","source_ids":["src-111"],"entity_ids":["twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: GLEIF's record for LEI 213800ESMPQ4RQ7G8351 names THAMES WATER UTILITIES FINANCE PLC, registered as 02403744, previously named Thames Water Utilities Finance Limited, with its legal address at Clearwater Court, Vastern Road, Reading and active status."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-twuhl-name","record":{"id":"c-id-twuhl-name","kind":"fact","text":"Thames Water Utilities Holdings Limited (number 06195202) was incorporated in England and Wales on 30 March 2007 as Hackremco (No. 2467) Limited, with its registered office at Clearwater Court, Reading, and was renamed Thames Water Utilities Holdings Limited on 20 June 2007.","source_ids":["src-064"],"entity_ids":["twuhl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Holdings Limited (number 06195202) was incorporated in England and Wales on 30 March 2007 as Hackremco (No. 2467) Limited, with its registered office at Clearwater Court, Reading, and was renamed Thames Water Utilities Holdings Limited on 20 June 2007."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-twl-names","record":{"id":"c-id-twl-names","kind":"fact","text":"Thames Water Limited (number 02366623), incorporated on 1 April 1989, was previously named Thames Water Plc (1 April 1989 to 1 October 2003), RWE Thames Water Plc (1 October 2003 to 1 December 2006) and again Thames Water Plc (1 December 2006 to 4 June 2007). An archived copy of its Companies House record from March 2026 shows it as active, with its registered office at 7th Floor, 3 More London Riverside, London SE1 2AQ.","source_ids":["src-018"],"entity_ids":["twl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Limited (number 02366623), incorporated on 1 April 1989, was previously named Thames Water Plc (1 April 1989 to 1 October 2003), RWE Thames Water Plc (1 October 2003 to 1 December 2006) and again Thames Water Plc (1 December 2006 to 4 June 2007). An archived copy of its Companies House record from March 2026 shows it as active, with its registered office at 7th Floor, 3 More London Riverside, London SE1 2AQ."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-kwf-lei","record":{"id":"c-id-kwf-lei","kind":"fact","text":"GLEIF's record for LEI 2138003A8GC5KL85UR35 names KEMBLE WATER FINANCE LIMITED, registered as 05819317 in Great Britain.","source_ids":["src-045"],"entity_ids":["kwf"],"qualification":"","response":"","outcome":""},"reading":"Fact: GLEIF's record for LEI 2138003A8GC5KL85UR35 names KEMBLE WATER FINANCE LIMITED, registered as 05819317 in Great Britain."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-twkf-lei","record":{"id":"c-id-twkf-lei","kind":"fact","text":"GLEIF's record for LEI 213800S7UU2MQXYJQO60 names THAMES WATER (KEMBLE) FINANCE PLC, registered as 07516930, previously named Hackplimco (No. 120) plc, with its legal address at 7th Floor, 3 More London Riverside, London SE1 2AQ and active status.","source_ids":["src-045"],"entity_ids":["twkf"],"qualification":"","response":"","outcome":""},"reading":"Fact: GLEIF's record for LEI 213800S7UU2MQXYJQO60 names THAMES WATER (KEMBLE) FINANCE PLC, registered as 07516930, previously named Hackplimco (No. 120) plc, with its legal address at 7th Floor, 3 More London Riverside, London SE1 2AQ and active status."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-hermes-lei","record":{"id":"c-id-hermes-lei","kind":"fact","text":"GLEIF's record for LEI 549300OPDMK6XNMN2594 names HERMES GPE LLP, registered as OC348770, with its legal address at 150 Cheapside, London EC2V 6ET.","source_ids":["src-045"],"entity_ids":["hermes-gpe"],"qualification":"","response":"","outcome":""},"reading":"Fact: GLEIF's record for LEI 549300OPDMK6XNMN2594 names HERMES GPE LLP, registered as OC348770, with its legal address at 150 Cheapside, London EC2V 6ET."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-meif-lux","record":{"id":"c-id-meif-lux","kind":"fact","text":"GLEIF's record for LEI 549300I7KMZ71CCWD353 names MEIF Luxembourg Holdings S.à r.l., registered in Luxembourg as B97123, previously named MEIF Luxembourg Holdings S.A.; the record shows inactive status and a completed liquidation effective 26 October 2020.","source_ids":["src-117"],"entity_ids":["meif-lux"],"qualification":"","response":"","outcome":""},"reading":"Fact: GLEIF's record for LEI 549300I7KMZ71CCWD353 names MEIF Luxembourg Holdings S.à r.l., registered in Luxembourg as B97123, previously named MEIF Luxembourg Holdings S.A.; the record shows inactive status and a completed liquidation effective 26 October 2020."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-id-meif2-lux","record":{"id":"c-id-meif2-lux","kind":"fact","text":"GLEIF's record for LEI 5493005140CK3YDUNM76 names MEIF II Luxembourg Holdings S.à r.l., registered in Luxembourg as B117627, with active status.","source_ids":["src-117"],"entity_ids":["meif2-lux"],"qualification":"","response":"","outcome":""},"reading":"Fact: GLEIF's record for LEI 5493005140CK3YDUNM76 names MEIF II Luxembourg Holdings S.à r.l., registered in Luxembourg as B117627, with active status."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-psc-twul","record":{"id":"c-own-psc-twul","kind":"fact","text":"Companies House lists Thames Water Utilities Holdings Limited (06195202) as the only person with significant control of Thames Water Utilities Limited, notified on 6 April 2016, through ownership of 75% or more of the shares and voting rights and the right to appoint or remove directors.","source_ids":["src-001"],"entity_ids":["twul","twuhl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists Thames Water Utilities Holdings Limited (06195202) as the only person with significant control of Thames Water Utilities Limited, notified on 6 April 2016, through ownership of 75% or more of the shares and voting rights and the right to appoint or remove directors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-psc-twuhl","record":{"id":"c-own-psc-twuhl","kind":"fact","text":"Companies House lists Thames Water Limited (02366623) as the person with significant control of Thames Water Utilities Holdings Limited, notified on 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors.","source_ids":["src-002"],"entity_ids":["twuhl","twl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists Thames Water Limited (02366623) as the person with significant control of Thames Water Utilities Holdings Limited, notified on 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-psc-twl","record":{"id":"c-own-psc-twl","kind":"fact","text":"Companies House lists Kemble Water Finance Limited (05819317) as the person with significant control of Thames Water Limited, notified on 6 April 2016, through 75% or more of the shares and voting rights.","source_ids":["src-003"],"entity_ids":["twl","kwf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists Kemble Water Finance Limited (05819317) as the person with significant control of Thames Water Limited, notified on 6 April 2016, through 75% or more of the shares and voting rights."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-psc-kwf","record":{"id":"c-own-psc-kwf","kind":"fact","text":"Companies House lists Kemble Water Eurobond Plc (05957999), a public limited company, as the person with significant control of Kemble Water Finance Limited, notified on 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors.","source_ids":["src-004"],"entity_ids":["kwf","kwe"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists Kemble Water Eurobond Plc (05957999), a public limited company, as the person with significant control of Kemble Water Finance Limited, notified on 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-psc-kwe","record":{"id":"c-own-psc-kwe","kind":"fact","text":"Companies House lists Kemble Water Holdings Limited (05819262) as the person with significant control of Kemble Water Eurobond Plc, notified on 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors.","source_ids":["src-005"],"entity_ids":["kwe","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists Kemble Water Holdings Limited (05819262) as the person with significant control of Kemble Water Eurobond Plc, notified on 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-psc-kwh","record":{"id":"c-own-psc-kwh","kind":"fact","text":"Kemble Water Holdings Limited has no registered person with significant control. Since 1 June 2017 its register carries a statement that the company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to it.","source_ids":["src-006"],"entity_ids":["kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited has no registered person with significant control. Since 1 June 2017 its register carries a statement that the company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to it."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-psc-twuf","record":{"id":"c-own-psc-twuf","kind":"fact","text":"Companies House lists Thames Water Utilities Limited as the person with significant control of Thames Water Utilities Finance plc (02403744), notified on 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors.","source_ids":["src-030"],"entity_ids":["twuf","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists Thames Water Utilities Limited as the person with significant control of Thames Water Utilities Finance plc (02403744), notified on 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-psc-twssi","record":{"id":"c-own-psc-twssi","kind":"fact","text":"Companies House lists Thames Water Utilities Limited as the person with significant control of Thames Water Super Senior Issuer plc (16110279) from 25 February 2025, through 75% or more of the shares and voting rights and the right to appoint or remove directors. Before that, from 29 November 2024 to 25 February 2025, the person with significant control was Thames Water Super Senior Holdco Limited (16110214).","source_ids":["src-029"],"entity_ids":["twssi","twul","twss-holdco"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists Thames Water Utilities Limited as the person with significant control of Thames Water Super Senior Issuer plc (16110279) from 25 February 2025, through 75% or more of the shares and voting rights and the right to appoint or remove directors. Before that, from 29 November 2024 to 25 February 2025, the person with significant control was Thames Water Super Senior Holdco Limited (16110214)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-group-roles","record":{"id":"c-own-group-roles","kind":"fact","text":"The group's own description of the companies between Kemble Water Holdings Limited and the operating company states that Kemble Water Holdings Limited was set up in 2006 for investors to hold shares; Kemble Water Eurobond plc was set up to raise debt from shareholders to help buy TWUL in 2006; Kemble Water Finance Limited was set up to raise debt from external lenders for the same purchase, held in a separate company closer to TWUL because external lenders require greater security; Thames Water Limited, once listed on the London Stock Exchange, now holds pension obligations and other non-regulated companies; Thames Water Utilities Holdings Limited was set up in 2007 for the whole business securitisation and gives its lenders security over the shares in TWUL; and Thames Water Utilities Finance plc and Thames Water Super Senior Issuer plc raise debt and super senior debt to fund TWUL.","source_ids":["src-007"],"entity_ids":["kwh","kwe","kwf","twl","twuhl","twuf","twssi","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: The group's own description of the companies between Kemble Water Holdings Limited and the operating company states that Kemble Water Holdings Limited was set up in 2006 for investors to hold shares; Kemble Water Eurobond plc was set up to raise debt from shareholders to help buy TWUL in 2006; Kemble Water Finance Limited was set up to raise debt from external lenders for the same purchase, held in a separate company closer to TWUL because external lenders require greater security; Thames Water Limited, once listed on the London Stock Exchange, now holds pension obligations and other non-regulated companies; Thames Water Utilities Holdings Limited was set up in 2007 for the whole business securitisation and gives its lenders security over the shares in TWUL; and Thames Water Utilities Finance plc and Thames Water Super Senior Issuer plc raise debt and super senior debt to fund TWUL."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-kwh-subsidiaries","record":{"id":"c-own-kwh-subsidiaries","kind":"fact","text":"Kemble Water Holdings Limited's 2022/23 consolidated accounts list, at 31 March 2023, Kemble Water Eurobond plc and Kemble Ventures Holdings Limited as its direct 100% subsidiaries, and Kemble Water Finance Limited, Thames Water (Kemble) Finance plc, Thames Water Limited, Thames Water Utilities Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Finance plc among its indirect 100% subsidiaries.","source_ids":["src-036"],"entity_ids":["kwh","kwe","kemble-ventures","kwf","twkf","twl","twuhl","twul","twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's 2022/23 consolidated accounts list, at 31 March 2023, Kemble Water Eurobond plc and Kemble Ventures Holdings Limited as its direct 100% subsidiaries, and Kemble Water Finance Limited, Thames Water (Kemble) Finance plc, Thames Water Limited, Thames Water Utilities Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Finance plc among its indirect 100% subsidiaries."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-website-shareholders","record":{"id":"c-own-website-shareholders","kind":"fact","text":"Thames Water's structure web page, as retrieved on 17 October 2026, lists Kemble Water Holdings Limited's external shareholders and their year of entry as: Ontario Municipal Employees Retirement System (OMERS), 31.777% (2017–2018); Universities Superannuation Scheme (USS), 19.710% (2017, 2021); Infinity Investments SA, described as a subsidiary of the Abu Dhabi Investment Authority, 9.900% (2011); British Columbia Investment Management Corporation (BCI), 8.706% (2006); Hermes GPE, 8.699% (2012); China Investment Corporation (CIC), 8.688% (2012); Queensland Investment Corporation (QIC), 5.352% (2006); Aquila GP Inc., described as a wholly owned subsidiary of Fiera Infrastructure Inc., 4.996% (2013); and Stichting Pensioenfonds Zorg en Welzijn (PFZW), 2.172% (2006).","source_ids":["src-007","src-028"],"entity_ids":["kwh","omers","uss","infinity","bci","hermes-gpe","cic","qic","aquila","pfzw","britel"],"qualification":"Thames Water Utilities Limited's 2024/25 annual report states that Hermes GPE was listed in error as a shareholder in the previous year's accounts: the legal owner of the 8.699% interest is BriTel Fund Trustees Limited, custodian trustee of the BT Pension Scheme, and Hermes GPE acts as its investment manager.","response":"","outcome":""},"reading":"Fact: Thames Water's structure web page, as retrieved on 17 October 2026, lists Kemble Water Holdings Limited's external shareholders and their year of entry as: Ontario Municipal Employees Retirement System (OMERS), 31.777% (2017–2018); Universities Superannuation Scheme (USS), 19.710% (2017, 2021); Infinity Investments SA, described as a subsidiary of the Abu Dhabi Investment Authority, 9.900% (2011); British Columbia Investment Management Corporation (BCI), 8.706% (2006); Hermes GPE, 8.699% (2012); China Investment Corporation (CIC), 8.688% (2012); Queensland Investment Corporation (QIC), 5.352% (2006); Aquila GP Inc., described as a wholly owned subsidiary of Fiera Infrastructure Inc., 4.996% (2013); and Stichting Pensioenfonds Zorg en Welzijn (PFZW), 2.172% (2006)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-cs01-2024","record":{"id":"c-own-cs01-2024","kind":"fact","text":"Kemble Water Holdings Limited's confirmation statement made up to 25 September 2024 records 1,991,600,000 ordinary shares with an aggregate nominal value of £1,991,600,000, each carrying one vote, and lists these registered holders: Aquila GP Inc., as general partner of the Aquila Sonnet Limited Partnership, 99,493,484 shares; BriTel Fund Trustees Limited, as custodian trustee of the BT Pension Scheme, 173,251,041; Church Water Investment Limited, 392,546,862; Cicero Investment Corporation, 173,032,146; Infinity Investments SA, 197,168,400; OMERS Farmoor SGP LP, 435,906,071; OMERS Farmoor 2 Holdings B.V., 110,129,892; OMERS Farmoor 3 Holdings B.V., 86,833,760; QIC Infrastructure Management Pty Ltd, as trustee for QIC Infrastructure Portfolio No. 3 Trust, 106,583,411 (the same number of shares was transferred out of its holding as trustee for the No. 1 Trust on 13 November 2023); Stichting Pensioenfonds Zorg en Welzijn, 43,258,036; and Terrace IRR GP Inc, 173,396,897.","source_ids":["src-011"],"entity_ids":["kwh","aquila","britel","church-water","cicero","infinity","omers-farmoor-sgp","omers-farmoor-2","omers-farmoor-3","qic-im","pfzw","terrace"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's confirmation statement made up to 25 September 2024 records 1,991,600,000 ordinary shares with an aggregate nominal value of £1,991,600,000, each carrying one vote, and lists these registered holders: Aquila GP Inc., as general partner of the Aquila Sonnet Limited Partnership, 99,493,484 shares; BriTel Fund Trustees Limited, as custodian trustee of the BT Pension Scheme, 173,251,041; Church Water Investment Limited, 392,546,862; Cicero Investment Corporation, 173,032,146; Infinity Investments SA, 197,168,400; OMERS Farmoor SGP LP, 435,906,071; OMERS Farmoor 2 Holdings B.V., 110,129,892; OMERS Farmoor 3 Holdings B.V., 86,833,760; QIC Infrastructure Management Pty Ltd, as trustee for QIC Infrastructure Portfolio No. 3 Trust, 106,583,411 (the same number of shares was transferred out of its holding as trustee for the No. 1 Trust on 13 November 2023); Stichting Pensioenfonds Zorg en Welzijn, 43,258,036; and Terrace IRR GP Inc, 173,396,897."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-cs01-unchanged","record":{"id":"c-own-cs01-unchanged","kind":"fact","text":"Kemble Water Holdings Limited filed its confirmation statements made up to 25 September 2025 and 25 September 2026 \"with no updates\", so the register shows no change to the shareholder list and share capital stated for 25 September 2024.","source_ids":["src-021"],"entity_ids":["kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited filed its confirmation statements made up to 25 September 2025 and 25 September 2026 \"with no updates\", so the register shows no change to the shareholder list and share capital stated for 25 September 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-share-arithmetic","record":{"id":"c-own-share-arithmetic","kind":"analysis","text":"Dividing the registered holdings by Kemble Water Holdings Limited's 1,991,600,000 shares reproduces each percentage on the company's shareholder list: the three OMERS Farmoor vehicles together hold 632,869,723 shares (31.777%), Church Water Investment Limited 19.710% (the USS figure), Infinity Investments SA 9.900%, Terrace IRR GP Inc 8.706% (the BCI figure), BriTel Fund Trustees Limited 8.699%, Cicero Investment Corporation 8.688% (the CIC figure), the QIC trustee 5.352%, Aquila GP Inc. 4.996% and Stichting Pensioenfonds Zorg en Welzijn 2.172%; the eleven holdings add up to all 1,991,600,000 shares.","source_ids":["src-011","src-007","src-028"],"entity_ids":["kwh","omers-farmoor-sgp","omers-farmoor-2","omers-farmoor-3","church-water","infinity","terrace","britel","cicero","qic-im","aquila","pfzw","omers","uss","bci","cic"],"qualification":"The matching percentages show which registered holder corresponds to which investor named by the company; they do not by themselves prove who owns a holder. Separate registry and party records document the OMERS, USS and BCI links; no document in the record states who owns Cicero Investment Corporation or where it is registered.","response":"","outcome":""},"reading":"Analysis: Dividing the registered holdings by Kemble Water Holdings Limited's 1,991,600,000 shares reproduces each percentage on the company's shareholder list: the three OMERS Farmoor vehicles together hold 632,869,723 shares (31.777%), Church Water Investment Limited 19.710% (the USS figure), Infinity Investments SA 9.900%, Terrace IRR GP Inc 8.706% (the BCI figure), BriTel Fund Trustees Limited 8.699%, Cicero Investment Corporation 8.688% (the CIC figure), the QIC trustee 5.352%, Aquila GP Inc. 4.996% and Stichting Pensioenfonds Zorg en Welzijn 2.172%; the eleven holdings add up to all 1,991,600,000 shares."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-church-water-psc","record":{"id":"c-own-church-water-psc","kind":"fact","text":"Companies House lists L3 Investment Holdings LP, a Scottish limited partnership (SL024106) at 50 Lothian Road, Edinburgh, as the only person with significant control of Church Water Investment Limited (10859956), notified on 24 July 2017, through 75% or more of the shares and voting rights and the right to appoint or remove directors.","source_ids":["src-019","src-092"],"entity_ids":["church-water","l3-lp"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists L3 Investment Holdings LP, a Scottish limited partnership (SL024106) at 50 Lothian Road, Edinburgh, as the only person with significant control of Church Water Investment Limited (10859956), notified on 24 July 2017, through 75% or more of the shares and voting rights and the right to appoint or remove directors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-l3-psc","record":{"id":"c-own-l3-psc","kind":"fact","text":"Companies House lists two persons with significant control of L3 Investment Holdings LP, both notified on 24 July 2017: Universities Superannuation Scheme Limited (01167127), a company limited by guarantee at the Royal Liver Building, Liverpool, with 75% or more of the voting rights and of the right to surplus assets and the right to appoint or remove persons; and L3 Investment Holdings Gp Limited (SC521123), Edinburgh, with the right to appoint or remove persons.","source_ids":["src-092"],"entity_ids":["l3-lp","uss-ltd","l3-gp"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists two persons with significant control of L3 Investment Holdings LP, both notified on 24 July 2017: Universities Superannuation Scheme Limited (01167127), a company limited by guarantee at the Royal Liver Building, Liverpool, with 75% or more of the voting rights and of the right to surplus assets and the right to appoint or remove persons; and L3 Investment Holdings Gp Limited (SC521123), Edinburgh, with the right to appoint or remove persons."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-uss-ltd","record":{"id":"c-own-uss-ltd","kind":"fact","text":"Universities Superannuation Scheme Limited, the trustee company of the Universities Superannuation Scheme, owns the share capital of a number of investment holding companies used to administer the scheme's investments, according to the scheme's 2020/21 report and accounts. Its own Companies House register has no person with significant control and has carried, since 12 October 2016, a statement that there is no registrable person or registrable relevant legal entity.","source_ids":["src-058","src-105"],"entity_ids":["uss-ltd","uss"],"qualification":"","response":"","outcome":""},"reading":"Fact: Universities Superannuation Scheme Limited, the trustee company of the Universities Superannuation Scheme, owns the share capital of a number of investment holding companies used to administer the scheme's investments, according to the scheme's 2020/21 report and accounts. Its own Companies House register has no person with significant control and has carried, since 12 October 2016, a statement that there is no registrable person or registrable relevant legal entity."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-church-water-secretary","record":{"id":"c-own-church-water-secretary","kind":"fact","text":"Since 7 January 2019 the company secretary of Church Water Investment Limited has been USS Secretarial Services Limited (11749329), with the correspondence address c/o Universities Superannuation Scheme Limited, Royal Liver Building, Liverpool.","source_ids":["src-031"],"entity_ids":["church-water","uss-secretarial","uss-ltd"],"qualification":"","response":"","outcome":""},"reading":"Fact: Since 7 January 2019 the company secretary of Church Water Investment Limited has been USS Secretarial Services Limited (11749329), with the correspondence address c/o Universities Superannuation Scheme Limited, Royal Liver Building, Liverpool."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-omers-cs01-2022","record":{"id":"c-own-omers-cs01-2022","kind":"fact","text":"Kemble Water Holdings Limited's confirmation statement made up to 25 September 2022 lists OMERS Farmoor Singapore Pte. Ltd as the holder of 435,906,071 shares, together with OMERS Farmoor 2 Holdings B.V. (110,129,892) and OMERS Farmoor 3 Holdings B.V. (86,833,760). In the statement made up to 25 September 2024 a holding of the same 435,906,071 shares is listed under OMERS Farmoor SGP LP.","source_ids":["src-062","src-011"],"entity_ids":["kwh","omers-farmoor-sg","omers-farmoor-2","omers-farmoor-3","omers-farmoor-sgp"],"qualification":"Companies House notes on the 2022 statement that a second filed confirmation statement changing the statement of capital and shareholder information was registered on 2 July 2024; the record does not show which entries it changed.","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's confirmation statement made up to 25 September 2022 lists OMERS Farmoor Singapore Pte. Ltd as the holder of 435,906,071 shares, together with OMERS Farmoor 2 Holdings B.V. (110,129,892) and OMERS Farmoor 3 Holdings B.V. (86,833,760). In the statement made up to 25 September 2024 a holding of the same 435,906,071 shares is listed under OMERS Farmoor SGP LP."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-omers-press-vehicle","record":{"id":"c-own-omers-press-vehicle","kind":"attributed","text":"A newspaper reported in July 2023, citing another newspaper, that OMERS Farmoor Singapore Pte, a Singapore-registered entity owned by OMERS and one of several vehicles OMERS used to invest in Thames Water, valued its holding in Kemble at £700m at the end of 2022, down from £979m at the end of 2021.","source_ids":["src-063"],"entity_ids":["omers","omers-farmoor-sg","kwh"],"qualification":"This is a media account of the vehicle's own valuation; the record contains no filing of OMERS or of the vehicle itself confirming the figures or the ownership statement.","response":"","outcome":""},"reading":"Attributed: A newspaper reported in July 2023, citing another newspaper, that OMERS Farmoor Singapore Pte, a Singapore-registered entity owned by OMERS and one of several vehicles OMERS used to invest in Thames Water, valued its holding in Kemble at £700m at the end of 2022, down from £979m at the end of 2021."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-bci-letter","record":{"id":"c-own-bci-letter","kind":"fact","text":"In a response to an Ofwat consultation dated 17 May 2018 and published by Ofwat, BCI stated that it had first acquired a minority interest in Kemble Water Holdings Limited, owner of Thames Water Utilities Limited, in 2006, had increased it in 2010 and 2011, and then owned 8.7% of Kemble. The letter was signed by Lincoln Webb as President of BCIMC SIIF101 2006 Investment Corporation and BCIMC WCBAF SIIF101 2006 Investment Corporation, from a bci.ca address, with a copy to BCI's chief executive Gordon Fyfe.","source_ids":["src-090"],"entity_ids":["bci","kwh","twul","lincoln-webb","bcimc-sif101","bcimc-wcbaf"],"qualification":"","response":"","outcome":""},"reading":"Fact: In a response to an Ofwat consultation dated 17 May 2018 and published by Ofwat, BCI stated that it had first acquired a minority interest in Kemble Water Holdings Limited, owner of Thames Water Utilities Limited, in 2006, had increased it in 2010 and 2011, and then owned 8.7% of Kemble. The letter was signed by Lincoln Webb as President of BCIMC SIIF101 2006 Investment Corporation and BCIMC WCBAF SIIF101 2006 Investment Corporation, from a bci.ca address, with a copy to BCI's chief executive Gordon Fyfe."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-bci-statute","record":{"id":"c-own-bci-statute","kind":"fact","text":"A 2007 filing with the U.S. Securities and Exchange Commission describes British Columbia Investment Management Corporation (bcIMC) as an entity created by legislative act of the Government of British Columbia under the Public Sector Pension Plans Act 1999, carrying on trust and investment management business from Victoria, British Columbia, and lists Lincoln Webb as its Vice President, Private Placements.","source_ids":["src-095"],"entity_ids":["bci","lincoln-webb"],"qualification":"","response":"","outcome":""},"reading":"Fact: A 2007 filing with the U.S. Securities and Exchange Commission describes British Columbia Investment Management Corporation (bcIMC) as an entity created by legislative act of the Government of British Columbia under the Public Sector Pension Plans Act 1999, carrying on trust and investment management business from Victoria, British Columbia, and lists Lincoln Webb as its Vice President, Private Placements."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-terrace","record":{"id":"c-own-terrace","kind":"fact","text":"Corporations Canada's record for Terrace IRR GP Inc. (corporation 12452464) shows a federal corporation incorporated on 27 October 2020 with its registered office at 750 Pandora Avenue, Victoria, British Columbia, and Lincoln Webb as its only listed director. The record states that the corporation is excluded from reporting individuals with significant control because it is a Crown corporation or a wholly owned subsidiary of a Crown corporation (last confirmed 31 October 2025).","source_ids":["src-110"],"entity_ids":["terrace","lincoln-webb"],"qualification":"","response":"","outcome":""},"reading":"Fact: Corporations Canada's record for Terrace IRR GP Inc. (corporation 12452464) shows a federal corporation incorporated on 27 October 2020 with its registered office at 750 Pandora Avenue, Victoria, British Columbia, and Lincoln Webb as its only listed director. The record states that the corporation is excluded from reporting individuals with significant control because it is a Crown corporation or a wholly owned subsidiary of a Crown corporation (last confirmed 31 October 2025)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-bcimc-wcbaf","record":{"id":"c-own-bcimc-wcbaf","kind":"fact","text":"Corporations Canada's record for bcIMC WCBAF SIIF101 2006 Investment Corporation (corporation 12605287) shows a corporation formed on 2 January 2021 by amalgamation of nine corporations, including an earlier corporation of the same name (6564127), with its registered office at 750 Pandora Avenue, Victoria, and Lincoln Webb as its only listed director. It too is excluded from reporting individuals with significant control as a Crown corporation or a wholly owned subsidiary of one (last confirmed 9 January 2026).","source_ids":["src-112"],"entity_ids":["bcimc-wcbaf","lincoln-webb"],"qualification":"","response":"","outcome":""},"reading":"Fact: Corporations Canada's record for bcIMC WCBAF SIIF101 2006 Investment Corporation (corporation 12605287) shows a corporation formed on 2 January 2021 by amalgamation of nine corporations, including an earlier corporation of the same name (6564127), with its registered office at 750 Pandora Avenue, Victoria, and Lincoln Webb as its only listed director. It too is excluded from reporting individuals with significant control as a Crown corporation or a wholly owned subsidiary of one (last confirmed 9 January 2026)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-bci-terrace-link","record":{"id":"c-own-bci-terrace-link","kind":"analysis","text":"The registered holding of Terrace IRR GP Inc. corresponds to the stake the company attributes to BCI: its 173,396,897 shares are 8.706% of Kemble Water Holdings Limited, the figure listed for British Columbia Investment Management Corporation; Terrace IRR GP Inc. received exactly that number of shares on 4 January 2021 from Torfino IMC Corporation Ltd; its only director, Lincoln Webb, is the BCI officer who signed BCI's 2018 letter for the bcIMC vehicles; and Corporations Canada records it as a Crown corporation or a wholly owned subsidiary of one.","source_ids":["src-011","src-007","src-028","src-110","src-090","src-062"],"entity_ids":["terrace","bci","kwh","lincoln-webb","torfino"],"qualification":"No record in the archive states Terrace IRR GP Inc.'s shareholder; the attribution to BCI rests on these matching registry and party records.","response":"","outcome":""},"reading":"Analysis: The registered holding of Terrace IRR GP Inc. corresponds to the stake the company attributes to BCI: its 173,396,897 shares are 8.706% of Kemble Water Holdings Limited, the figure listed for British Columbia Investment Management Corporation; Terrace IRR GP Inc. received exactly that number of shares on 4 January 2021 from Torfino IMC Corporation Ltd; its only director, Lincoln Webb, is the BCI officer who signed BCI's 2018 letter for the bcIMC vehicles; and Corporations Canada records it as a Crown corporation or a wholly owned subsidiary of one."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-britel","record":{"id":"c-own-britel","kind":"fact","text":"Thames Water Utilities Limited's 2024/25 annual report lists BriTel Fund Trustees Limited, custodian trustee of the BT Pension Scheme, as the holder of 8.699% of Kemble Water Holdings Limited, and Hermes GPE as the investment manager acting on its behalf.","source_ids":["src-028"],"entity_ids":["britel","kwh","hermes-gpe"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited's 2024/25 annual report lists BriTel Fund Trustees Limited, custodian trustee of the BT Pension Scheme, as the holder of 8.699% of Kemble Water Holdings Limited, and Hermes GPE as the investment manager acting on its behalf."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-hermes-psc","record":{"id":"c-own-hermes-psc","kind":"fact","text":"Companies House lists Federated Hermes Limited (01661776) as the person with significant control of Hermes GPE LLP (OC348770) since 6 April 2016, through 75% or more of the voting rights and of the right to surplus assets; GPE Partner Limited (07717749), which held more than 25% but not more than 50% of the voting rights from the same date, ceased to be a person with significant control on 30 May 2024.","source_ids":["src-033"],"entity_ids":["hermes-gpe","federated-hermes","gpe-partner"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists Federated Hermes Limited (01661776) as the person with significant control of Hermes GPE LLP (OC348770) since 6 April 2016, through 75% or more of the voting rights and of the right to surplus assets; GPE Partner Limited (07717749), which held more than 25% but not more than 50% of the voting rights from the same date, ceased to be a person with significant control on 30 May 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-ultimate-controllers-2025","record":{"id":"c-own-ultimate-controllers-2025","kind":"fact","text":"In a letter of 8 September 2025 to the chair of the House of Commons Business and Trade Committee, Ofwat stated that it continued to consider Kemble Water Holdings Limited, as the United Kingdom holding company, and six entities — Infinity Investments S.A, bcIMC WCBAF SIIF101 2006 Investment Corporation, Cicero Investment Corporation, OMERS Infrastructure European Holdings B.V., BriTel Funds Limited and Church Water Investment Limited — to be the Ultimate Controllers of Thames Water Utilities Limited under its licence, because they remain in a position to materially influence its policy and affairs whether or not they exercise those rights. Ofwat based this on the ownership structure and the governance arrangements put in place by the owners, including a shareholders' agreement.","source_ids":["src-043"],"entity_ids":["twul","kwh","infinity","bcimc-wcbaf","cicero","omers-ieh","britel-funds","church-water","ofwat"],"qualification":"The licence defines an Ultimate Controller as a person in a position to control or materially influence the policy or affairs of the company in Ofwat's reasonable determination; the classification describes ability, not how the shareholders currently act.","response":"","outcome":""},"reading":"Fact: In a letter of 8 September 2025 to the chair of the House of Commons Business and Trade Committee, Ofwat stated that it continued to consider Kemble Water Holdings Limited, as the United Kingdom holding company, and six entities — Infinity Investments S.A, bcIMC WCBAF SIIF101 2006 Investment Corporation, Cicero Investment Corporation, OMERS Infrastructure European Holdings B.V., BriTel Funds Limited and Church Water Investment Limited — to be the Ultimate Controllers of Thames Water Utilities Limited under its licence, because they remain in a position to materially influence its policy and affairs whether or not they exercise those rights. Ofwat based this on the ownership structure and the governance arrangements put in place by the owners, including a shareholders' agreement."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-shareholders-withdrawn","record":{"id":"c-own-shareholders-withdrawn","kind":"fact","text":"The same Ofwat letter records that certain shareholders had withdrawn their directors from Thames Water Utilities Limited's board and, according to the company, were not taking an active role in its affairs, so that the company was no longer consulting its shareholders as it used to; Ofwat tested whether this changed the Ultimate Controllers and concluded that it did not.","source_ids":["src-043"],"entity_ids":["twul","ofwat","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: The same Ofwat letter records that certain shareholders had withdrawn their directors from Thames Water Utilities Limited's board and, according to the company, were not taking an active role in its affairs, so that the company was no longer consulting its shareholders as it used to; Ofwat tested whether this changed the Ultimate Controllers and concluded that it did not."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-creditors-not-controllers","record":{"id":"c-own-creditors-not-controllers","kind":"fact","text":"Ofwat's 8 September 2025 letter states that no individual creditor or group of creditors of Thames Water Utilities Limited — including the more than 100 financial institutions advised by Akin Gump LLP, which hold over £13 billion of Class A and super senior debt, and their informal coordinating committee, some of whose members holding over £8 billion were preparing a recapitalisation proposal — was then in a position to exert material influence amounting to Ultimate Control, because they hold no shares, no right to appoint directors and no veto or other governance rights. Ofwat added that if the equity raise significantly changed the shareholders it would expect the Ultimate Controllers to change, and that it would then require undertakings from any new Ultimate Controllers.","source_ids":["src-043"],"entity_ids":["twul","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: Ofwat's 8 September 2025 letter states that no individual creditor or group of creditors of Thames Water Utilities Limited — including the more than 100 financial institutions advised by Akin Gump LLP, which hold over £13 billion of Class A and super senior debt, and their informal coordinating committee, some of whose members holding over £8 billion were preparing a recapitalisation proposal — was then in a position to exert material influence amounting to Ultimate Control, because they hold no shares, no right to appoint directors and no veto or other governance rights. Ofwat added that if the equity raise significantly changed the shareholders it would expect the Ultimate Controllers to change, and that it would then require undertakings from any new Ultimate Controllers."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-own-uc-jan-2025","record":{"id":"c-own-uc-jan-2025","kind":"fact","text":"Ofwat's letter of 28 January 2025 to Thames Water Utilities Limited, which was filed with the High Court in the restructuring plan proceedings, concluded that no change of Ultimate Controllers had occurred or would occur if the financing agreements took effect after sanction of the plan.","source_ids":["src-043"],"entity_ids":["twul","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: Ofwat's letter of 28 January 2025 to Thames Water Utilities Limited, which was filed with the High Court in the restructuring plan proceedings, concluded that no change of Ultimate Controllers had occurred or would occur if the financing agreements took effect after sanction of the plan."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-2006-acquisition","record":{"id":"c-hist-2006-acquisition","kind":"fact","text":"According to Ofwat's position paper of May 2007, Kemble Water Limited completed its acquisition of Thames Water Holdings Plc on 1 December 2006. Kemble Water Limited was 100% owned by Kemble Water Holdings Limited, itself owned by a consortium of investors; Thames Water Holdings Plc owned 100% of Thames Water Plc, which owned 100% of Thames Water Utilities Limited, the appointed water and sewerage undertaker.","source_ids":["src-012"],"entity_ids":["kwl","tw-holdings-plc","kwh","twl","twul","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: According to Ofwat's position paper of May 2007, Kemble Water Limited completed its acquisition of Thames Water Holdings Plc on 1 December 2006. Kemble Water Limited was 100% owned by Kemble Water Holdings Limited, itself owned by a consortium of investors; Thames Water Holdings Plc owned 100% of Thames Water Plc, which owned 100% of Thames Water Utilities Limited, the appointed water and sewerage undertaker."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-macquarie-2007","record":{"id":"c-hist-macquarie-2007","kind":"fact","text":"Ofwat's May 2007 paper describes the Kemble consortium as mostly pension funds and other long-term institutional investors from Europe, Canada and Australia, and states that entities managed by or associated with the Macquarie Group owned 47.65% of Kemble Water Holdings Limited through Kemble Water International Holdings Limited (KWIHL), the consortium member with the largest stake. Its annex lists KWIHL as comprising Macquarie European Infrastructure Fund LP, Macquarie European Infrastructure Fund II, Macquarie Diversified Infrastructure Fund, Macquarie-FSS Infrastructure Trust, Macquarie PRISM Pty Ltd and LODH Macquarie Infrastructure Fund LP, and names thirteen other consortium members, among them British Columbia Investment Management Corporation and Queensland Investment Corporation. Ofwat noted that Macquarie Bank Limited had sold its remaining interest in KWIHL to LODH Macquarie Infrastructure Fund LP after the February 2007 consultation.","source_ids":["src-012"],"entity_ids":["kwh","kwihl","meif","meif2","mdif","mfit","mpp","lodh-mif","macquarie-bank","bci","qic","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: Ofwat's May 2007 paper describes the Kemble consortium as mostly pension funds and other long-term institutional investors from Europe, Canada and Australia, and states that entities managed by or associated with the Macquarie Group owned 47.65% of Kemble Water Holdings Limited through Kemble Water International Holdings Limited (KWIHL), the consortium member with the largest stake. Its annex lists KWIHL as comprising Macquarie European Infrastructure Fund LP, Macquarie European Infrastructure Fund II, Macquarie Diversified Infrastructure Fund, Macquarie-FSS Infrastructure Trust, Macquarie PRISM Pty Ltd and LODH Macquarie Infrastructure Fund LP, and names thirteen other consortium members, among them British Columbia Investment Management Corporation and Queensland Investment Corporation. Ofwat noted that Macquarie Bank Limited had sold its remaining interest in KWIHL to LODH Macquarie Infrastructure Fund LP after the February 2007 consultation."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-kwihl-psc","record":{"id":"c-hist-kwihl-psc","kind":"fact","text":"Kemble Water Holdings Limited's register records Kemble Water International Holdings Limited, a Guernsey company (registration G0044986) based in St Peter Port, as a person with significant control from 6 April 2016 until 31 May 2017, with more than 25% but not more than 50% of the shares and voting rights.","source_ids":["src-006"],"entity_ids":["kwh","kwihl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's register records Kemble Water International Holdings Limited, a Guernsey company (registration G0044986) based in St Peter Port, as a person with significant control from 6 April 2016 until 31 May 2017, with more than 25% but not more than 50% of the shares and voting rights."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-undertakings-2007","record":{"id":"c-hist-undertakings-2007","kind":"fact","text":"Under Condition P of its licence, Thames Water Utilities Limited had to obtain legally enforceable undertakings from its owners to give it the information needed to comply with its licence, to refrain from any action that could cause it to breach the licence, and to maintain at least three independent non-executive directors on its board. For the new ownership, Kemble proposed in 2007 that the undertakings be given by Kemble Water Holdings Limited as the UK holding company and by MEIF Luxembourg Holdings SA and MEIF II Luxembourg Holdings Sarl as joint ultimate controllers within the two Macquarie European Infrastructure Fund structures, and Ofwat saw no reason to dispute this.","source_ids":["src-012"],"entity_ids":["twul","kwh","meif-lux","meif2-lux","meif","meif2","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: Under Condition P of its licence, Thames Water Utilities Limited had to obtain legally enforceable undertakings from its owners to give it the information needed to comply with its licence, to refrain from any action that could cause it to breach the licence, and to maintain at least three independent non-executive directors on its board. For the new ownership, Kemble proposed in 2007 that the undertakings be given by Kemble Water Holdings Limited as the UK holding company and by MEIF Luxembourg Holdings SA and MEIF II Luxembourg Holdings Sarl as joint ultimate controllers within the two Macquarie European Infrastructure Fund structures, and Ofwat saw no reason to dispute this."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-undertakings-dates","record":{"id":"c-hist-undertakings-dates","kind":"fact","text":"Ofwat's 2018 conclusions record that Kemble Water Holdings Limited gave its undertaking to Thames Water on 14 August 2007 as the highest-level UK corporate owner, and that Macquarie, then considered an Ultimate Controller because of reserved rights attached to its shareholdings, gave an undertaking dated 31 July 2007. When Macquarie sold its shareholding Macquarie ceased to be an Ultimate Controller, while the Kemble undertaking remained in place.","source_ids":["src-044"],"entity_ids":["kwh","twul","mira","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: Ofwat's 2018 conclusions record that Kemble Water Holdings Limited gave its undertaking to Thames Water on 14 August 2007 as the highest-level UK corporate owner, and that Macquarie, then considered an Ultimate Controller because of reserved rights attached to its shareholdings, gave an undertaking dated 31 July 2007. When Macquarie sold its shareholding Macquarie ceased to be an Ultimate Controller, while the Kemble undertaking remained in place."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-financing-plan-2007","record":{"id":"c-hist-financing-plan-2007","kind":"fact","text":"Ofwat's May 2007 paper records Kemble's plan to transfer all of Thames Water's existing debt into a securitisation structure, issue new long-term bonds ring-fenced around Thames Water's cash flows and obligations, and refinance some acquisition debt within it. Kemble anticipated that debt would also be held at Thames Water's holding companies, fully ring-fenced from the regulated company with no recourse to it, even for payment of interest if a lock-up applied at Thames Water.","source_ids":["src-012"],"entity_ids":["twul","kwh","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: Ofwat's May 2007 paper records Kemble's plan to transfer all of Thames Water's existing debt into a securitisation structure, issue new long-term bonds ring-fenced around Thames Water's cash flows and obligations, and refinance some acquisition debt within it. Kemble anticipated that debt would also be held at Thames Water's holding companies, fully ring-fenced from the regulated company with no recourse to it, even for payment of interest if a lock-up applied at Thames Water."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-licence-2007","record":{"id":"c-hist-licence-2007","kind":"fact","text":"Following its 2007 review of the change of ownership, Ofwat proposed to amend Thames Water Utilities Limited's licence to require it to maintain an investment-grade issuer credit rating, to modify Condition P for the new owners, to add a cash lock-up provision and to add conditions on adequate systems of planning and internal control, with the changes to be made by notice under section 13 of the Water Industry Act 1991; it concluded that no further amendments were needed.","source_ids":["src-012"],"entity_ids":["twul","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: Following its 2007 review of the change of ownership, Ofwat proposed to amend Thames Water Utilities Limited's licence to require it to maintain an investment-grade issuer credit rating, to modify Condition P for the new owners, to add a cash lock-up provision and to add conditions on adequate systems of planning and internal control, with the changes to be made by notice under section 13 of the Water Industry Act 1991; it concluded that no further amendments were needed."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-pac-2014","record":{"id":"c-hist-pac-2014","kind":"fact","text":"Ofwat's written evidence to the House of Commons Public Accounts Committee, dated 3 February 2014, lists Kemble's consortium of investors as: Kemble Water International Holdings Limited (owned by Macquarie European Infrastructure Fund) 26.315%; BriTel Fund Trustees Limited, as custodian trustee of the BT Pension Scheme, 13.060%; Infinity Investments S.A. 9.900%; Cicero Investment Corporation 8.688%; QIC Diversified Infrastructure (Jersey) Limited 8.688%; bcIMC SIF101 2006 Investment Corporation 7.400%; AMP Capital Investors (Kemble Water) Sarl 5.530%; Stichting Pensioenfonds ABP 4.344%; Optrust Infrastructure Europe 1 Inc 4.344%; Aquila GP Inc. 2.606%; SAS Trustee Corporation 2.389%; Stichting Pensioenfonds Zorg en Welzijn 2.172%; PIP2PX (TW) Limited 2.020%; bcIMC WCBAF SIIF101 2006 Investment Corporation 1.306%; and PIP2GV (TW) Limited 1.238%.","source_ids":["src-075"],"entity_ids":["kwh","kwihl","meif","britel","infinity","cicero","qic-jersey","bcimc-sif101","amp-kemble","abp","optrust-europe","aquila","sas-trustee","pfzw","pip2px","bcimc-wcbaf","pip2gv","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: Ofwat's written evidence to the House of Commons Public Accounts Committee, dated 3 February 2014, lists Kemble's consortium of investors as: Kemble Water International Holdings Limited (owned by Macquarie European Infrastructure Fund) 26.315%; BriTel Fund Trustees Limited, as custodian trustee of the BT Pension Scheme, 13.060%; Infinity Investments S.A. 9.900%; Cicero Investment Corporation 8.688%; QIC Diversified Infrastructure (Jersey) Limited 8.688%; bcIMC SIF101 2006 Investment Corporation 7.400%; AMP Capital Investors (Kemble Water) Sarl 5.530%; Stichting Pensioenfonds ABP 4.344%; Optrust Infrastructure Europe 1 Inc 4.344%; Aquila GP Inc. 2.606%; SAS Trustee Corporation 2.389%; Stichting Pensioenfonds Zorg en Welzijn 2.172%; PIP2PX (TW) Limited 2.020%; bcIMC WCBAF SIIF101 2006 Investment Corporation 1.306%; and PIP2GV (TW) Limited 1.238%."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-2017-sale","record":{"id":"c-hist-2017-sale","kind":"fact","text":"On 14 March 2017 OMERS announced that Borealis Infrastructure, OMERS's infrastructure investment manager, and Wren House Infrastructure Management Limited, the infrastructure investing arm of the Kuwait Investment Authority, had agreed as a consortium to acquire a 26% stake in Kemble Water Holdings Limited, the ultimate holding company of Thames Water Utilities Limited, from Macquarie Infrastructure & Real Assets (MIRA); financial details were not disclosed. The announcement quoted Sir Peter Mason KBE as chairman of Thames Water.","source_ids":["src-015"],"entity_ids":["omers","wren-house-mgmt","kia","kwh","twul","mira","peter-mason"],"qualification":"","response":"","outcome":""},"reading":"Fact: On 14 March 2017 OMERS announced that Borealis Infrastructure, OMERS's infrastructure investment manager, and Wren House Infrastructure Management Limited, the infrastructure investing arm of the Kuwait Investment Authority, had agreed as a consortium to acquire a 26% stake in Kemble Water Holdings Limited, the ultimate holding company of Thames Water Utilities Limited, from Macquarie Infrastructure & Real Assets (MIRA); financial details were not disclosed. The announcement quoted Sir Peter Mason KBE as chairman of Thames Water."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-uc-2018","record":{"id":"c-hist-uc-2018","kind":"fact","text":"In its November 2018 conclusions on the change of control, Ofwat recorded that, under the arrangements following the 2017 share sales, the Ultimate Controllers of Thames Water were OMERS, Universities Superannuation Scheme (USS), Infinity Investments, Wren House, BriTel Fund Trustees Ltd, Cicero Investment Corporation (CIC) and bcIMC Investment Corporation, all of which had provided undertakings, and confirmed that the Macquarie Group retained no continuing influence or control over Thames Water after March 2017.","source_ids":["src-044"],"entity_ids":["twul","omers","uss","infinity","wren-house-mgmt","britel","cicero","bcimc-ic","mira","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: In its November 2018 conclusions on the change of control, Ofwat recorded that, under the arrangements following the 2017 share sales, the Ultimate Controllers of Thames Water were OMERS, Universities Superannuation Scheme (USS), Infinity Investments, Wren House, BriTel Fund Trustees Ltd, Cicero Investment Corporation (CIC) and bcIMC Investment Corporation, all of which had provided undertakings, and confirmed that the Macquarie Group retained no continuing influence or control over Thames Water after March 2017."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-licence-2018","record":{"id":"c-hist-licence-2018","kind":"fact","text":"Following a consultation published on 11 May 2018, Ofwat modified Thames Water Utilities Limited's licence under section 13 of the Water Industry Act 1991, with the company's consent, to bring its ring-fence provisions up to what Ofwat called the industry-leading standard, including a revised definition of the issuer credit rating it must keep; the changes took effect on 21 November 2018.","source_ids":["src-044"],"entity_ids":["twul","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: Following a consultation published on 11 May 2018, Ofwat modified Thames Water Utilities Limited's licence under section 13 of the Water Industry Act 1991, with the company's consent, to bring its ring-fence provisions up to what Ofwat called the industry-leading standard, including a revised definition of the issuer credit rating it must keep; the changes took effect on 21 November 2018."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-kemble-chain-2013","record":{"id":"c-hist-kemble-chain-2013","kind":"fact","text":"Kemble Water Holdings Limited's 2012/13 accounts list among the principal undertakings in which the group held more than 10% at 31 March 2013 Kemble Water Eurobond Plc, Kemble Water Liberty Limited, Kemble Water Structure Limited, Kemble Water Finance Limited, Kemble Water Investments Limited, Kemble Water Limited, Thames Water Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited, Thames Water Utilities Cayman Finance Limited and Thames Water (Kemble) Finance Plc.","source_ids":["src-078"],"entity_ids":["kwh","kwe","kw-liberty","kw-structure","kwf","kwi","kwl","twl","twul","twuf","twucfl","twkf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's 2012/13 accounts list among the principal undertakings in which the group held more than 10% at 31 March 2013 Kemble Water Eurobond Plc, Kemble Water Liberty Limited, Kemble Water Structure Limited, Kemble Water Finance Limited, Kemble Water Investments Limited, Kemble Water Limited, Thames Water Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited, Thames Water Utilities Cayman Finance Limited and Thames Water (Kemble) Finance Plc."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-kwl-psc","record":{"id":"c-hist-kwl-psc","kind":"fact","text":"Companies House filings show that Kemble Water Limited (05859424) notified Kemble Water Investments Limited as its person with significant control from 6 April 2016, and that Kemble Water Investments Limited (05859428) notified Kemble Water Eurobond Plc as its person with significant control from the same date.","source_ids":["src-057","src-091"],"entity_ids":["kwl","kwi","kwe"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House filings show that Kemble Water Limited (05859424) notified Kemble Water Investments Limited as its person with significant control from 6 April 2016, and that Kemble Water Investments Limited (05859428) notified Kemble Water Eurobond Plc as its person with significant control from the same date."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-intermediates-dissolved","record":{"id":"c-hist-intermediates-dissolved","kind":"fact","text":"Five former intermediate holding companies of the group — Kemble Water Limited (05859424), Kemble Water Investments Limited (05859428), Kemble Water Structure Limited (05819276), Kemble Water Liberty Limited (05819270) and Thames Water Holdings Limited (05685587) — each applied to be struck off the register on 17 December 2018 and were dissolved by voluntary strike-off, with the final Gazette notice on 26 March 2019.","source_ids":["src-046","src-057","src-081","src-104","src-091"],"entity_ids":["kwl","kwi","kw-structure","kw-liberty","twhl","tw-holdings-plc"],"qualification":"The Companies House filing history read for Thames Water Holdings Limited (05685587) does not show a change of name, so the record does not establish whether it is the Thames Water Holdings Plc that Kemble Water Limited bought in 2006.","response":"","outcome":""},"reading":"Fact: Five former intermediate holding companies of the group — Kemble Water Limited (05859424), Kemble Water Investments Limited (05859428), Kemble Water Structure Limited (05819276), Kemble Water Liberty Limited (05819270) and Thames Water Holdings Limited (05685587) — each applied to be struck off the register on 17 December 2018 and were dissolved by voluntary strike-off, with the final Gazette notice on 26 March 2019."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-torfino-terrace","record":{"id":"c-hist-torfino-terrace","kind":"fact","text":"Kemble Water Holdings Limited's confirmation statement made up to 25 September 2022 records that Torfino IMC Corporation Ltd transferred 173,396,897 shares on 4 January 2021 and held none afterwards, and that Terrace IRR GP Inc held 173,396,897 shares.","source_ids":["src-062"],"entity_ids":["kwh","torfino","terrace"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's confirmation statement made up to 25 September 2022 records that Torfino IMC Corporation Ltd transferred 173,396,897 shares on 4 January 2021 and held none afterwards, and that Terrace IRR GP Inc held 173,396,897 shares."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-initial-investors-2021","record":{"id":"c-hist-initial-investors-2021","kind":"fact","text":"Kemble Water Finance Limited's prospectus of 8 January 2021 defines its \"Initial Investors\" as Stichting Pensioenfonds Zorg en Welzijn, Tofino IMC Corporation, Aquila GP Inc., Infinity Investments S.A., Cicero Investment Corporation, BriTel Fund Trustees Limited as custodian trustee of the BT pension scheme, OMERS Farmoor 2 Holdings B.V., OMERS Farmoor 3 Holdings B.V., Omers Infrastructure (Farmoor) Pte Ltd, QIC Infrastructure Management Pty Ltd, Church Water Investment Limited and Wren House Infrastructure Investments Limited, including any successors in title.","source_ids":["src-076"],"entity_ids":["kwf","pfzw","torfino","aquila","infinity","cicero","britel","omers-farmoor-2","omers-farmoor-3","omers-infra-farmoor","qic-im","church-water","wren-house-inv","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Finance Limited's prospectus of 8 January 2021 defines its \"Initial Investors\" as Stichting Pensioenfonds Zorg en Welzijn, Tofino IMC Corporation, Aquila GP Inc., Infinity Investments S.A., Cicero Investment Corporation, BriTel Fund Trustees Limited as custodian trustee of the BT pension scheme, OMERS Farmoor 2 Holdings B.V., OMERS Farmoor 3 Holdings B.V., Omers Infrastructure (Farmoor) Pte Ltd, QIC Infrastructure Management Pty Ltd, Church Water Investment Limited and Wren House Infrastructure Investments Limited, including any successors in title."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-uss-2021","record":{"id":"c-hist-uss-2021","kind":"fact","text":"On 3 December 2021 USS announced that it had bought an additional 8.77% of Thames Water from Wren House Infrastructure Management, taking its holding to nearly 20%; it said this would be the largest single investment in the £82.2bn portfolio (at 31 March 2021) managed by its investment management subsidiary, and that USS had first become an investor in Thames Water in 2017.","source_ids":["src-059"],"entity_ids":["uss","wren-house-mgmt","kwh","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: On 3 December 2021 USS announced that it had bought an additional 8.77% of Thames Water from Wren House Infrastructure Management, taking its holding to nearly 20%; it said this would be the largest single investment in the £82.2bn portfolio (at 31 March 2021) managed by its investment management subsidiary, and that USS had first become an investor in Thames Water in 2017."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-wren-exit","record":{"id":"c-hist-wren-exit","kind":"fact","text":"Kemble Water Holdings Limited's confirmation statement made up to 25 September 2022 records that Wren House Infrastructure Investments Limited transferred all of its 174,694,999 shares on 28 January 2022 and held none afterwards, and lists Church Water Investment Limited with 392,546,862 shares.","source_ids":["src-062"],"entity_ids":["kwh","wren-house-inv","church-water"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's confirmation statement made up to 25 September 2022 records that Wren House Infrastructure Investments Limited transferred all of its 174,694,999 shares on 28 January 2022 and held none afterwards, and lists Church Water Investment Limited with 392,546,862 shares."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-wren-arithmetic","record":{"id":"c-hist-wren-arithmetic","kind":"analysis","text":"The 174,694,999 shares that Wren House Infrastructure Investments Limited transferred on 28 January 2022 are 8.77% of Kemble Water Holdings Limited's 1,991,600,000 shares — the stake USS said in December 2021 it was buying from Wren House — and Church Water Investment Limited, the USS-linked holder, is listed afterwards with 392,546,862 shares (19.71%).","source_ids":["src-062","src-059","src-011"],"entity_ids":["wren-house-inv","uss","church-water","kwh"],"qualification":"The confirmation statement shows the transfer and the holdings but not the transferee; the link between the two records rests on the matching number of shares and USS's own announcement.","response":"","outcome":""},"reading":"Analysis: The 174,694,999 shares that Wren House Infrastructure Investments Limited transferred on 28 January 2022 are 8.77% of Kemble Water Holdings Limited's 1,991,600,000 shares — the stake USS said in December 2021 it was buying from Wren House — and Church Water Investment Limited, the USS-linked holder, is listed afterwards with 392,546,862 shares (19.71%)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-hist-wren-kia","record":{"id":"c-hist-wren-kia","kind":"fact","text":"Companies House lists The Kuwait Investment Authority, an autonomous governmental body established under Kuwait's Law No. 47 of 1982, as the only person with significant control of Wren House Infrastructure Management Limited (08478917) since 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors.","source_ids":["src-089"],"entity_ids":["wren-house-mgmt","kia"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists The Kuwait Investment Authority, an autonomous governmental body established under Kuwait's Law No. 47 of 1982, as the only person with significant control of Wren House Infrastructure Management Limited (08478917) since 6 April 2016, through 75% or more of the shares and voting rights and the right to appoint or remove directors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-ringfence","record":{"id":"c-wbs-ringfence","kind":"fact","text":"Thames Water states that Thames Water Utilities Limited has a \"whole business securitisation\" that ring-fences it from the rest of the Kemble group and provides a debt platform to fund it from a variety of sources, with a set of covenant and security arrangements.","source_ids":["src-007"],"entity_ids":["twul","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water states that Thames Water Utilities Limited has a \"whole business securitisation\" that ring-fences it from the rest of the Kemble group and provides a debt platform to fund it from a variety of sources, with a set of covenant and security arrangements."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-obligors","record":{"id":"c-wbs-obligors","kind":"fact","text":"Thames Water Utilities Holdings Limited (TWUHL), Thames Water Utilities Limited and Thames Water Utilities Finance plc are the obligors of the whole business securitisation entered into in 2007. Each has entered into a Security Trust and Intercreditor Deed with the Security Trustee; TWUHL guarantees the obligations of the other obligors, and TWUL and TWUF guarantee each other's obligations under the finance agreements. Since 2025 TWUL and TWUHL also guarantee the borrowings of Thames Water Super Senior Issuer plc.","source_ids":["src-036","src-028","src-040"],"entity_ids":["twuhl","twul","twuf","twssi"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Holdings Limited (TWUHL), Thames Water Utilities Limited and Thames Water Utilities Finance plc are the obligors of the whole business securitisation entered into in 2007. Each has entered into a Security Trust and Intercreditor Deed with the Security Trustee; TWUHL guarantees the obligations of the other obligors, and TWUL and TWUF guarantee each other's obligations under the finance agreements. Since 2025 TWUL and TWUHL also guarantee the borrowings of Thames Water Super Senior Issuer plc."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-guaranteed-debt","record":{"id":"c-wbs-guaranteed-debt","kind":"fact","text":"The guaranteed debt of the securitisation group, on a post-swap basis, was £12,933.4 million at 31 March 2021, £16.4 billion at 31 March 2023, £17.9 billion at 31 March 2025 and £18,202.6 million at 31 March 2026, according to the accounts of Thames Water Utilities Finance plc, Kemble Water Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Holdings Limited respectively. The guaranteed debt of Thames Water Super Senior Issuer plc was £nil at 31 March 2025 and £1,836.5 million at 31 March 2026.","source_ids":["src-049","src-036","src-028","src-040"],"entity_ids":["twuhl","twul","twuf","twssi"],"qualification":"","response":"","outcome":""},"reading":"Fact: The guaranteed debt of the securitisation group, on a post-swap basis, was £12,933.4 million at 31 March 2021, £16.4 billion at 31 March 2023, £17.9 billion at 31 March 2025 and £18,202.6 million at 31 March 2026, according to the accounts of Thames Water Utilities Finance plc, Kemble Water Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Holdings Limited respectively. The guaranteed debt of Thames Water Super Senior Issuer plc was £nil at 31 March 2025 and £1,836.5 million at 31 March 2026."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-debt-documents","record":{"id":"c-wbs-debt-documents","kind":"fact","text":"The High Court's February 2025 judgment describes the group's external debt as governed by about 60 instruments together with a Master Definitions Agreement between Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance plc and Deutsche Trustee Company Limited as Security Trustee, a Security Trust and Intercreditor Deed, a Security Agreement and a Common Terms Agreement. Thames Water Utilities Limited and Thames Water Utilities Finance plc are the issuers, borrowers or hedge counterparties of much of the group's debt, which totalled about £19 billion, excluding hedging, at 28 November 2024.","source_ids":["src-048"],"entity_ids":["twuhl","twul","twuf","deutsche-trustee"],"qualification":"","response":"","outcome":""},"reading":"Fact: The High Court's February 2025 judgment describes the group's external debt as governed by about 60 instruments together with a Master Definitions Agreement between Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance plc and Deutsche Trustee Company Limited as Security Trustee, a Security Trust and Intercreditor Deed, a Security Agreement and a Common Terms Agreement. Thames Water Utilities Limited and Thames Water Utilities Finance plc are the issuers, borrowers or hedge counterparties of much of the group's debt, which totalled about £19 billion, excluding hedging, at 28 November 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-priority-security","record":{"id":"c-wbs-priority-security","kind":"fact","text":"Within the securitisation, the liquidity facilities rank first in priority, the hedging agreements second, the Class A debt third and the Class B debt fourth, while the subordinated debt is junior to all Class A and Class B claims. The liquidity facilities, hedging agreements and Class A and Class B debt are secured by first fixed charges over the shares in TWUL and TWUF, the group's land and property, plant and equipment, bank balances, intellectual property rights and investments, and by a first floating charge over the whole undertaking of each group company.","source_ids":["src-048"],"entity_ids":["twul","twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Within the securitisation, the liquidity facilities rank first in priority, the hedging agreements second, the Class A debt third and the Class B debt fourth, while the subordinated debt is junior to all Class A and Class B claims. The liquidity facilities, hedging agreements and Class A and Class B debt are secured by first fixed charges over the shares in TWUL and TWUF, the group's land and property, plant and equipment, bank balances, intellectual property rights and investments, and by a first floating charge over the whole undertaking of each group company."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-classes","record":{"id":"c-wbs-classes","kind":"fact","text":"At the time of the February 2025 judgment, the group's Class A debt consisted of about £16 billion of loans under 53 instruments, including revolving credit facilities, term loans, private notes and public bonds; the earliest to mature were US$285 million Class A senior notes issued by Thames Water Utilities Limited, due on 22 March 2025, with £209 million plus £15 million of interest payable on 24 March 2025. Seven further notes or bonds totalling £3,552 million fell due between 19 June 2025 and 18 April 2027 and the rest between 2027 and 2062. The Class B debt consisted of about £1 billion under 12 instruments.","source_ids":["src-048"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: At the time of the February 2025 judgment, the group's Class A debt consisted of about £16 billion of loans under 53 instruments, including revolving credit facilities, term loans, private notes and public bonds; the earliest to mature were US$285 million Class A senior notes issued by Thames Water Utilities Limited, due on 22 March 2025, with £209 million plus £15 million of interest payable on 24 March 2025. Seven further notes or bonds totalling £3,552 million fell due between 19 June 2025 and 18 April 2027 and the rest between 2027 and 2062. The Class B debt consisted of about £1 billion under 12 instruments."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-liquidity-facilities","record":{"id":"c-wbs-liquidity-facilities","kind":"fact","text":"The group's first-ranking debt consists of three liquidity facilities issued on 18 July 2006 — a Class A debt service reserve facility with a nominal value of £253,264,273.13, a Class B debt service reserve facility of £44,156,641.51 and an operating and maintenance reserve facility of £252,821,993.05 — all due to mature on 6 August 2025 and all undrawn at the time of the February 2025 judgment.","source_ids":["src-048"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: The group's first-ranking debt consists of three liquidity facilities issued on 18 July 2006 — a Class A debt service reserve facility with a nominal value of £253,264,273.13, a Class B debt service reserve facility of £44,156,641.51 and an operating and maintenance reserve facility of £252,821,993.05 — all due to mature on 6 August 2025 and all undrawn at the time of the February 2025 judgment."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-twuf-onlending","record":{"id":"c-wbs-twuf-onlending","kind":"fact","text":"Thames Water Utilities Finance plc was established to act as a financing company for its immediate parent, Thames Water Utilities Limited. It raises debt through secured bonds, loans and private placements, which Thames Water Utilities Holdings Limited and TWUL guarantee, and lends the proceeds on to TWUL under intercompany agreements, recharging its interest and debt servicing costs with a margin of 0.10% (10 basis points). TWUL's 2024/25 annual report states that TWUL does not issue bonds directly to the public markets.","source_ids":["src-049","src-028"],"entity_ids":["twuf","twul","twuhl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Finance plc was established to act as a financing company for its immediate parent, Thames Water Utilities Limited. It raises debt through secured bonds, loans and private placements, which Thames Water Utilities Holdings Limited and TWUL guarantee, and lends the proceeds on to TWUL under intercompany agreements, recharging its interest and debt servicing costs with a margin of 0.10% (10 basis points). TWUL's 2024/25 annual report states that TWUL does not issue bonds directly to the public markets."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-twul-owes-twuf","record":{"id":"c-wbs-twul-owes-twuf","kind":"fact","text":"Thames Water Utilities Limited owed £13,796.8 million to Thames Water Utilities Finance plc under these intercompany agreements at 31 March 2025 (2024: £13,981.3 million). TWUF charges TWUL a margin of 10 basis points on the loans; in January 2024 TWUL repurchased £185.5 million of a £500.0 million intercompany loan due in 2025 from TWUF at a £7.0 million discount.","source_ids":["src-028"],"entity_ids":["twul","twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited owed £13,796.8 million to Thames Water Utilities Finance plc under these intercompany agreements at 31 March 2025 (2024: £13,981.3 million). TWUF charges TWUL a margin of 10 basis points on the loans; in January 2024 TWUL repurchased £185.5 million of a £500.0 million intercompany loan due in 2025 from TWUF at a £7.0 million discount."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-twul-direct-borrowing","record":{"id":"c-wbs-twul-direct-borrowing","kind":"fact","text":"Thames Water Utilities Limited is itself the borrower of part of the group's secured bank loans and private placements: Kemble Water Holdings Limited's 2022/23 accounts list £3,259.7 million of such borrowings by TWUL at 31 March 2023, including index-linked loans, Class B loans and US dollar and sterling private placements such as $285.0m 3.570% notes due 2025, and the group's 2025/26 accounts list TWUL's £725.0m Class A floating rate loan due 2026 among its loans at 31 March 2025.","source_ids":["src-036","src-040"],"entity_ids":["twul","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited is itself the borrower of part of the group's secured bank loans and private placements: Kemble Water Holdings Limited's 2022/23 accounts list £3,259.7 million of such borrowings by TWUL at 31 March 2023, including index-linked loans, Class B loans and US dollar and sterling private placements such as $285.0m 3.570% notes due 2025, and the group's 2025/26 accounts list TWUL's £725.0m Class A floating rate loan due 2026 among its loans at 31 March 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-twucfl","record":{"id":"c-wbs-twucfl","kind":"fact","text":"The restructuring plan documents identify Thames Water Utilities Cayman Finance Limited, incorporated in the Cayman Islands, as the issuer of some of the group's Class A guaranteed bonds, such as the £250,000,000 2.625% bonds due 24 January 2032 (ISIN XS1555168365), which Thames Water Utilities Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Finance plc guaranteed on 24 January 2017. The same definitions list US dollar senior notes issued directly by TWUL, including the US$285,000,000 3.57% series 5 notes due 22 March 2025.","source_ids":["src-064"],"entity_ids":["twucfl","twuhl","twul","twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: The restructuring plan documents identify Thames Water Utilities Cayman Finance Limited, incorporated in the Cayman Islands, as the issuer of some of the group's Class A guaranteed bonds, such as the £250,000,000 2.625% bonds due 24 January 2032 (ISIN XS1555168365), which Thames Water Utilities Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Finance plc guaranteed on 24 January 2017. The same definitions list US dollar senior notes issued directly by TWUL, including the US$285,000,000 3.57% series 5 notes due 22 March 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-twuf-bonds","record":{"id":"c-wbs-twuf-bonds","kind":"fact","text":"Thames Water Utilities Finance plc was the issuer of bonds with a carrying value of £11,237.6 million at 31 March 2023 (2022: £9,817.2 million), all Class A except where highlighted as Class B, according to Kemble Water Holdings Limited's 2022/23 accounts. Thames Water Utilities Limited's 2024/25 annual report lists the group's bonds under Thames Water Utilities Finance plc, including sterling fixed-rate and index-linked bonds, with £11,103.9 million of bonds in the group's borrowings at 31 March 2025.","source_ids":["src-036","src-028","src-040"],"entity_ids":["twuf","kwh","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Finance plc was the issuer of bonds with a carrying value of £11,237.6 million at 31 March 2023 (2022: £9,817.2 million), all Class A except where highlighted as Class B, according to Kemble Water Holdings Limited's 2022/23 accounts. Thames Water Utilities Limited's 2024/25 annual report lists the group's bonds under Thames Water Utilities Finance plc, including sterling fixed-rate and index-linked bonds, with £11,103.9 million of bonds in the group's borrowings at 31 March 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-borrowings-2025","record":{"id":"c-wbs-borrowings-2025","kind":"fact","text":"The consolidated borrowings of Thames Water Utilities Holdings Limited's group at 31 March 2025 were £5,548.0 million of secured bank loans and private placements, £11,103.9 million of bonds and £2,282.2 million owed to group undertakings, with £324.1 million of interest payable on borrowings and £1,356.2 million of interest payable to group undertakings, a total of £20,614.4 million. At 31 March 2026 the total was £22,836.4 million, including £2,282.2 million of principal and £1,572.2 million of interest owed within the wider group.","source_ids":["src-040"],"entity_ids":["twuhl","twul","twuf","twssi","twl"],"qualification":"The amounts owed to group undertakings are Thames Water Utilities Holdings Limited's loans from its parent Thames Water Limited, not debt of Thames Water Utilities Limited; the operating group's own borrowings are the loans, private placements and bonds.","response":"","outcome":""},"reading":"Fact: The consolidated borrowings of Thames Water Utilities Holdings Limited's group at 31 March 2025 were £5,548.0 million of secured bank loans and private placements, £11,103.9 million of bonds and £2,282.2 million owed to group undertakings, with £324.1 million of interest payable on borrowings and £1,356.2 million of interest payable to group undertakings, a total of £20,614.4 million. At 31 March 2026 the total was £22,836.4 million, including £2,282.2 million of principal and £1,572.2 million of interest owed within the wider group."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-borrowings-h1-2026","record":{"id":"c-wbs-borrowings-h1-2026","kind":"fact","text":"Thames Water Utilities Limited's interim balance sheet at 30 September 2025 shows the borrowings of its group (TWUL, TWUF and TWSSI) as £18,182.1 million non-current (31 March 2025: £16,651.9 million) and £257.8 million current (£324.1 million), and derivative financial liabilities of £1,589.6 million non-current. Its bonds were carried at £12,546.7 million against a fair value of £9,122.7 million, and its secured bank loans and private placements at £5,635.4 million against a fair value of £3,525.0 million.","source_ids":["src-047"],"entity_ids":["twul","twuf","twssi"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited's interim balance sheet at 30 September 2025 shows the borrowings of its group (TWUL, TWUF and TWSSI) as £18,182.1 million non-current (31 March 2025: £16,651.9 million) and £257.8 million current (£324.1 million), and derivative financial liabilities of £1,589.6 million non-current. Its bonds were carried at £12,546.7 million against a fair value of £9,122.7 million, and its secured bank loans and private placements at £5,635.4 million against a fair value of £3,525.0 million."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-interest-2025","record":{"id":"c-wbs-interest-2025","kind":"fact","text":"In 2024/25 the Thames Water Utilities Limited group paid £601.0 million of interest on borrowings (2024: £492.2 million), including £187.1 million of capitalised borrowing costs; in 2025/26 the Thames Water Utilities Holdings Limited group paid £809.6 million (including £200.8 million capitalised), and new loans were shown net of £111.5 million of fees.","source_ids":["src-028","src-040"],"entity_ids":["twul","twuhl"],"qualification":"","response":"","outcome":""},"reading":"Fact: In 2024/25 the Thames Water Utilities Limited group paid £601.0 million of interest on borrowings (2024: £492.2 million), including £187.1 million of capitalised borrowing costs; in 2025/26 the Thames Water Utilities Holdings Limited group paid £809.6 million (including £200.8 million capitalised), and new loans were shown net of £111.5 million of fees."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-gearing-2021","record":{"id":"c-wbs-gearing-2021","kind":"fact","text":"Thames Water Utilities Finance plc's 2020/21 accounts state that the securitisation group's gearing was 83.2% (2020: 82.3%), comparing covenant net debt of £12,497.1 million with TWUL's regulatory capital value of £15,025.3 million, and that a senior gearing above 85.0%, a Class A gearing above 75% or interest cover below 1.1x (senior) or 1.3x (Class A) would impose conditions including a restriction on distributions from TWUL.","source_ids":["src-049"],"entity_ids":["twuf","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Finance plc's 2020/21 accounts state that the securitisation group's gearing was 83.2% (2020: 82.3%), comparing covenant net debt of £12,497.1 million with TWUL's regulatory capital value of £15,025.3 million, and that a senior gearing above 85.0%, a Class A gearing above 75% or interest cover below 1.1x (senior) or 1.3x (Class A) would impose conditions including a restriction on distributions from TWUL."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-twuf-2021","record":{"id":"c-wbs-twuf-2021","kind":"fact","text":"At 31 March 2021 Thames Water Utilities Finance plc held £11,237.9 million of non-current and £1,174.7 million of current intercompany loans receivable, and owed £11,000.0 million of non-current and £1,040.7 million of current borrowings; it had net liabilities of £10.1 million after a pre-tax loss of £110.5 million, caused mainly by £162.7 million of net losses on financial instruments. Its interest income on intercompany loans was £376.1 million in 2020/21. It had access to a £1,646.3 million revolving credit facility, of which £1,432.0 million was undrawn, and to £550.0 million of liquidity facilities that could be drawn only in limited circumstances.","source_ids":["src-049"],"entity_ids":["twuf","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: At 31 March 2021 Thames Water Utilities Finance plc held £11,237.9 million of non-current and £1,174.7 million of current intercompany loans receivable, and owed £11,000.0 million of non-current and £1,040.7 million of current borrowings; it had net liabilities of £10.1 million after a pre-tax loss of £110.5 million, caused mainly by £162.7 million of net losses on financial instruments. Its interest income on intercompany loans was £376.1 million in 2020/21. It had access to a £1,646.3 million revolving credit facility, of which £1,432.0 million was undrawn, and to £550.0 million of liquidity facilities that could be drawn only in limited circumstances."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-twuf-cash-2021","record":{"id":"c-wbs-twuf-cash-2021","kind":"fact","text":"In 2020/21 Thames Water Utilities Finance plc lent £1,575.3 million to group companies and was repaid £1,830.4 million, while raising £1,574.3 million of new loans and repaying £1,830.0 million of borrowings; it received £405.9 million of interest and paid £347.6 million.","source_ids":["src-049"],"entity_ids":["twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: In 2020/21 Thames Water Utilities Finance plc lent £1,575.3 million to group companies and was repaid £1,830.4 million, while raising £1,574.3 million of new loans and repaying £1,830.0 million of borrowings; it received £405.9 million of interest and paid £347.6 million."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-twuf-dividends-auditor","record":{"id":"c-wbs-twuf-dividends-auditor","kind":"fact","text":"Thames Water Utilities Finance plc paid no dividends in 2020/21 or 2019/20, Its auditor, PricewaterhouseCoopers LLP, was paid £147,250 for 2020/21 (£94,000 of it for the statutory audit), and that remuneration was borne by Thames Water Limited.","source_ids":["src-049"],"entity_ids":["twuf","twl","pwc"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Finance plc paid no dividends in 2020/21 or 2019/20, Its auditor, PricewaterhouseCoopers LLP, was paid £147,250 for 2020/21 (£94,000 of it for the statutory audit), and that remuneration was borne by Thames Water Limited."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-charges","record":{"id":"c-wbs-charges","kind":"fact","text":"Thames Water Utilities Limited's Companies House charges register shows eight registered charges, seven outstanding and one satisfied. They include a security agreement created on 30 August 2007 in favour of Deutsche Trustee Company Limited, for itself and each of the secured creditors as Security Trustee, with fixed and floating charges over the undertaking and all assets; two charges created on 25 February 2025 in favour of Deutsche Trustee Company Limited, one covering specified intellectual property; and three charges in favour of Kroll Trustee Services Limited, created on 25 February 2025, 17 March 2026 and 9 September 2026.","source_ids":["src-051"],"entity_ids":["twul","deutsche-trustee","kroll-trustee"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited's Companies House charges register shows eight registered charges, seven outstanding and one satisfied. They include a security agreement created on 30 August 2007 in favour of Deutsche Trustee Company Limited, for itself and each of the secured creditors as Security Trustee, with fixed and floating charges over the undertaking and all assets; two charges created on 25 February 2025 in favour of Deutsche Trustee Company Limited, one covering specified intellectual property; and three charges in favour of Kroll Trustee Services Limited, created on 25 February 2025, 17 March 2026 and 9 September 2026."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-ratings","record":{"id":"c-wbs-ratings","kind":"fact","text":"On 24 July 2024 Moody's downgraded Thames Water Utilities Limited's corporate family rating to Ba2 (from Baa3) and on 31 July 2024 S&P downgraded its Class A debt to BB (from BBB-), both below the two investment-grade ratings required by Condition P26 of its licence. By 2025 the ratings had fallen to Caa3 (Moody's corporate family) and CCC (S&P Class A); at 30 September 2025 Moody's rated the Class A debt Caa3, the Class B debt C and the super senior debt B2 (first rated in September 2025), and S&P rated Class A CCC and Class B CC.","source_ids":["src-028","src-047"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: On 24 July 2024 Moody's downgraded Thames Water Utilities Limited's corporate family rating to Ba2 (from Baa3) and on 31 July 2024 S&P downgraded its Class A debt to BB (from BBB-), both below the two investment-grade ratings required by Condition P26 of its licence. By 2025 the ratings had fallen to Caa3 (Moody's corporate family) and CCC (S&P Class A); at 30 September 2025 Moody's rated the Class A debt Caa3, the Class B debt C and the super senior debt B2 (first rated in September 2025), and S&P rated Class A CCC and Class B CC."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-derivatives","record":{"id":"c-wbs-derivatives","kind":"fact","text":"Under the court-sanctioned restructuring plan the Thames Water Utilities Limited group amended its swap agreements to add consent fees and further break clauses. The fees are based on the market value of index-linked and interest-rate swaps on 15 January 2025 and each anniversary while the group's debt lacks two investment-grade ratings; the net derivative liability at 30 September 2025 was £1,349.9 million (31 March 2025: £1,418.2 million), of which £73.4 million related to the consent fee derivatives.","source_ids":["src-047"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Under the court-sanctioned restructuring plan the Thames Water Utilities Limited group amended its swap agreements to add consent fees and further break clauses. The fees are based on the market value of index-linked and interest-rate swaps on 15 January 2025 and each anniversary while the group's debt lacks two investment-grade ratings; the net derivative liability at 30 September 2025 was £1,349.9 million (31 March 2025: £1,418.2 million), of which £73.4 million related to the consent fee derivatives."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-wbs-pensions","record":{"id":"c-wbs-pensions","kind":"fact","text":"The most recent completed triennial valuation of the Thames Water Pension Scheme, as at 31 March 2022 and signed off in August 2024, showed a deficit of £444.7 million on assets of £1,639.2 million and liabilities of £2,083.9 million; the 31 March 2025 valuation was still ongoing in July 2026 and the Pensions Regulator had not opened an investigation.","source_ids":["src-040"],"entity_ids":["twul","twuhl"],"qualification":"","response":"","outcome":""},"reading":"Fact: The most recent completed triennial valuation of the Thames Water Pension Scheme, as at 31 March 2022 and signed off in August 2024, showed a deficit of £444.7 million on assets of £1,639.2 million and liabilities of £2,083.9 million; the 31 March 2025 valuation was still ongoing in July 2026 and the Pensions Regulator had not opened an investigation."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-twkf","record":{"id":"c-kem-twkf","kind":"fact","text":"Thames Water (Kemble) Finance PLC (07516930) is a subsidiary of Kemble Water Finance Limited, which Companies House lists as its person with significant control since 6 April 2016 with 75% or more of the shares and voting rights and the right to appoint or remove directors. The group's website lists it among the other companies in the Kemble group and says it \"raises debt to fund TWUL\".","source_ids":["src-032","src-017"],"entity_ids":["twkf","kwf","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water (Kemble) Finance PLC (07516930) is a subsidiary of Kemble Water Finance Limited, which Companies House lists as its person with significant control since 6 April 2016 with 75% or more of the shares and voting rights and the right to appoint or remove directors. The group's website lists it among the other companies in the Kemble group and says it \"raises debt to fund TWUL\"."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-group-borrowings-2023","record":{"id":"c-kem-group-borrowings-2023","kind":"fact","text":"Kemble Water Holdings Limited's consolidated borrowings at 31 March 2023 — which include the operating group's debt — were £5,370.9 million of secured bank loans and private placements, £11,636.5 million of bonds and £1,045.9 million of other financing, with £207.7 million of interest payable, a total of £18,261.0 million (2022: £15,421.2 million). The accounts distinguish Kemble Water Finance Limited's secured bank loans, held under an intercreditor deed with the holding company's security trustee, from the operating group's securitisation, in which TWUHL, TWUL and TWUF are obligors under a separate Security Trust and Intercreditor Deed with the operating company's security trustee.","source_ids":["src-036"],"entity_ids":["kwh","kwf","twuhl","twul","twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's consolidated borrowings at 31 March 2023 — which include the operating group's debt — were £5,370.9 million of secured bank loans and private placements, £11,636.5 million of bonds and £1,045.9 million of other financing, with £207.7 million of interest payable, a total of £18,261.0 million (2022: £15,421.2 million). The accounts distinguish Kemble Water Finance Limited's secured bank loans, held under an intercreditor deed with the holding company's security trustee, from the operating group's securitisation, in which TWUHL, TWUL and TWUF are obligors under a separate Security Trust and Intercreditor Deed with the operating company's security trustee."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-kwf-loans-2023","record":{"id":"c-kem-kwf-loans-2023","kind":"fact","text":"Kemble Water Finance Limited itself owed £943.0 million of secured bank loans and private placements at 31 March 2023: a £200.0m floating rate loan due 2025, fixed rate loans of £4.5m, £5.5m, £100.0m and £200.0m at 5.3% due 2025, a £149.8m 5.39% loan due 2026, a £190.0m floating rate loan due 2024 and private placements of £50.0m at 5.26% due 2027 and £50.0m at 5.27% due 2028.","source_ids":["src-036"],"entity_ids":["kwf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Finance Limited itself owed £943.0 million of secured bank loans and private placements at 31 March 2023: a £200.0m floating rate loan due 2025, fixed rate loans of £4.5m, £5.5m, £100.0m and £200.0m at 5.3% due 2025, a £149.8m 5.39% loan due 2026, a £190.0m floating rate loan due 2024 and private placements of £50.0m at 5.26% due 2027 and £50.0m at 5.27% due 2028."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-twkf-bond","record":{"id":"c-kem-twkf-bond","kind":"fact","text":"Thames Water (Kemble) Finance plc was the issuer of a £400.0m 4.625% fixed rate bond due 2026, carried at £398.9 million at 31 March 2023; its £175.0m 5.875% bond due 2022 was no longer outstanding at that date.","source_ids":["src-036"],"entity_ids":["twkf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water (Kemble) Finance plc was the issuer of a £400.0m 4.625% fixed rate bond due 2026, carried at £398.9 million at 31 March 2023; its £175.0m 5.875% bond due 2022 was no longer outstanding at that date."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-security","record":{"id":"c-kem-security","kind":"fact","text":"Kemble Water Finance Limited and its subsidiary Thames Water (Kemble) Finance plc, together described as the Kemble Financing Group, have given security by debenture over their assets under an intercreditor agreement, and Kemble Water Finance Limited guarantees its subsidiary's secured debt. The face value of debt at the Kemble Water Finance Limited level at 31 March 2023 was £949.8 million, and £400.0 million at the Thames Water (Kemble) Finance plc level (2022: £515.1 million). Each company's Companies House register shows a fixed and floating security document created on 7 April 2011 in favour of Deutsche Trustee Company Limited; two debentures created by Kemble Water Finance Limited on 13 October 2006 in favour of Barclays Bank PLC, as security agent for the secured creditors, were satisfied on 11 April 2011.","source_ids":["src-036","src-052","src-053"],"entity_ids":["kwf","twkf","deutsche-trustee","barclays"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Finance Limited and its subsidiary Thames Water (Kemble) Finance plc, together described as the Kemble Financing Group, have given security by debenture over their assets under an intercreditor agreement, and Kemble Water Finance Limited guarantees its subsidiary's secured debt. The face value of debt at the Kemble Water Finance Limited level at 31 March 2023 was £949.8 million, and £400.0 million at the Thames Water (Kemble) Finance plc level (2022: £515.1 million). Each company's Companies House register shows a fixed and floating security document created on 7 April 2011 in favour of Deutsche Trustee Company Limited; two debentures created by Kemble Water Finance Limited on 13 October 2006 in favour of Barclays Bank PLC, as security agent for the secured creditors, were satisfied on 11 April 2011."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-kwf-notes-2020","record":{"id":"c-kem-kwf-notes-2020","kind":"fact","text":"Kemble Water Finance Limited's prospectus of 8 January 2021, for £50,000,000 5.26% senior secured Series 4 notes due 2027 and £50,000,000 5.27% Series 5 notes due 2028, describes the notes as secured obligations of the issuer under a security agreement in favour of the security trustee and an intercreditor agreement, secured by fixed security over all its shares in Thames Water (Kemble) Finance Plc and Thames Water Limited, its real property, book debts and bank accounts, an assignment of its rights under the transaction documents and a floating charge over all its assets.","source_ids":["src-076"],"entity_ids":["kwf","twkf","twl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Finance Limited's prospectus of 8 January 2021, for £50,000,000 5.26% senior secured Series 4 notes due 2027 and £50,000,000 5.27% Series 5 notes due 2028, describes the notes as secured obligations of the issuer under a security agreement in favour of the security trustee and an intercreditor agreement, secured by fixed security over all its shares in Thames Water (Kemble) Finance Plc and Thames Water Limited, its real property, book debts and bank accounts, an assignment of its rights under the transaction documents and a floating charge over all its assets."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-no-recourse","record":{"id":"c-kem-no-recourse","kind":"fact","text":"The same prospectus describes Kemble Water Finance Limited as a holding company with no material direct business operations, whose principal assets are its direct and indirect interests in its operating subsidiaries, primarily Thames Water Utilities Limited, and which depends on loans, interest, dividends and other payments from them; it states that those subsidiaries are separate legal entities with no obligation, contingent or otherwise, to pay amounts due under the notes or to make funds available for them.","source_ids":["src-076"],"entity_ids":["kwf","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: The same prospectus describes Kemble Water Finance Limited as a holding company with no material direct business operations, whose principal assets are its direct and indirect interests in its operating subsidiaries, primarily Thames Water Utilities Limited, and which depends on loans, interest, dividends and other payments from them; it states that those subsidiaries are separate legal entities with no obligation, contingent or otherwise, to pay amounts due under the notes or to make funds available for them."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-shareholder-notes","record":{"id":"c-kem-shareholder-notes","kind":"fact","text":"At Kemble Water Holdings Limited's level, the 2022/23 accounts show £310.4m 4.830% fixed rate shareholder loan notes due 2031, owned by the shareholders and carried at £552.8 million after capitalised interest, and £515.0m 8.000% fixed rate convertible loan notes due 2028, carried at £493.1 million. On 28 March 2023 Kemble Water Holdings Limited was substituted for Kemble Water Eurobond plc as issuer of the shareholder loan notes, whose principal had grown to £539.8 million through capitalised interest, and lent Kemble Water Eurobond plc the same amount on matching terms.","source_ids":["src-036"],"entity_ids":["kwh","kwe"],"qualification":"","response":"","outcome":""},"reading":"Fact: At Kemble Water Holdings Limited's level, the 2022/23 accounts show £310.4m 4.830% fixed rate shareholder loan notes due 2031, owned by the shareholders and carried at £552.8 million after capitalised interest, and £515.0m 8.000% fixed rate convertible loan notes due 2028, carried at £493.1 million. On 28 March 2023 Kemble Water Holdings Limited was substituted for Kemble Water Eurobond plc as issuer of the shareholder loan notes, whose principal had grown to £539.8 million through capitalised interest, and lent Kemble Water Eurobond plc the same amount on matching terms."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-intercompany-chain","record":{"id":"c-kem-intercompany-chain","kind":"fact","text":"Kemble Water Holdings Limited's 2022/23 accounts describe two unsecured intercompany loans from Kemble Water Holdings Limited to Kemble Water Eurobond plc mirroring the shareholder instruments — one with an original notional value of £540 million at 4.83%, on which KWE may capitalise interest, and one passing on the March 2023 convertible note proceeds with a 10 basis point margin — and a £3.1 billion intercompany loan from Kemble Water Eurobond plc to Kemble Water Finance Limited.","source_ids":["src-036"],"entity_ids":["kwh","kwe","kwf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's 2022/23 accounts describe two unsecured intercompany loans from Kemble Water Holdings Limited to Kemble Water Eurobond plc mirroring the shareholder instruments — one with an original notional value of £540 million at 4.83%, on which KWE may capitalise interest, and one passing on the March 2023 convertible note proceeds with a 10 basis point margin — and a £3.1 billion intercompany loan from Kemble Water Eurobond plc to Kemble Water Finance Limited."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-dependence-2013","record":{"id":"c-kem-dependence-2013","kind":"fact","text":"Kemble Water Holdings Limited's 2012/13 accounts state that, for the debt of £750.0 million held outside the securitised group, Thames Water Utilities Limited's dividends were passed up the group structure to fund Thames Water (Kemble) Finance Plc and Kemble Water Finance Limited, and that if TWUL were unable to pay dividends the group's shareholders would have to find an alternative source of external funding to service those debts. Kemble Water Finance Limited's debt at that level included a £425m facilities agreement with RBS as facility agent, of which £350m was outstanding at 31 March 2013, secured by a debenture.","source_ids":["src-078"],"entity_ids":["kwh","twul","twkf","kwf","rbs"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's 2012/13 accounts state that, for the debt of £750.0 million held outside the securitised group, Thames Water Utilities Limited's dividends were passed up the group structure to fund Thames Water (Kemble) Finance Plc and Kemble Water Finance Limited, and that if TWUL were unable to pay dividends the group's shareholders would have to find an alternative source of external funding to service those debts. Kemble Water Finance Limited's debt at that level included a £425m facilities agreement with RBS as facility agent, of which £350m was outstanding at 31 March 2013, secured by a debenture."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-eurobonds-2013","record":{"id":"c-kem-eurobonds-2013","kind":"fact","text":"In 2012/13 the shareholders of Kemble Water Holdings Limited owned, in proportion to their shareholdings, £310.4 million of bonds issued by its immediate subsidiary Kemble Water Eurobond Plc. The group counted them in its net debt of £9,606.4 million but excluded them from covenant calculations, and treated the interest on them as part of the distribution to shareholders: £17.5 million of interest and £74.5 million of dividends made a total distribution of £92.0 million in 2012/13 (2011/12: £34.9 million and £165.1 million, £200.0 million in total).","source_ids":["src-078"],"entity_ids":["kwh","kwe"],"qualification":"","response":"","outcome":""},"reading":"Fact: In 2012/13 the shareholders of Kemble Water Holdings Limited owned, in proportion to their shareholdings, £310.4 million of bonds issued by its immediate subsidiary Kemble Water Eurobond Plc. The group counted them in its net debt of £9,606.4 million but excluded them from covenant calculations, and treated the interest on them as part of the distribution to shareholders: £17.5 million of interest and £74.5 million of dividends made a total distribution of £92.0 million in 2012/13 (2011/12: £34.9 million and £165.1 million, £200.0 million in total)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-group-debt-2013","record":{"id":"c-kem-group-debt-2013","kind":"fact","text":"At 31 March 2013 the Kemble Water Holdings Limited group had £1,198.7 million of secured bank loans and £8,691.1 million of other loans, all secured except one £310.4 million loan, and the group arranged its debt through Thames Water Utilities Finance Limited, Thames Water Utilities Cayman Finance Limited, Kemble Water Finance Limited and Thames Water (Kemble) Finance Plc.","source_ids":["src-078"],"entity_ids":["kwh","twuf","twucfl","kwf","twkf"],"qualification":"","response":"","outcome":""},"reading":"Fact: At 31 March 2013 the Kemble Water Holdings Limited group had £1,198.7 million of secured bank loans and £8,691.1 million of other loans, all secured except one £310.4 million loan, and the group arranged its debt through Thames Water Utilities Finance Limited, Thames Water Utilities Cayman Finance Limited, Kemble Water Finance Limited and Thames Water (Kemble) Finance Plc."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-dependence-2023","record":{"id":"c-kem-dependence-2023","kind":"fact","text":"Kemble Water Holdings Limited's directors described it in the 2022/23 accounts as a holding company with no material direct operations, mainly dependent on Thames Water Utilities Limited as the regulated entity that generates the funds Kemble Water Finance Limited and Thames Water (Kemble) Finance need to meet their obligations. They expected TWUL to continue distributing dividends so that Kemble Water Finance Limited could service its external interest and refinance a £190 million facility, while recognising the risk of a cash lock-up at TWUL and, under a severe downside scenario, forecast non-compliance with the interest cover covenant of a £200 million bilateral facility due in July 2025.","source_ids":["src-036"],"entity_ids":["kwh","twul","kwf","twkf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's directors described it in the 2022/23 accounts as a holding company with no material direct operations, mainly dependent on Thames Water Utilities Limited as the regulated entity that generates the funds Kemble Water Finance Limited and Thames Water (Kemble) Finance need to meet their obligations. They expected TWUL to continue distributing dividends so that Kemble Water Finance Limited could service its external interest and refinance a £190 million facility, while recognising the risk of a cash lock-up at TWUL and, under a severe downside scenario, forecast non-compliance with the interest cover covenant of a £200 million bilateral facility due in July 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-default-2024","record":{"id":"c-kem-default-2024","kind":"fact","text":"The High Court's February 2025 judgment records, on the unchallenged evidence of Thames Water's general counsel, that the group's ultimate shareholders provided £500 million of new equity in March 2023 and agreed to provide £750 million in March 2024 subject to conditions, but in March 2024 took the view that the PR24 business plan was \"unfinanceable and uninvestible\" and declined to provide it; from April 2024 members of the Kemble group announced that they would not service their own debt and defaulted on all debt payments.","source_ids":["src-048","src-064"],"entity_ids":["kwh","kwf","twkf","twul"],"qualification":"","response":"The plan company's explanatory statement describes the Thames Water group as effectively ring-fenced from the Kemble group by the regulatory restrictions in TWUL's licence.","outcome":"","adverse_subject_ids":["kwf","twkf"]},"reading":"Fact: The High Court's February 2025 judgment records, on the unchallenged evidence of Thames Water's general counsel, that the group's ultimate shareholders provided £500 million of new equity in March 2023 and agreed to provide £750 million in March 2024 subject to conditions, but in March 2024 took the view that the PR24 business plan was \"unfinanceable and uninvestible\" and declined to provide it; from April 2024 members of the Kemble group announced that they would not service their own debt and defaulted on all debt payments."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-default-cma","record":{"id":"c-kem-default-cma","kind":"attributed","text":"In a submission to the Competition and Markets Authority, the creditor group of more than 100 financial institutions holding over £13 billion of Thames Water's Class A debt stated that events of default occurred in April 2024 under the financing arrangements of Kemble Water Finance Limited, an indirect holding company of the group, and its financing subsidiary Thames Water (Kemble) Finance plc, after the shareholders declined in March 2024 to provide £750 million of funding.","source_ids":["src-020"],"entity_ids":["kwf","twkf","kwh"],"qualification":"This is the account of a creditor group that is a party to the restructuring; the defaults it describes concern the holding companies' own debt, not debt of Thames Water Utilities Limited.","response":"","outcome":"","adverse_subject_ids":["kwf","twkf"]},"reading":"Attributed: In a submission to the Competition and Markets Authority, the creditor group of more than 100 financial institutions holding over £13 billion of Thames Water's Class A debt stated that events of default occurred in April 2024 under the financing arrangements of Kemble Water Finance Limited, an indirect holding company of the group, and its financing subsidiary Thames Water (Kemble) Finance plc, after the shareholders declined in March 2024 to provide £750 million of funding."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-default-press","record":{"id":"c-kem-default-press","kind":"attributed","text":"A newspaper reported on 5 April 2024 that Kemble Water Finance had issued a formal notice of default to bondholders after interest on a £400m bond was not paid, that the parent company was negotiating an extension of a separate £190m loan from lenders including two Chinese state-owned banks, and that Fitch had moved Kemble Water Finance's debt deeper into junk and said some form of default was \"probable\".","source_ids":["src-096"],"entity_ids":["kwf","twkf"],"qualification":"Kemble Water Holdings Limited's 2022/23 accounts show the £400m 4.625% bond as issued by Kemble Water Finance Limited's subsidiary Thames Water (Kemble) Finance plc and the £190m floating rate loan as a loan to Kemble Water Finance Limited; the report does not name the lenders.","response":"","outcome":""},"reading":"Attributed: A newspaper reported on 5 April 2024 that Kemble Water Finance had issued a formal notice of default to bondholders after interest on a £400m bond was not paid, that the parent company was negotiating an extension of a separate £190m loan from lenders including two Chinese state-owned banks, and that Fitch had moved Kemble Water Finance's debt deeper into junk and said some form of default was \"probable\"."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-filings-kwh","record":{"id":"c-kem-filings-kwh","kind":"fact","text":"Kemble Water Holdings Limited extended its accounting period ending 31 March 2024 to 30 September 2024 (form AA01 filed on 25 September 2024). Its filing history through September 2026 shows no later annual accounts and no appointment of an administrator or liquidator; its registered office moved on 18 November 2025 from Clearwater Court, Reading, to 7th Floor, 3 More London Riverside, London SE1 2AQ.","source_ids":["src-010","src-021"],"entity_ids":["kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited extended its accounting period ending 31 March 2024 to 30 September 2024 (form AA01 filed on 25 September 2024). Its filing history through September 2026 shows no later annual accounts and no appointment of an administrator or liquidator; its registered office moved on 18 November 2025 from Clearwater Court, Reading, to 7th Floor, 3 More London Riverside, London SE1 2AQ."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-filings-kwf","record":{"id":"c-kem-filings-kwf","kind":"fact","text":"Kemble Water Finance Limited also extended its accounting period to 30 September 2024 and has filed no annual accounts since; its filing history to May 2026 shows no administrator or liquidator. Its confirmation statement made up to 14 May 2024 was filed with updates on 20 June 2024, those for 14 May 2025 and 15 May 2026 with no updates, and its registered office moved to 3 More London Riverside on 18 November 2025.","source_ids":["src-022"],"entity_ids":["kwf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Finance Limited also extended its accounting period to 30 September 2024 and has filed no annual accounts since; its filing history to May 2026 shows no administrator or liquidator. Its confirmation statement made up to 14 May 2024 was filed with updates on 20 June 2024, those for 14 May 2025 and 15 May 2026 with no updates, and its registered office moved to 3 More London Riverside on 18 November 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-filings-kwe-twkf","record":{"id":"c-kem-filings-kwe-twkf","kind":"fact","text":"Kemble Water Eurobond Plc and Thames Water (Kemble) Finance PLC each extended their accounting period to 30 September 2024 on 25 September 2024 and moved their registered offices to 3 More London Riverside on 18 November 2025. The last annual accounts filed by Thames Water (Kemble) Finance PLC were full accounts made up to 31 March 2023, and neither company's filing history shows an administrator or liquidator; Kemble Water Eurobond Plc filed confirmation statements with no updates on 15 October 2025 and 15 October 2026.","source_ids":["src-037","src-039"],"entity_ids":["kwe","twkf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Eurobond Plc and Thames Water (Kemble) Finance PLC each extended their accounting period to 30 September 2024 on 25 September 2024 and moved their registered offices to 3 More London Riverside on 18 November 2025. The last annual accounts filed by Thames Water (Kemble) Finance PLC were full accounts made up to 31 March 2023, and neither company's filing history shows an administrator or liquidator; Kemble Water Eurobond Plc filed confirmation statements with no updates on 15 October 2025 and 15 October 2026."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-kem-filings-twl","record":{"id":"c-kem-filings-twl","kind":"fact","text":"An archived copy of Thames Water Limited's Companies House record from March 2026 shows its accounts as overdue: its last accounts were made up to 31 March 2023, and the next, made up to 30 September 2024, were due by 30 September 2025; its last confirmation statement was dated 31 July 2025.","source_ids":["src-018"],"entity_ids":["twl"],"qualification":"","response":"","outcome":""},"reading":"Fact: An archived copy of Thames Water Limited's Companies House record from March 2026 shows its accounts as overdue: its last accounts were made up to 31 March 2023, and the next, made up to 30 September 2024, were due by 30 September 2025; its last confirmation statement was dated 31 July 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-history-1990-2024","record":{"id":"c-div-history-1990-2024","kind":"attributed","text":"In evidence to the High Court in the 2025 restructuring plan case, Charlie Maynard MP stated that dividends recorded in Thames Water Utilities Limited's annual statements amounted to £2.061bn for 1990–1999, £1.769bn for 2000–2009, £1.823bn for 2010–2019 and over £300m for 2020–2024, and that the vast majority of dividends paid up to Thames Water Utilities Holdings Limited had been distributed further up the structure to equity investors or used to service debt.","source_ids":["src-048"],"entity_ids":["twul","twuhl"],"qualification":"The figures are an objector's summary of the company's published accounts as quoted in the judgment; the archive does not contain the annual accounts from which they were compiled.","response":"The High Court described Mr Maynard's evidence as unchallenged.","outcome":""},"reading":"Attributed: In evidence to the High Court in the 2025 restructuring plan case, Charlie Maynard MP stated that dividends recorded in Thames Water Utilities Limited's annual statements amounted to £2.061bn for 1990–1999, £1.769bn for 2000–2009, £1.823bn for 2010–2019 and over £300m for 2020–2024, and that the vast majority of dividends paid up to Thames Water Utilities Holdings Limited had been distributed further up the structure to equity investors or used to service debt."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-debt-history","record":{"id":"c-div-debt-history","kind":"attributed","text":"Mr Maynard's evidence also contrasted the transfer of the appointed company and its wider group to the private sector debt-free in 1989 with principal debt of about £19bn at 28 November 2024, plus hedging with a mark-to-market liability of £1.68bn, against underlying EBITDA of £1.2bn for the year to 31 March 2024; citing a Macquarie note of August 2023, he said the debt-to-EBITDA ratio had been 6.5x when RWE sold the company and 10x in 2017.","source_ids":["src-048","src-054"],"entity_ids":["twul"],"qualification":"These ratios are attributed to Mr Maynard's evidence and the Macquarie note it cites; the court did not make findings on them.","response":"The plan company's evidence attributed the group's financial difficulties to \"operational and regulatory factors\"; the Court of Appeal, summarising those difficulties, noted Mr Maynard's unchallenged evidence on dividends, leverage and debt-to-EBITDA levels.","outcome":"Leech J observed that the plan company's evidence showed no real acceptance that these factors resulted from financial mismanagement by shareholders and directors rather than changes in Ofwat policy; while expressing concern at the lack of introspection, he said it was not for the court on a sanction application to attribute blame, and the Court of Appeal agreed."},"reading":"Attributed: Mr Maynard's evidence also contrasted the transfer of the appointed company and its wider group to the private sector debt-free in 1989 with principal debt of about £19bn at 28 November 2024, plus hedging with a mark-to-market liability of £1.68bn, against underlying EBITDA of £1.2bn for the year to 31 March 2024; citing a Macquarie note of August 2023, he said the debt-to-EBITDA ratio had been 6.5x when RWE sold the company and 10x in 2017."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-2012-13","record":{"id":"c-div-2012-13","kind":"fact","text":"Thames Water Utilities Limited paid interim dividends of £231.4m in 2012/13 (2011/12: £279.5m). Kemble Water Holdings Limited's accounts for that year show their use within the group: £92.0m went to the ultimate shareholders as dividends and Kemble Water Eurobond interest (2011/12: £200.0m), £60.0m paid interest on the debt of Kemble Water Finance Limited and Thames Water (Kemble) Finance Plc, and the rest went in intragroup settlements, including group relief payments by which Thames Water Limited reduced its debt to TWUL and £39.4m received by Thames Water Utilities Holdings Limited to pay interest it owed TWUL.","source_ids":["src-078"],"entity_ids":["twul","kwh","kwe","kwf","twkf","twl","twuhl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited paid interim dividends of £231.4m in 2012/13 (2011/12: £279.5m). Kemble Water Holdings Limited's accounts for that year show their use within the group: £92.0m went to the ultimate shareholders as dividends and Kemble Water Eurobond interest (2011/12: £200.0m), £60.0m paid interest on the debt of Kemble Water Finance Limited and Thames Water (Kemble) Finance Plc, and the rest went in intragroup settlements, including group relief payments by which Thames Water Limited reduced its debt to TWUL and £39.4m received by Thames Water Utilities Holdings Limited to pay interest it owed TWUL."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-company-evidence-2023","record":{"id":"c-div-company-evidence-2023","kind":"fact","text":"In written evidence to a House of Commons committee dated 15 August 2023, Thames Water stated that over the previous six years TWUL had paid an internal dividend averaging £47.7 million a year (a yield of 1.49%) to Thames Water Utilities Holdings Limited solely to service debt obligations and group costs of other Kemble group companies, that for the sixth year in a row no income had been paid to the external shareholders of Kemble Water Holdings Limited, and that since the start of the 2020–25 price control period shareholders had injected £880 million, sourced from holding-company debt and shareholder equity.","source_ids":["src-056"],"entity_ids":["twul","twuhl","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: In written evidence to a House of Commons committee dated 15 August 2023, Thames Water stated that over the previous six years TWUL had paid an internal dividend averaging £47.7 million a year (a yield of 1.49%) to Thames Water Utilities Holdings Limited solely to service debt obligations and group costs of other Kemble group companies, that for the sixth year in a row no income had been paid to the external shareholders of Kemble Water Holdings Limited, and that since the start of the 2020–25 price control period shareholders had injected £880 million, sourced from holding-company debt and shareholder equity."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-kwh-2022-23","record":{"id":"c-div-kwh-2022-23","kind":"fact","text":"Kemble Water Holdings Limited paid no dividends or interest on shareholder debt to its external shareholders in 2022/23. The company itself received £29.0 million of dividends from its subsidiaries in 2022/23 (2021/22: £187.0 million) and paid £186.6 million of group relief in 2021/22.","source_ids":["src-036"],"entity_ids":["kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited paid no dividends or interest on shareholder debt to its external shareholders in 2022/23. The company itself received £29.0 million of dividends from its subsidiaries in 2022/23 (2021/22: £187.0 million) and paid £186.6 million of group relief in 2021/22."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-equity-cascade-2023","record":{"id":"c-div-equity-cascade-2023","kind":"fact","text":"The £500.0 million of net proceeds from the convertible loan notes that Kemble Water Holdings Limited issued to its shareholders on 29 March 2023 passed down the chain: Kemble Water Eurobond plc invested £476.8 million in Kemble Water Finance Limited's equity and settled £23.2 million of group relief; Kemble Water Finance Limited paid £500.0 million of interest on its £3.1 billion intercompany loan from KWE, which KWE reinvested as equity; Kemble Water Finance Limited invested £500.0 million in Thames Water Limited, which invested it in Thames Water Utilities Holdings Limited; and TWUHL used it to repay £500.0 million of intercompany loans to Thames Water Utilities Limited (£444.3 million of principal and £55.7 million of interest).","source_ids":["src-036"],"entity_ids":["kwh","kwe","kwf","twl","twuhl","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: The £500.0 million of net proceeds from the convertible loan notes that Kemble Water Holdings Limited issued to its shareholders on 29 March 2023 passed down the chain: Kemble Water Eurobond plc invested £476.8 million in Kemble Water Finance Limited's equity and settled £23.2 million of group relief; Kemble Water Finance Limited paid £500.0 million of interest on its £3.1 billion intercompany loan from KWE, which KWE reinvested as equity; Kemble Water Finance Limited invested £500.0 million in Thames Water Limited, which invested it in Thames Water Utilities Holdings Limited; and TWUHL used it to repay £500.0 million of intercompany loans to Thames Water Utilities Limited (£444.3 million of principal and £55.7 million of interest)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-oct-2023","record":{"id":"c-div-oct-2023","kind":"fact","text":"In October 2023 Thames Water Utilities Limited paid dividends of £37.5 million to Thames Water Utilities Holdings Limited, which passed them to Thames Water Limited and on to Kemble Water Finance Limited; KWF retained the money to service its own external debt and that of its subsidiary Thames Water (Kemble) Finance plc. TWUL told Ofwat that the payment would fund Kemble's debt service only until the end of January 2024 and would not enable Kemble to pay dividends to its shareholders.","source_ids":["src-028","src-055"],"entity_ids":["twul","twuhl","twl","kwf","twkf","kwh","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: In October 2023 Thames Water Utilities Limited paid dividends of £37.5 million to Thames Water Utilities Holdings Limited, which passed them to Thames Water Limited and on to Kemble Water Finance Limited; KWF retained the money to service its own external debt and that of its subsidiary Thames Water (Kemble) Finance plc. TWUL told Ofwat that the payment would fund Kemble's debt service only until the end of January 2024 and would not enable Kemble to pay dividends to its shareholders."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-mar-2024","record":{"id":"c-div-mar-2024","kind":"fact","text":"On 27 March 2024 Thames Water Utilities Limited's board approved further interim dividends of £158.3 million, which Ofwat records as funding a £27.1 million pension top-up under the Internal Inflation Mechanism, paid by Kemble Water Eurobond plc on TWUL's behalf, and the surrender of TWUL's 2023 tax losses to other Kemble group companies, settled by Kemble Water Eurobond plc and Thames Water Limited (£131.3 million). According to TWUL's 2024/25 annual report, the £27.1 million was matched by an issue of 27.1 million £1 shares to Thames Water Utilities Holdings Limited and paid directly into the pension schemes under a net settlement deed, and the £131.2 million dividend was netted against group relief payments of £153.6 million owed by Thames Water Limited, Thames Water Utilities Finance plc and Kemble Water Eurobond plc and against intercompany loans, so that TWUL made no cash payment for it.","source_ids":["src-055","src-028"],"entity_ids":["twul","kwe","twl","twuhl","twuf","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: On 27 March 2024 Thames Water Utilities Limited's board approved further interim dividends of £158.3 million, which Ofwat records as funding a £27.1 million pension top-up under the Internal Inflation Mechanism, paid by Kemble Water Eurobond plc on TWUL's behalf, and the surrender of TWUL's 2023 tax losses to other Kemble group companies, settled by Kemble Water Eurobond plc and Thames Water Limited (£131.3 million). According to TWUL's 2024/25 annual report, the £27.1 million was matched by an issue of 27.1 million £1 shares to Thames Water Utilities Holdings Limited and paid directly into the pension schemes under a net settlement deed, and the £131.2 million dividend was netted against group relief payments of £153.6 million owed by Thames Water Limited, Thames Water Utilities Finance plc and Kemble Water Eurobond plc and against intercompany loans, so that TWUL made no cash payment for it."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-fy24-breakdown","record":{"id":"c-div-fy24-breakdown","kind":"fact","text":"Thames Water Utilities Limited's dividends to Thames Water Utilities Holdings Limited were £195.8 million for the year to 31 March 2024 and nil for the year to 31 March 2025. The 2024/25 annual report breaks the 2023/24 total down as nothing to the external shareholders of Kemble Water Holdings Limited, £37.5 million for Kemble Water Finance Limited's debt service costs, and £27.1 million (pension payment) and £131.2 million (group relief and intercompany loans) net settled against other intercompany transactions.","source_ids":["src-028"],"entity_ids":["twul","twuhl","kwh","kwf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited's dividends to Thames Water Utilities Holdings Limited were £195.8 million for the year to 31 March 2024 and nil for the year to 31 March 2025. The 2024/25 annual report breaks the 2023/24 total down as nothing to the external shareholders of Kemble Water Holdings Limited, £37.5 million for Kemble Water Finance Limited's debt service costs, and £27.1 million (pension payment) and £131.2 million (group relief and intercompany loans) net settled against other intercompany transactions."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-ofwat-p30","record":{"id":"c-div-ofwat-p30","kind":"fact","text":"In a decision notice of May 2025, Ofwat found that Thames Water Utilities Limited had contravened Condition P30 of its licence — which requires dividends to take account of service delivery for customers and the environment, performance and other obligations — in approving the October 2023 dividends of £37.5 million, and in approving the £131.3 million part of the March 2024 dividends linked to the surrender of tax losses, which Ofwat said extracted value from the regulated company; it found no net detriment from the £27.1 million pension element. Ofwat imposed a penalty of 0.75% of relevant turnover, £18.2 million, reduced from a 1.0% starting point because this was its first intervention under the new condition. It issued no enforcement order because the company had entered cash lock-up after its credit rating downgrade in April 2024, which requires Ofwat's approval before any dividend, and had updated its dividend policy; it confirmed that the tax losses surrendered by Thames Water had been held over into the 2029 price review (PR29) to offset against future tax allowances.","source_ids":["src-055","src-028","src-048"],"entity_ids":["twul","ofwat","twuhl","kwf","kwe","twl"],"qualification":"","response":"During the investigation TWUL maintained that its board had considered all its legal and regulatory obligations, and that the October 2023 dividend was paid solely to fund Kemble Water Finance Limited's interest in order to preserve the prospect of new equity. In response to the draft decision it argued that Ofwat had misinterpreted and misapplied Condition P30, substituted its own judgement for the board's, and found a breach from a lack of evidence, which it called an unacceptable reversal of the burden of proof.","outcome":"Ofwat issued the £18.2 million penalty notice on 28 May 2025, after proposing it in December 2024; the payment schedule agreed in August 2025 is described with the wastewater penalty.","adverse_subject_ids":["twul"]},"reading":"Fact: In a decision notice of May 2025, Ofwat found that Thames Water Utilities Limited had contravened Condition P30 of its licence — which requires dividends to take account of service delivery for customers and the environment, performance and other obligations — in approving the October 2023 dividends of £37.5 million, and in approving the £131.3 million part of the March 2024 dividends linked to the surrender of tax losses, which Ofwat said extracted value from the regulated company; it found no net detriment from the £27.1 million pension element. Ofwat imposed a penalty of 0.75% of relevant turnover, £18.2 million, reduced from a 1.0% starting point because this was its first intervention under the new condition. It issued no enforcement order because the company had entered cash lock-up after its credit rating downgrade in April 2024, which requires Ofwat's approval before any dividend, and had updated its dividend policy; it confirmed that the tax losses surrendered by Thames Water had been held over into the 2029 price review (PR29) to offset against future tax allowances."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-lockup","record":{"id":"c-div-lockup","kind":"fact","text":"No dividends were paid by Thames Water Utilities Limited in 2024/25 or 2025/26, nor in the six months to 30 September 2025, and no distributions reached the external shareholders of Kemble Water Holdings Limited. Dividends are not currently permitted under the licence and the securitisation documents because of the cash lock-ups triggered by the credit rating downgrades below investment grade in 2024.","source_ids":["src-040","src-047"],"entity_ids":["twul","twuhl","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: No dividends were paid by Thames Water Utilities Limited in 2024/25 or 2025/26, nor in the six months to 30 September 2025, and no distributions reached the external shareholders of Kemble Water Holdings Limited. Dividends are not currently permitted under the licence and the securitisation documents because of the cash lock-ups triggered by the credit rating downgrades below investment grade in 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-twuhl-loans","record":{"id":"c-div-twuhl-loans","kind":"fact","text":"Thames Water Utilities Holdings Limited, TWUL's immediate parent, owed TWUL £1,249.1 million of principal at 31 March 2025 under two unsecured loans at SONIA plus 0.6266%: £735.7 million originally repayable on 30 August 2037, extended on 25 February 2025 to 30 August 2039, and £513.4 million no longer repayable on demand while the stable platform period lasts (until the next senior debt maturity, then 22 March 2027). TWUL accrued £70.0 million of interest on them in 2024/25, and £140.4 million of interest was outstanding at 31 March 2025.","source_ids":["src-028"],"entity_ids":["twuhl","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Holdings Limited, TWUL's immediate parent, owed TWUL £1,249.1 million of principal at 31 March 2025 under two unsecured loans at SONIA plus 0.6266%: £735.7 million originally repayable on 30 August 2037, extended on 25 February 2025 to 30 August 2039, and £513.4 million no longer repayable on demand while the stable platform period lasts (until the next senior debt maturity, then 22 March 2027). TWUL accrued £70.0 million of interest on them in 2024/25, and £140.4 million of interest was outstanding at 31 March 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-twuhl-impairment","record":{"id":"c-div-twuhl-impairment","kind":"fact","text":"Thames Water Utilities Limited has written down its loans to Thames Water Utilities Holdings Limited in full. In 2024/25 it recognised an additional expected credit loss provision of £1,270.6 million (2023/24: £118.9 million), reducing the net balance owed by TWUHL to nil (2024: £1,200.6 million); it modelled no scenario in which TWUL dividends would enable TWUHL to repay, because it did not forecast paying dividends in the 2025–30 regulatory period. In the six months to 30 September 2025 a further £30.5 million of interest was accrued and fully provided for, and TWUL classified the loans as credit-impaired after the publication of the creditors' recapitalisation plan, expecting them to be written off.","source_ids":["src-028","src-047"],"entity_ids":["twul","twuhl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited has written down its loans to Thames Water Utilities Holdings Limited in full. In 2024/25 it recognised an additional expected credit loss provision of £1,270.6 million (2023/24: £118.9 million), reducing the net balance owed by TWUHL to nil (2024: £1,200.6 million); it modelled no scenario in which TWUL dividends would enable TWUHL to repay, because it did not forecast paying dividends in the 2025–30 regulatory period. In the six months to 30 September 2025 a further £30.5 million of interest was accrued and fully provided for, and TWUL classified the loans as credit-impaired after the publication of the creditors' recapitalisation plan, expecting them to be written off."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-twuhl-owes-twl","record":{"id":"c-div-twuhl-owes-twl","kind":"fact","text":"Thames Water Utilities Holdings Limited's own accounts at 31 March 2026 show it owing its parent Thames Water Limited £2,282.2 million of principal and £1,571.9 million of interest, and its subsidiary TWUL £1,249.1 million and £199.0 million of interest. The largest item, £1,980.1 million owed to Thames Water Limited, is unpaid deferred consideration for TWUHL's purchase of Thames Water Utilities Limited, bearing interest at 10%, repayable at TWUHL's discretion by 2056, a date extended on 25 February 2025 to 2058; the remainder consists of loans of £220.1 million, £50.0 million, £30.0 million and £2.0 million at 5.40–5.47%. TWUHL repaid none of the deferred consideration or interest in 2024/25 or 2025/26.","source_ids":["src-040"],"entity_ids":["twuhl","twl","twul","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Holdings Limited's own accounts at 31 March 2026 show it owing its parent Thames Water Limited £2,282.2 million of principal and £1,571.9 million of interest, and its subsidiary TWUL £1,249.1 million and £199.0 million of interest. The largest item, £1,980.1 million owed to Thames Water Limited, is unpaid deferred consideration for TWUHL's purchase of Thames Water Utilities Limited, bearing interest at 10%, repayable at TWUHL's discretion by 2056, a date extended on 25 February 2025 to 2058; the remainder consists of loans of £220.1 million, £50.0 million, £30.0 million and £2.0 million at 5.40–5.47%. TWUHL repaid none of the deferred consideration or interest in 2024/25 or 2025/26."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-subordinated-debt","record":{"id":"c-div-subordinated-debt","kind":"fact","text":"The High Court's February 2025 judgment describes the subordinated debt owed by Thames Water Utilities Holdings Limited to Thames Water Limited as principally a loan totalling £4.25 billion, of which £1.98 billion of principal and £1.25 billion of accrued unpaid interest remained outstanding, maturing on 21 June 2056, plus four loans totalling £331 million payable on demand; the restructuring plan defines one of these as a £249,800,000 5.47% loan entered into on 29 April 2019 and amended on 1 December 2023.","source_ids":["src-048","src-064"],"entity_ids":["twuhl","twl"],"qualification":"","response":"","outcome":""},"reading":"Fact: The High Court's February 2025 judgment describes the subordinated debt owed by Thames Water Utilities Holdings Limited to Thames Water Limited as principally a loan totalling £4.25 billion, of which £1.98 billion of principal and £1.25 billion of accrued unpaid interest remained outstanding, maturing on 21 June 2056, plus four loans totalling £331 million payable on demand; the restructuring plan defines one of these as a £249,800,000 5.47% loan entered into on 29 April 2019 and amended on 1 December 2023."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-sub-loans-standstill","record":{"id":"c-div-sub-loans-standstill","kind":"fact","text":"During the stable platform period — which ends on a successful recapitalisation or at the group's earliest debt maturity, then 22 March 2027 — neither Thames Water Utilities Limited nor Thames Water Limited can demand repayment of their intercompany loans, including interest, from Thames Water Utilities Holdings Limited. In TWUHL's group accounts the amounts owed to Thames Water Limited totalled £3,854.2 million at 31 March 2026 (2025: £3,638.4 million), unsecured.","source_ids":["src-040"],"entity_ids":["twuhl","twul","twl"],"qualification":"","response":"","outcome":""},"reading":"Fact: During the stable platform period — which ends on a successful recapitalisation or at the group's earliest debt maturity, then 22 March 2027 — neither Thames Water Utilities Limited nor Thames Water Limited can demand repayment of their intercompany loans, including interest, from Thames Water Utilities Holdings Limited. In TWUHL's group accounts the amounts owed to Thames Water Limited totalled £3,854.2 million at 31 March 2026 (2025: £3,638.4 million), unsecured."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-twl-recharge","record":{"id":"c-div-twl-recharge","kind":"fact","text":"The related-party note in Thames Water Utilities Holdings Limited's 2025/26 accounts shows £215.8 million under services provided to the group by Thames Water Limited in 2025/26 (2024/25: £215.5 million), while the group provided services of £0.8 million to Kemble Water Holdings Limited, £0.3 million to Kemble Water Finance Limited and smaller amounts to other Kemble companies. TWUL's interim accounts state that it provides support and payroll services to Kemble group companies under arm's-length agreements and recharges them.","source_ids":["src-040","src-047"],"entity_ids":["twuhl","twl","kwh","kwf","kwe","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: The related-party note in Thames Water Utilities Holdings Limited's 2025/26 accounts shows £215.8 million under services provided to the group by Thames Water Limited in 2025/26 (2024/25: £215.5 million), while the group provided services of £0.8 million to Kemble Water Holdings Limited, £0.3 million to Kemble Water Finance Limited and smaller amounts to other Kemble companies. TWUL's interim accounts state that it provides support and payroll services to Kemble group companies under arm's-length agreements and recharges them."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-div-tax","record":{"id":"c-div-tax","kind":"fact","text":"Thames Water Utilities Limited's 2024/25 results state that the group was not paying corporation tax in cash to HMRC, although it pays or receives amounts for group relief, mainly because of capital allowances, deductions for borrowing costs and group relief arising on interest expenses in holding companies; in 2024/25 TWUL and Thames Water Utilities Finance plc changed their position and stopped paying for group relief.","source_ids":["src-118"],"entity_ids":["twul","twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited's 2024/25 results state that the group was not paying corporation tax in cash to HMRC, although it pays or receives amounts for group relief, mainly because of capital allowances, deductions for borrowing costs and group relief arising on interest expenses in holding companies; in 2024/25 TWUL and Thames Water Utilities Finance plc changed their position and stopped paying for group relief."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-leakage-2006","record":{"id":"c-reg-leakage-2006","kind":"fact","text":"In its review of Kemble's acquisition of Thames Water, Ofwat stated that the company's price limits for 2005–10 would stay as set at the 2004 periodic review and that the outputs of the legally binding undertaking Thames Water had given on 3 July 2006, for failing to meet its leakage target in 2005–06, would remain in place under the new owners.","source_ids":["src-012"],"entity_ids":["twul","ofwat","kwh"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: In its review of Kemble's acquisition of Thames Water, Ofwat stated that the company's price limits for 2005–10 would stay as set at the 2004 periodic review and that the outputs of the legally binding undertaking Thames Water had given on 3 July 2006, for failing to meet its leakage target in 2005–06, would remain in place under the new owners."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-leakage-2018","record":{"id":"c-reg-leakage-2018","kind":"fact","text":"Thames Water's 2016–17 annual report, published on 14 June 2017, showed that it had missed its commitment to reduce leakage, which incurred the maximum automatic penalty of £8.55 million for that target, borne by the company and not by customers, and led Ofwat to open investigation OFW-0017071. Ofwat found that Thames Water had breached section 37 of the Water Industry Act 1991 (its duty to maintain an efficient and economical water supply system) and Condition F paragraph 6A.1 of its instrument of appointment (adequate resources and systems of planning and control), largely because of how it designed and implemented its contractual arrangements for reducing leakage; its board had insufficient oversight and control of leakage performance, and the company underestimated its underperformance when assuring Ofwat that it was meeting its statutory obligations.","source_ids":["src-079","src-080"],"entity_ids":["twul","ofwat","kwh"],"qualification":"","response":"On 7 June 2018 Thames Water agreed a package worth £120 million: £65 million paid back to customers on top of £55 million of automatic penalties for missed leakage and security-of-supply commitments, which it brought forward — about £15 per customer over two years.","outcome":"Ofwat imposed a penalty of £1 on 8 August 2018 in light of the package and published Thames Water's undertaking under section 19 of the Act, which committed it to restore leakage to the promised 606 Ml/d by 2019–20, plan for a further 15% reduction by 2025, publish monthly audited progress reports, pay no executive or senior management bonus dependent on 2018–19 and 2019–20 leakage performance unless it met its commitments, and review the governance of the boards of Thames Water Utilities Limited and Kemble Water Holdings Limited.","adverse_subject_ids":["twul"]},"reading":"Fact: Thames Water's 2016–17 annual report, published on 14 June 2017, showed that it had missed its commitment to reduce leakage, which incurred the maximum automatic penalty of £8.55 million for that target, borne by the company and not by customers, and led Ofwat to open investigation OFW-0017071. Ofwat found that Thames Water had breached section 37 of the Water Industry Act 1991 (its duty to maintain an efficient and economical water supply system) and Condition F paragraph 6A.1 of its instrument of appointment (adequate resources and systems of planning and control), largely because of how it designed and implemented its contractual arrangements for reducing leakage; its board had insufficient oversight and control of leakage performance, and the company underestimated its underperformance when assuring Ofwat that it was meeting its statutory obligations."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-p26-undertakings","record":{"id":"c-reg-p26-undertakings","kind":"fact","text":"Condition P26 of Thames Water Utilities Limited's licence requires it, or an associated company issuing debt on its behalf, to hold at all times two investment-grade issuer credit ratings from different agencies. The downgrades by Moody's on 24 July 2024 and S&P on 31 July 2024 put TWUL in breach of the condition. In August 2024 Ofwat decided to accept undertakings under section 19(1) of the Water Industry Act 1991 instead of imposing an enforcement order: TWUL committed to develop a new business plan, to use all reasonable endeavours to raise substantial equity on a timetable and milestones agreed with Ofwat, to appoint two further experienced independent non-executive directors, and to appoint an independent monitor of its compliance with the undertakings and its progress towards restoring investment-grade ratings.","source_ids":["src-048","src-028"],"entity_ids":["twul","ofwat","lek","aidan-de-brunner","neil-robson"],"qualification":"At the restructuring plan sanction hearing in February 2025 it was common ground that TWUL was not meeting Ofwat's expectations on costs or financing and no longer held investment-grade ratings, in breach of its licence.","response":"TWUL's 2024/25 annual report presents the undertakings as commitments it made with Ofwat after the downgrades, with the aim of restoring two investment-grade ratings.","outcome":"L.E.K. Consulting was appointed monitor in October 2024, and Aidan de Brunner and Neil Robson joined the board as the two independent non-executive directors.","adverse_subject_ids":["twul"]},"reading":"Fact: Condition P26 of Thames Water Utilities Limited's licence requires it, or an associated company issuing debt on its behalf, to hold at all times two investment-grade issuer credit ratings from different agencies. The downgrades by Moody's on 24 July 2024 and S&P on 31 July 2024 put TWUL in breach of the condition. In August 2024 Ofwat decided to accept undertakings under section 19(1) of the Water Industry Act 1991 instead of imposing an enforcement order: TWUL committed to develop a new business plan, to use all reasonable endeavours to raise substantial equity on a timetable and milestones agreed with Ofwat, to appoint two further experienced independent non-executive directors, and to appoint an independent monitor of its compliance with the undertakings and its progress towards restoring investment-grade ratings."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-turnaround","record":{"id":"c-reg-turnaround","kind":"fact","text":"With its PR24 draft determination of 11 July 2024, Ofwat placed Thames Water in a Turnaround Oversight Regime because of concerns about the company's performance. The regime required a delivery action plan for expanding delivery capacity, with regular progress reports reviewed by an independent third-party assurance provider, a full re-evaluation of the company's transformation plans and a financial resilience plan; Ofwat also said it was considering appointing an independent monitor with full access to company information. Ofwat listed the factors for leaving the regime as sustained improvement in operational performance and in the capability to deliver the investment programme, and better medium-term financial resilience, and said that showing such resilience could mean a limit on the debt the company could take on, its separation into two or more water companies, or a public listing to secure additional equity.","source_ids":["src-048","src-084"],"entity_ids":["twul","ofwat"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: With its PR24 draft determination of 11 July 2024, Ofwat placed Thames Water in a Turnaround Oversight Regime because of concerns about the company's performance. The regime required a delivery action plan for expanding delivery capacity, with regular progress reports reviewed by an independent third-party assurance provider, a full re-evaluation of the company's transformation plans and a financial resilience plan; Ofwat also said it was considering appointing an independent monitor with full access to company information. Ofwat listed the factors for leaving the regime as sustained improvement in operational performance and in the capability to deliver the investment programme, and better medium-term financial resilience, and said that showing such resilience could mean a limit on the debt the company could take on, its separation into two or more water companies, or a public listing to secure additional equity."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-pr24","record":{"id":"c-reg-pr24","kind":"fact","text":"For the 2025–30 price control (PR24), Ofwat's draft determination of 11 July 2024 allowed Thames Water Utilities Limited £16.9 billion of total expenditure against the £22.2 billion in its April 2024 business plan, with a wholesale cost of capital of 3.66% based on assumed gearing of 55%. TWUL asked for £24.5 billion in its response of 29 August 2024; the final determination of 19 December 2024 allowed £20.5 billion. TWUL concluded that the final determination was neither financeable nor investible and announced on 14 February 2025 a unanimous board decision to ask Ofwat to refer it to the Competition and Markets Authority for redetermination. Thames Water was one of six companies to request a reference before the 18 February 2025 deadline, with Anglian, Northumbrian, South East, Southern and Wessex Water.","source_ids":["src-054","src-048","src-047","src-086"],"entity_ids":["twul","ofwat","cma"],"qualification":"","response":"","outcome":""},"reading":"Fact: For the 2025–30 price control (PR24), Ofwat's draft determination of 11 July 2024 allowed Thames Water Utilities Limited £16.9 billion of total expenditure against the £22.2 billion in its April 2024 business plan, with a wholesale cost of capital of 3.66% based on assumed gearing of 55%. TWUL asked for £24.5 billion in its response of 29 August 2024; the final determination of 19 December 2024 allowed £20.5 billion. TWUL concluded that the final determination was neither financeable nor investible and announced on 14 February 2025 a unanimous board decision to ask Ofwat to refer it to the Competition and Markets Authority for redetermination. Thames Water was one of six companies to request a reference before the 18 February 2025 deadline, with Anglian, Northumbrian, South East, Southern and Wessex Water."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-pr24-evidence","record":{"id":"c-reg-pr24-evidence","kind":"attributed","text":"In witness evidence for the restructuring plan, TWUL's chief financial officer Alastair Cochran said that the July 2024 draft determination would have generated potential penalties of up to £2 billion for TWUL, and the plan company's general counsel Andrew Fraiser described it as neither financeable nor investible, saying it provided for only half of TWUL's proposed wastewater enhancement expenditure and set unachievable wastewater targets. The Court of Appeal later recorded the company's evidence that delivering its performance commitments and regulatory requirements within the final determination's allowance would be \"incredibly challenging\", on top of significant unfunded fines and penalties.","source_ids":["src-048","src-054"],"entity_ids":["twul","ofwat","alastair-cochran","andrew-fraiser","twuhl"],"qualification":"These are assessments by the company's witnesses in the restructuring proceedings, not findings of the court or of Ofwat.","response":"","outcome":""},"reading":"Attributed: In witness evidence for the restructuring plan, TWUL's chief financial officer Alastair Cochran said that the July 2024 draft determination would have generated potential penalties of up to £2 billion for TWUL, and the plan company's general counsel Andrew Fraiser described it as neither financeable nor investible, saying it provided for only half of TWUL's proposed wastewater enhancement expenditure and set unachievable wastewater targets. The Court of Appeal later recorded the company's evidence that delivering its performance commitments and regulatory requirements within the final determination's allowance would be \"incredibly challenging\", on top of significant unfunded fines and penalties."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-cma-deferral","record":{"id":"c-reg-cma-deferral","kind":"fact","text":"The reference has not been made. On 18 March 2025 TWUL agreed with Ofwat to defer it for up to 18 weeks to explore a market-led recapitalisation; on 18 July 2025 the deferral was extended to 22 October 2025, and on 21 October 2025 it was extended again with no end date, which Ofwat agreed given the company's continuing discussions with its creditors. The Competition and Markets Authority published provisional determinations for the other five companies on 9 October 2025 and had to issue final determinations by 17 March 2026; if TWUL withdrew its agreement to defer, its redetermination would follow a separate process. TWUL keeps its statement of case ready and states that it cannot do everything required for environmental compliance in 2025–30, including the WINEP8 programme.","source_ids":["src-047","src-086"],"entity_ids":["twul","ofwat","cma"],"qualification":"","response":"","outcome":""},"reading":"Fact: The reference has not been made. On 18 March 2025 TWUL agreed with Ofwat to defer it for up to 18 weeks to explore a market-led recapitalisation; on 18 July 2025 the deferral was extended to 22 October 2025, and on 21 October 2025 it was extended again with no end date, which Ofwat agreed given the company's continuing discussions with its creditors. The Competition and Markets Authority published provisional determinations for the other five companies on 9 October 2025 and had to issue final determinations by 17 March 2026; if TWUL withdrew its agreement to defer, its redetermination would follow a separate process. TWUL keeps its statement of case ready and states that it cannot do everything required for environmental compliance in 2025–30, including the WINEP8 programme."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-ofwat-court-letter","record":{"id":"c-reg-ofwat-court-letter","kind":"fact","text":"In a letter of 28 January 2025 to TWUL, copied to the court, Ofwat's general counsel said that Ofwat did not intend to attend the restructuring plan sanction hearing, had found no change of Ultimate Controller in the finance documents, had consented only to the elements of the plan that required its consent, and did not object to either the company's plan or the alternative plan. She said that if TWUL's board concluded that the company could not pay its debts and asked Ofwat to petition for special administration, Ofwat would likely apply on the ground of inability to pay debts under section 24(2)(c) of the Water Industry Act 1991, after obtaining the Environment Secretary's consent; that Ofwat was likely to accept the board's conclusion if other funding options were exhausted; and that its contingency planning would allow it to apply promptly.","source_ids":["src-048"],"entity_ids":["ofwat","twul","twuhl","defra"],"qualification":"","response":"","outcome":""},"reading":"Fact: In a letter of 28 January 2025 to TWUL, copied to the court, Ofwat's general counsel said that Ofwat did not intend to attend the restructuring plan sanction hearing, had found no change of Ultimate Controller in the finance documents, had consented only to the elements of the plan that required its consent, and did not object to either the company's plan or the alternative plan. She said that if TWUL's board concluded that the company could not pay its debts and asked Ofwat to petition for special administration, Ofwat would likely apply on the ground of inability to pay debts under section 24(2)(c) of the Water Industry Act 1991, after obtaining the Environment Secretary's consent; that Ofwat was likely to accept the board's conclusion if other funding options were exhausted; and that its contingency planning would allow it to apply promptly."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-performance","record":{"id":"c-reg-performance","kind":"fact","text":"Thames Water Utilities Limited has 55 regulatory performance commitments measured by Ofwat. It incurred a net performance penalty of £88 million (2017/18 prices) for 2024/25, including end-of-period commitments and customer and developer experience measures, and £344 million over the 2020–25 period. In their annual assessments for 2024–25, published in October 2025, Ofwat rated the company 'lagging' and the Environment Agency gave it one star in its Environmental Performance Assessment; TWUL attributes the one-star rating mainly to non-delivery of its WINEP7 programme in 2020–25 and the number of serious pollution incidents, and says that a more rounded analysis shows it performing largely mid-table.","source_ids":["src-028","src-047"],"entity_ids":["twul","ofwat","ea"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: Thames Water Utilities Limited has 55 regulatory performance commitments measured by Ofwat. It incurred a net performance penalty of £88 million (2017/18 prices) for 2024/25, including end-of-period commitments and customer and developer experience measures, and £344 million over the 2020–25 period. In their annual assessments for 2024–25, published in October 2025, Ofwat rated the company 'lagging' and the Environment Agency gave it one star in its Environmental Performance Assessment; TWUL attributes the one-star rating mainly to non-delivery of its WINEP7 programme in 2020–25 and the number of serious pollution incidents, and says that a more rounded analysis shows it performing largely mid-table."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-resilience","record":{"id":"c-reg-resilience","kind":"fact","text":"Ofwat's Monitoring Financial Resilience report for 2024–25, published on 5 November 2025, kept Thames in its lowest category, 'Action Required' with active monitoring, in both 2024 and 2025, alongside South East and Southern. Thames, Southern and South East were in cash lock-up under their licences and could not pay dividends without Ofwat's consent; Ofwat noted the £18.2 million fine of May 2025 for failing to link dividend payments to company performance.","source_ids":["src-085"],"entity_ids":["twul","ofwat"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: Ofwat's Monitoring Financial Resilience report for 2024–25, published on 5 November 2025, kept Thames in its lowest category, 'Action Required' with active monitoring, in both 2024 and 2025, alongside South East and Southern. Thames, Southern and South East were in cash lock-up under their licences and could not pay dividends without Ofwat's consent; Ofwat noted the £18.2 million fine of May 2025 for failing to link dividend payments to company performance."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-bonus-ban","record":{"id":"c-reg-bonus-ban","kind":"fact","text":"Thames Water was one of six water companies that triggered Ofwat's new rule prohibiting performance-related pay for directors for 2024/25, mostly because of category 1 pollution incidents; the rule, one of the powers given to Ofwat by the Water (Special Measures) Act 2025, was introduced in June 2025, and Ofwat reported on 5 November 2025 that all six companies complied by paying their directors no annual bonus or other relevant performance-related pay.","source_ids":["src-085"],"entity_ids":["twul","ofwat"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: Thames Water was one of six water companies that triggered Ofwat's new rule prohibiting performance-related pay for directors for 2024/25, mostly because of category 1 pollution incidents; the rule, one of the powers given to Ofwat by the Water (Special Measures) Act 2025, was introduced in June 2025, and Ofwat reported on 5 November 2025 that all six companies complied by paying their directors no annual bonus or other relevant performance-related pay."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-dwi-orders","record":{"id":"c-reg-dwi-orders","kind":"fact","text":"The Drinking Water Inspectorate made final enforcement orders against Thames Water Utilities Limited in September 2024 on physical security and emergency planning, setting out the steps the company had to take; no penalty was issued. TWUL's 2024/25 annual report also records agreed steps with the Inspectorate after a loss of supply in Guildford, again without a penalty.","source_ids":["src-028"],"entity_ids":["twul","dwi"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: The Drinking Water Inspectorate made final enforcement orders against Thames Water Utilities Limited in September 2024 on physical security and emergency planning, setting out the steps the company had to take; no penalty was issued. TWUL's 2024/25 annual report also records agreed steps with the Inspectorate after a loss of supply in Guildford, again without a penalty."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-dwi-lead","record":{"id":"c-reg-dwi-lead","kind":"fact","text":"On 15 July 2025 the Drinking Water Inspectorate, on behalf of the Environment Secretary, served Thames Water Utilities Limited with notice TMS-2025-00002 under regulation 28(4) of the Water Supply (Water Quality) Regulations 2016, following the company's own report of 21 February 2025 that there was or had been a significant risk of supplying water from the North Cotswolds Supply System that could endanger health or be unwholesome. The notice concerns the risk of lead contamination and sets measures and reporting deadlines running into 2029, with a completion report signed off at board level due by 30 April 2030; failure to comply may lead to enforcement proceedings under section 18 of the Water Industry Act 1991.","source_ids":["src-014"],"entity_ids":["twul","dwi","defra"],"qualification":"","response":"","outcome":""},"reading":"Fact: On 15 July 2025 the Drinking Water Inspectorate, on behalf of the Environment Secretary, served Thames Water Utilities Limited with notice TMS-2025-00002 under regulation 28(4) of the Water Supply (Water Quality) Regulations 2016, following the company's own report of 21 February 2025 that there was or had been a significant risk of supplying water from the North Cotswolds Supply System that could endanger health or be unwholesome. The notice concerns the risk of lead contamination and sets measures and reporting deadlines running into 2029, with a completion report signed off at board level due by 30 April 2030; failure to comply may lead to enforcement proceedings under section 18 of the Water Industry Act 1991."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-reg-defra-letter","record":{"id":"c-reg-defra-letter","kind":"fact","text":"On 16 June 2026 the Department for Environment, Food and Rural Affairs published a letter from the Environment Secretary, Emma Reynolds, to Ofwat giving her preliminary views on the London and Valley Water consortium's best and final recapitalisation offer of 6 March 2026, stating that they did not predetermine Ofwat's decision and were not a direction from the government. She wrote that the proposal expected consumers to fund an unprecedented level of regulatory adjustments — including prioritising asset health over capital improvements, switching off parts of the penalty regime and amending risk-sharing — that she was not yet convinced it protected consumers sufficiently, that it requested reduced performance standards, and that deferring a significant number of investments by up to a decade would delay environmental improvements, particularly wastewater treatment linked to statutory requirements, and projects important to drinking water safety and supply. The letter was copied to the consortium and to Thames Water.","source_ids":["src-071"],"entity_ids":["defra","ofwat","lvw","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: On 16 June 2026 the Department for Environment, Food and Rural Affairs published a letter from the Environment Secretary, Emma Reynolds, to Ofwat giving her preliminary views on the London and Valley Water consortium's best and final recapitalisation offer of 6 March 2026, stating that they did not predetermine Ofwat's decision and were not a direction from the government. She wrote that the proposal expected consumers to fund an unprecedented level of regulatory adjustments — including prioritising asset health over capital improvements, switching off parts of the penalty regime and amending risk-sharing — that she was not yet convinced it protected consumers sufficiently, that it requested reduced performance standards, and that deferring a significant number of investments by up to a decade would delay environmental improvements, particularly wastewater treatment linked to statutory requirements, and projects important to drinking water safety and supply. The letter was copied to the consortium and to Thames Water."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-ea-2017-record-fine","record":{"id":"c-sew-ea-2017-record-fine","kind":"fact","text":"In 2017 Thames Water received what Ofwat describes as a record fine of £20.3 million, following its prosecution by the Environment Agency for a series of serious pollution incidents in 2012–2014 caused by prolonged discharges of untreated sewage from its wastewater treatment works at Aylesbury, Didcot, Henley and Little Marlow and from a large sewage pumping station at Littlemore, Oxford. Ofwat records that the prosecution showed that at a number of works the flow to full treatment was routinely reduced and part of the flow sent to storm tanks so that the final effluent met permit limits, a practice known as flow clipping.","source_ids":["src-067"],"entity_ids":["twul","ea","ofwat"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: In 2017 Thames Water received what Ofwat describes as a record fine of £20.3 million, following its prosecution by the Environment Agency for a series of serious pollution incidents in 2012–2014 caused by prolonged discharges of untreated sewage from its wastewater treatment works at Aylesbury, Didcot, Henley and Little Marlow and from a large sewage pumping station at Littlemore, Oxford. Ofwat records that the prosecution showed that at a number of works the flow to full treatment was routinely reduced and part of the flow sent to storm tanks so that the final effluent met permit limits, a practice known as flow clipping."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-ea-2018-evenlode","record":{"id":"c-sew-ea-2018-evenlode","kind":"fact","text":"At Oxford Crown Court on 21 December 2018, Thames Water was fined £2 million after raw sewage from a sewage pumping station polluted the Idbury and Littlestock brooks at Milton-under-Wychwood, near Chipping Norton, on 8 and 9 August 2015, killing almost 150 fish; the judge found the company \"reckless\". The court heard that the company had disregarded more than 800 high-priority alarms in the six weeks before the incident and that one alarm had been deliberately deactivated.","source_ids":["src-074"],"entity_ids":["twul","ea"],"qualification":"","response":"Thames Water pleaded guilty at an earlier hearing to two charges of breaching environmental law.","outcome":"The judge later reduced the fine to £1.8 million after directing Thames Water to pay the remaining £200,000 to three local charities; the company was ordered to pay full costs of £79,991.57.","adverse_subject_ids":["twul"]},"reading":"Fact: At Oxford Crown Court on 21 December 2018, Thames Water was fined £2 million after raw sewage from a sewage pumping station polluted the Idbury and Littlestock brooks at Milton-under-Wychwood, near Chipping Norton, on 8 and 9 August 2015, killing almost 150 fish; the judge found the company \"reckless\". The court heard that the company had disregarded more than 800 high-priority alarms in the six weeks before the incident and that one alarm had been deliberately deactivated."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-ea-2021-henley","record":{"id":"c-sew-ea-2021-henley","kind":"fact","text":"At Aylesbury Crown Court on 26 February 2021, Thames Water was fined £2.3 million and ordered to pay the Environment Agency's costs of £87,944 for discharging partially treated effluent from its Henley treatment works into Fawley Court Ditch and Fawley Court Stream without an environmental permit between 21 and 24 April 2016, contrary to regulation 12(1)(b) of the Environmental Permitting (England and Wales) Regulations 2010. The release of sewage with high ammonia levels killed 1,144 fish and other water life; the court heard that the incident was \"entirely foreseeable\".","source_ids":["src-073"],"entity_ids":["twul","ea"],"qualification":"","response":"Thames Water pleaded guilty to one count.","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: At Aylesbury Crown Court on 26 February 2021, Thames Water was fined £2.3 million and ordered to pay the Environment Agency's costs of £87,944 for discharging partially treated effluent from its Henley treatment works into Fawley Court Ditch and Fawley Court Stream without an environmental permit between 21 and 24 April 2016, contrary to regulation 12(1)(b) of the Environmental Permitting (England and Wales) Regulations 2010. The release of sewage with high ammonia levels killed 1,144 fish and other water life; the court heard that the incident was \"entirely foreseeable\"."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-ea-2021-oxford","record":{"id":"c-sew-ea-2021-oxford","kind":"fact","text":"In a prosecution announced by the Environment Agency on 19 November 2021, Thames Water Utilities Limited was fined £4 million and ordered to pay prosecution costs of £90,713 for discharging an estimated half a million litres of raw sewage into the Seacourt and Hinksey streams in Oxford on 24 and 25 July 2016. The discharge lasted about 30 hours, and the Environment Agency believes it killed up to 3,000 fish. Its investigation found that the company had failed to maintain the high-risk section of sewer adequately for at least 16 years; the Agency had issued two formal warnings after earlier pollution from the same discharge point in February and March 2012, and the court was told that the company did not disclose highly relevant documents, including a maintenance manual, until the eleventh hour.","source_ids":["src-072"],"entity_ids":["twul","ea"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: In a prosecution announced by the Environment Agency on 19 November 2021, Thames Water Utilities Limited was fined £4 million and ordered to pay prosecution costs of £90,713 for discharging an estimated half a million litres of raw sewage into the Seacourt and Hinksey streams in Oxford on 24 and 25 July 2016. The discharge lasted about 30 hours, and the Environment Agency believes it killed up to 3,000 fish. Its investigation found that the company had failed to maintain the high-risk section of sewer adequately for at least 16 years; the Agency had issued two formal warnings after earlier pollution from the same discharge point in February and March 2012, and the court was told that the company did not disclose highly relevant documents, including a maintenance manual, until the eleventh hour."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-ea-other","record":{"id":"c-sew-ea-other","kind":"fact","text":"Ofwat's 2025 wastewater decision lists further Environment Agency prosecutions of Thames Water for discharges of untreated sewage: a £380,000 fine at Aylesbury Crown Court in 2016 for polluting the Horsenden Stream in Buckinghamshire; a £4 million fine in May 2021, after a guilty plea, for pollution from the Hogsmill treatment works in the Kingston area between 2016 and 2019; and a £3.3 million fine in July 2023 for \"significant and lengthy\" discharges into Gatwick Stream in Sussex and the River Mole in Surrey dating from October 2017. The Environment Agency put the total fines against Thames Water since 2017 at £24.4 million for nine cases in February 2021 and £32.4 million for eleven cases in Oxfordshire, Berkshire and Buckinghamshire in November 2021; Ofwat puts the total since 2017, after the July 2023 fine, at £35.7 million.","source_ids":["src-067","src-072","src-073"],"entity_ids":["twul","ea","ofwat"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: Ofwat's 2025 wastewater decision lists further Environment Agency prosecutions of Thames Water for discharges of untreated sewage: a £380,000 fine at Aylesbury Crown Court in 2016 for polluting the Horsenden Stream in Buckinghamshire; a £4 million fine in May 2021, after a guilty plea, for pollution from the Hogsmill treatment works in the Kingston area between 2016 and 2019; and a £3.3 million fine in July 2023 for \"significant and lengthy\" discharges into Gatwick Stream in Sussex and the River Mole in Surrey dating from October 2017. The Environment Agency put the total fines against Thames Water since 2017 at £24.4 million for nine cases in February 2021 and £32.4 million for eleven cases in Oxfordshire, Berkshire and Buckinghamshire in November 2021; Ofwat puts the total since 2017, after the July 2023 fine, at £35.7 million."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-ea-pending","record":{"id":"c-sew-ea-pending","kind":"unresolved","text":"Thames Water Utilities Holdings Limited's annual report for the year to 31 March 2026 discloses an Environment Agency prosecution for five pollution incidents across Berkshire, Buckinghamshire, Hampshire and Oxfordshire, in which the Agency alleges culpability at the highest level, \"deliberate\". The report relates the group's environmental provisions to TWUL's obligations under its instrument of appointment, the Water Industry Act 1991 and the Environmental Permitting Regulations 2016, and says their increase in the year included five historical pollution and rising-main incidents formally joined for prosecution. It warns that a finding of deliberate culpability could increase the risk of similar allegations over other incidents, with a financial effect it could not yet estimate. Provisions for liabilities and charges were £555.2 million at 31 March 2026 (2025: £497.4 million), the increase driven mainly by higher provisions for environmental incidents.","source_ids":["src-040"],"entity_ids":["twul","twuhl","ea"],"qualification":"The report refers to the defendant as 'the Company', a term it defines for the holding company, while relating the environmental matters to TWUL's obligations; it gives no dates or locations for the incidents beyond the four counties and does not name the court. No court or Environment Agency record of this prosecution is in the archive.","response":"According to the report, the company has pleaded guilty to the offences but strongly disputes the allegation of deliberate culpability and will defend it in court.","outcome":"","adverse_subject_ids":["twul"]},"reading":"Unresolved: Thames Water Utilities Holdings Limited's annual report for the year to 31 March 2026 discloses an Environment Agency prosecution for five pollution incidents across Berkshire, Buckinghamshire, Hampshire and Oxfordshire, in which the Agency alleges culpability at the highest level, \"deliberate\". The report relates the group's environmental provisions to TWUL's obligations under its instrument of appointment, the Water Industry Act 1991 and the Environmental Permitting Regulations 2016, and says their increase in the year included five historical pollution and rising-main incidents formally joined for prosecution. It warns that a finding of deliberate culpability could increase the risk of similar allegations over other incidents, with a financial effect it could not yet estimate. Provisions for liabilities and charges were £555.2 million at 31 March 2026 (2025: £497.4 million), the increase driven mainly by higher provisions for environmental incidents."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-pollution-statistics","record":{"id":"c-sew-pollution-statistics","kind":"fact","text":"Thames Water Utilities Limited reported 470 pollution incidents (categories 1–3) in 2024, up from 350 in 2023, missing its regulatory target and incurring a £21.9 million performance penalty; serious pollutions rose from 14 to 34 and storm discharges from 16,990 to 23,061. For January to September 2025 it reported 292 pollution incidents against 364 a year earlier, and 6,247 spills against 7,564.","source_ids":["src-028","src-047"],"entity_ids":["twul"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: Thames Water Utilities Limited reported 470 pollution incidents (categories 1–3) in 2024, up from 350 in 2023, missing its regulatory target and incurring a £21.9 million performance penalty; serious pollutions rose from 14 to 34 and storm discharges from 16,990 to 23,061. For January to September 2025 it reported 292 pollution incidents against 364 a year earlier, and 6,247 spills against 7,564."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-ofwat-wastewater","record":{"id":"c-sew-ofwat-wastewater","kind":"fact","text":"Ofwat and the Environment Agency announced investigations into all water and wastewater companies in England and Wales on 18 November 2021. In its final decision of May 2025, after a draft decision consulted on in August 2024, Ofwat found that Thames Water Utilities Limited had failed to ensure that its wastewater treatment works performed so that spills occurred only in exceptional cases (regulation 4(4) of the Urban Waste Water Treatment (England and Wales) Regulations 1994), had failed to construct, operate and maintain its sewer networks to the required standard (regulation 4(2) and Schedule 2), had failed in its duty under section 94 of the Water Industry Act 1991 to provide effectual drainage and deal effectually with the contents of its sewers, and had breached Condition P of its licence. Ofwat found that in 2021 over 70% of the storm overflows at its works spilled 20 or more times and almost 30% more than 60 times; that 157 works, almost two-thirds of those with flow-to-full-treatment permits, failed to meet the operational expectations of their permits; that the company had failed to identify over 300 storm overflows on its network that were unmonitored and often unpermitted; that the problems were systemic and dated from at least 2017; and that its senior management and board had inadequate oversight of the compliance of its assets. It issued an enforcement order under section 18 of the Act and a penalty of 9.0% of the relevant 2023–24 turnover of the wastewater business (£1,160.998 million), £104.5 million, stating its disappointment that Thames Water had not proposed a settlement package that would reduce the need for a penalty.","source_ids":["src-028","src-040","src-067","src-048"],"entity_ids":["twul","ofwat","ea"],"qualification":"","response":"Thames Water, with other water companies, argued in response to the draft decision that Ofwat's position on compliance with the Urban Waste Water Treatment Regulations was unlawful, unreasonable and disproportionate, inconsistent with government policy and the Environment Agency's permitting practice on which the companies said they had relied, an attempt to impose a new legal standard retrospectively without consultation or guidance, and inconsistent with the price review, which in their view had not funded the standards Ofwat now sought to impose. Ofwat records that Thames Water acknowledged that its processes and governance could historically have been better, but not that the scale and duration of the compliance issues amounted to a breach of its duties. In its 2024/25 annual report TWUL said that it disagreed with Ofwat's findings of breach and had sought to agree comprehensive and binding undertakings in lieu of a penalty, which ultimately proved not possible. In evidence in the restructuring plan proceedings, TWUL's chief financial officer said that the company was challenging the two proposed Ofwat penalties, which were unfunded and, once any appeal process was exhausted, would typically have to be paid within 14 days out of its liquid assets.","outcome":"Ofwat issued the enforcement order and the £104.5 million penalty notice on 28 May 2025. The order required TWUL to submit remediation plans within six months; TWUL submitted them on 28 November 2025 and gave a six-monthly update in May 2026, identifying significant capital costs not fully funded by the PR24 final determination. TWUL had recognised a £104.0 million provision in its 2024/25 accounts. On 19 June 2025 the government announced that the penalties from this investigation would be ring-fenced for local environmental projects.","adverse_subject_ids":["twul"]},"reading":"Fact: Ofwat and the Environment Agency announced investigations into all water and wastewater companies in England and Wales on 18 November 2021. In its final decision of May 2025, after a draft decision consulted on in August 2024, Ofwat found that Thames Water Utilities Limited had failed to ensure that its wastewater treatment works performed so that spills occurred only in exceptional cases (regulation 4(4) of the Urban Waste Water Treatment (England and Wales) Regulations 1994), had failed to construct, operate and maintain its sewer networks to the required standard (regulation 4(2) and Schedule 2), had failed in its duty under section 94 of the Water Industry Act 1991 to provide effectual drainage and deal effectually with the contents of its sewers, and had breached Condition P of its licence. Ofwat found that in 2021 over 70% of the storm overflows at its works spilled 20 or more times and almost 30% more than 60 times; that 157 works, almost two-thirds of those with flow-to-full-treatment permits, failed to meet the operational expectations of their permits; that the company had failed to identify over 300 storm overflows on its network that were unmonitored and often unpermitted; that the problems were systemic and dated from at least 2017; and that its senior management and board had inadequate oversight of the compliance of its assets. It issued an enforcement order under section 18 of the Act and a penalty of 9.0% of the relevant 2023–24 turnover of the wastewater business (£1,160.998 million), £104.5 million, stating its disappointment that Thames Water had not proposed a settlement package that would reduce the need for a penalty."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-penalty-plan","record":{"id":"c-sew-penalty-plan","kind":"fact","text":"On 27 August 2025 TWUL agreed a payment plan with Ofwat for the wastewater and dividend penalties of 28 May 2025: 20% of the combined penalties (£24.5 million) by 30 September 2025, and the balance on the earliest of 30 days after implementation of a second restructuring plan, 31 March 2030, or 30 days after any exit from special administration. Its super senior creditors approved the plan on 22 September 2025 with over 99% consent, and TWUL paid the first instalment in September 2025; at 30 September 2025 it held provisions of £83.1 million for the wastewater penalty and £14.6 million for the dividend penalty, the remaining 80%.","source_ids":["src-040","src-047"],"entity_ids":["twul","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: On 27 August 2025 TWUL agreed a payment plan with Ofwat for the wastewater and dividend penalties of 28 May 2025: 20% of the combined penalties (£24.5 million) by 30 September 2025, and the balance on the earliest of 30 days after implementation of a second restructuring plan, 31 March 2030, or 30 days after any exit from special administration. Its super senior creditors approved the plan on 22 September 2025 with over 99% consent, and TWUL paid the first instalment in September 2025; at 30 September 2025 it held provisions of £83.1 million for the wastewater penalty and £14.6 million for the dividend penalty, the remaining 80%."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-winep-investigation","record":{"id":"c-sew-winep-investigation","kind":"unresolved","text":"On 11 February 2025 Ofwat issued TWUL with a notice under section 203 of the Water Industry Act 1991 seeking documents and information about potential delays in delivering its 2020–25 (AMP7) WINEP environmental schemes by the original PR19 dates and the possible effect on the 2025–30 schemes, saying it was concerned that TWUL may have breached Condition P of its licence, section 94 of the Act and regulations 4 and 5 of the Urban Waste Water Treatment Regulations. Ofwat issued second and third notices in January and February 2026. Its powers include an enforcement order, enforceable undertakings or a penalty of up to 10% of the turnover of the relevant regulated business.","source_ids":["src-028","src-040"],"entity_ids":["twul","ofwat"],"qualification":"Ofwat had made no finding of breach; the investigation was continuing at the evidence cutoff.","response":"TWUL responded to the notices on 14 March 2025, and in February and March 2026.","outcome":"At the 2025/26 accounts TWUL stated that the outcome and any financial consequences were not yet conclusive.","adverse_subject_ids":["twul"]},"reading":"Unresolved: On 11 February 2025 Ofwat issued TWUL with a notice under section 203 of the Water Industry Act 1991 seeking documents and information about potential delays in delivering its 2020–25 (AMP7) WINEP environmental schemes by the original PR19 dates and the possible effect on the 2025–30 schemes, saying it was concerned that TWUL may have breached Condition P of its licence, section 94 of the Act and regulations 4 and 5 of the Urban Waste Water Treatment Regulations. Ofwat issued second and third notices in January and February 2026. Its powers include an enforcement order, enforceable undertakings or a penalty of up to 10% of the turnover of the relevant regulated business."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-permits-risk","record":{"id":"c-sew-permits-risk","kind":"unresolved","text":"TWUL's accounts disclose that it did not complete all its WINEP7 schemes, or the works needed to comply with the Industrial Emissions Directive, by the end of the 2020–25 period, so that new environmental permits took effect before the works needed to comply with them, and affected sites are at risk of operating outside their permit conditions — a criminal offence punishable by conviction and an unlimited fine. The Environment Agency did not accept TWUL's earlier IED remediation plan (the Best Endeavours Plan), and TWUL has since submitted a New Direction Plan. Separately, the Environment Agency is investigating TWUL, as part of its nationwide Operation Standard investigation of water and sewerage companies, under the Environmental Permitting (England and Wales) Regulations 2016 into the compliance of storm sewage discharges with environmental permits; TWUL is providing the information requested.","source_ids":["src-040","src-047","src-028"],"entity_ids":["twul","ea"],"qualification":"These are risk disclosures in TWUL's own accounts; no prosecution or formal enforcement on these matters is recorded in the archive, and the Environment Agency investigation had reached no conclusion at the cutoff.","response":"","outcome":"TWUL's 2025/26 accounts state that the Environment Agency had not taken formal enforcement action on the delayed schemes and that its investigation was continuing.","adverse_subject_ids":["twul"]},"reading":"Unresolved: TWUL's accounts disclose that it did not complete all its WINEP7 schemes, or the works needed to comply with the Industrial Emissions Directive, by the end of the 2020–25 period, so that new environmental permits took effect before the works needed to comply with them, and affected sites are at risk of operating outside their permit conditions — a criminal offence punishable by conviction and an unlimited fine. The Environment Agency did not accept TWUL's earlier IED remediation plan (the Best Endeavours Plan), and TWUL has since submitted a New Direction Plan. Separately, the Environment Agency is investigating TWUL, as part of its nationwide Operation Standard investigation of water and sewerage companies, under the Environmental Permitting (England and Wales) Regulations 2016 into the compliance of storm sewage discharges with environmental permits; TWUL is providing the information requested."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-cat-claim","record":{"id":"c-sew-cat-claim","kind":"attributed","text":"Professor Carolyn Roberts, as proposed class representative, brought collective proceedings in the Competition Appeal Tribunal against six water companies — among them Thames Water Utilities Limited together with Kemble Water Holdings Limited — alleging that each abused a dominant position by giving the Environment Agency and Ofwat misleading information on the number of pollution incidents relevant to its PR14 and PR19 performance commitments, so that Ofwat allowed higher prices than accurate reporting would have permitted. The class representative estimated damages in the household claim against the Thames Water group at £159 million, and on 20 December 2024 wrote to TWUL and Kemble Water Holdings Limited indicating a similar non-household claim estimated at £44–56 million including interest.","source_ids":["src-028","src-066","src-040"],"entity_ids":["twul","kwh","ofwat","ea","carolyn-roberts"],"qualification":"The courts decided only whether section 18(8) of the Water Industry Act 1991 barred the claim; the allegations of misreporting have not been tested on their merits. The non-household claim had not been issued or served at the date of TWUL's 2024/25 accounts.","response":"The water companies argued that remedies for the alleged abuse were not free-standing but depended entirely on the price control regime and the reporting conditions imposed by Ofwat, and so were excluded by section 18(8).","outcome":"The tribunal dismissed the claim on 7 March 2025 ([2025] CAT 17) as excluded by section 18(8), and refused permission to appeal on 20 May 2025. The Court of Appeal granted permission on 26 June 2025 and, on 5 March 2026, dismissed the appeal by a majority ([2026] EWCA Civ 222), holding that the contravention of a licence condition was an essential ingredient of the claimed abuse; Lord Justice Zacaroli dissented. Permission to appeal to the Supreme Court was granted in June 2026; the hearing had not been listed.","adverse_subject_ids":["twul","kwh"]},"reading":"Attributed: Professor Carolyn Roberts, as proposed class representative, brought collective proceedings in the Competition Appeal Tribunal against six water companies — among them Thames Water Utilities Limited together with Kemble Water Holdings Limited — alleging that each abused a dominant position by giving the Environment Agency and Ofwat misleading information on the number of pollution incidents relevant to its PR14 and PR19 performance commitments, so that Ofwat allowed higher prices than accurate reporting would have permitted. The class representative estimated damages in the household claim against the Thames Water group at £159 million, and on 20 December 2024 wrote to TWUL and Kemble Water Holdings Limited indicating a similar non-household claim estimated at £44–56 million including interest."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-sew-eir-claims","record":{"id":"c-sew-eir-claims","kind":"fact","text":"Claims against TWUL under the Environmental Information Regulations 2004 concerning property searches ended on 3 October 2024, when the High Court issued a Tomlin order dismissing further proceedings between the claimants and the company.","source_ids":["src-028"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Claims against TWUL under the Environmental Information Regulations 2004 concerning property searches ended on 3 October 2024, when the High Court issued a Tomlin order dismissing further proceedings between the claimants and the company."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-liquidity-2024","record":{"id":"c-rp1-liquidity-2024","kind":"fact","text":"In March 2023 the ultimate shareholders of the Thames Water group provided £500 million of new equity and agreed to provide a further £750 million in March 2024 subject to conditions; they declined to provide it, considering the conditions unmet. Advised by Rothschild & Co on raising equity, Thames Water Utilities Limited announced on 9 July 2024, after Ofwat's draft determination, that it would engage with potential investors and creditors to raise new equity. On 12 July 2024 a deterioration in the group's forecast financial ratios caused a trigger event under its financing documents, after which it could incur no further debt beyond drawings, extensions and rollovers of existing facilities. On 20 September 2024 TWUL reported liquidity of £1.57 billion at 31 August 2024 — £1.15 billion of cash (£0.38 billion of it required to be held in reserves) and £0.42 billion of undrawn Class A and Class B facilities — with a further £0.55 billion of reserve liquidity facilities available only in a standstill, and said that without creditor consent its available cash would run out at the end of December 2024.","source_ids":["src-048","src-119"],"entity_ids":["twul","twuhl","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: In March 2023 the ultimate shareholders of the Thames Water group provided £500 million of new equity and agreed to provide a further £750 million in March 2024 subject to conditions; they declined to provide it, considering the conditions unmet. Advised by Rothschild & Co on raising equity, Thames Water Utilities Limited announced on 9 July 2024, after Ofwat's draft determination, that it would engage with potential investors and creditors to raise new equity. On 12 July 2024 a deterioration in the group's forecast financial ratios caused a trigger event under its financing documents, after which it could incur no further debt beyond drawings, extensions and rollovers of existing facilities. On 20 September 2024 TWUL reported liquidity of £1.57 billion at 31 August 2024 — £1.15 billion of cash (£0.38 billion of it required to be held in reserves) and £0.42 billion of undrawn Class A and Class B facilities — with a further £0.55 billion of reserve liquidity facilities available only in a standstill, and said that without creditor consent its available cash would run out at the end of December 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-us-ppn","record":{"id":"c-rp1-us-ppn","kind":"fact","text":"The earliest maturing Class A debt was TWUL's US$285 million Class A senior notes (the US PPNs), due on 22 March 2025, under which £209 million of principal and £15 million of interest fell to be paid on 24 March 2025. Failure to pay would be an Event of Default putting the group into a Standstill Period, in which NatWest Markets plc, appointed Standstill Cash Manager, would take over operation of the group's bank accounts and could pay certain operating and capital expenditure but not enhancement capital expenditure.","source_ids":["src-048","src-020"],"entity_ids":["twul","natwest-markets"],"qualification":"","response":"","outcome":""},"reading":"Fact: The earliest maturing Class A debt was TWUL's US$285 million Class A senior notes (the US PPNs), due on 22 March 2025, under which £209 million of principal and £15 million of interest fell to be paid on 24 March 2025. Failure to pay would be an Event of Default putting the group into a Standstill Period, in which NatWest Markets plc, appointed Standstill Cash Manager, would take over operation of the group's bank accounts and could pay certain operating and capital expenditure but not enhancement capital expenditure."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-tsa","record":{"id":"c-rp1-tsa","kind":"fact","text":"Negotiations between the group, Jefferies and Akin Gump (advisers to the ad hoc group of Class A creditors) and members of a separate Class A creditor group produced the October STID Proposals, a Transaction Support Agreement and a Class A Backstop Agreement underwriting new money, all dated 25 October 2024. Waivers granted by the Class A creditors gave the group access to over £400 million of restricted cash, extending its liquidity runway from December 2024 to March 2025, and allowed it to start the restructuring plan. Hedge providers and holders of Class A and Class B debt who acceded to the agreement were entitled to consent fees of 0.75% (by 11 November 2024) or 0.5%, payable as non-interest-bearing notes, loans or deferred fees at the end of the stable platform period. By 10 December 2024 the agreement had been signed by 90% of Class A creditors by principal and make-whole amounts and 91.09% by the balance of Class A debt, but by only 7.4% of Class B creditors.","source_ids":["src-048","src-119"],"entity_ids":["twul","twuhl","class-a-ahg","class-b-ahg"],"qualification":"","response":"","outcome":""},"reading":"Fact: Negotiations between the group, Jefferies and Akin Gump (advisers to the ad hoc group of Class A creditors) and members of a separate Class A creditor group produced the October STID Proposals, a Transaction Support Agreement and a Class A Backstop Agreement underwriting new money, all dated 25 October 2024. Waivers granted by the Class A creditors gave the group access to over £400 million of restricted cash, extending its liquidity runway from December 2024 to March 2025, and allowed it to start the restructuring plan. Hedge providers and holders of Class A and Class B debt who acceded to the agreement were entitled to consent fees of 0.75% (by 11 November 2024) or 0.5%, payable as non-interest-bearing notes, loans or deferred fees at the end of the stable platform period. By 10 December 2024 the agreement had been signed by 90% of Class A creditors by principal and make-whole amounts and 91.09% by the balance of Class A debt, but by only 7.4% of Class B creditors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-class-b-proposals","record":{"id":"c-rp1-class-b-proposals","kind":"fact","text":"The ad hoc group of Class B creditors, advised by Quinn Emanuel, sent an alternative proposal for the interim financing on 22 October 2024 and, on 7 November 2024, a Class B Backstop Agreement between the plan company, TWUL, Thames Water Utilities Finance plc and backstop parties, with Kroll Issuer Services as lock-up agent, to provide the whole of the new money. Around 17 October 2024 Jefferies and Akin Gump had ceased to act for members of the Class A group who also held Class B debt, having identified a conflict of interest. Polus Capital Management, a member of the Class B group, held £77 million of Class A debt and £206 million of Class B debt; Covalis Capital, a participant in the equity raise that submitted an indicative equity bid on 5 December 2024, was one of the Class B backstop parties. On 24 January 2025 the Class B group's solicitors issued a claim, in the name of Westonbirt Fund LP, for an alternative creditors' plan (the B Plan); the Class B group then held 75% of the Class B debt. The same day TWUL launched a fallback STID proposal (the Reinstated Plan) in case the company's plan was not sanctioned.","source_ids":["src-048"],"entity_ids":["class-b-ahg","twuhl","twul","twuf","class-a-ahg","kroll-issuer"],"qualification":"","response":"","outcome":""},"reading":"Fact: The ad hoc group of Class B creditors, advised by Quinn Emanuel, sent an alternative proposal for the interim financing on 22 October 2024 and, on 7 November 2024, a Class B Backstop Agreement between the plan company, TWUL, Thames Water Utilities Finance plc and backstop parties, with Kroll Issuer Services as lock-up agent, to provide the whole of the new money. Around 17 October 2024 Jefferies and Akin Gump had ceased to act for members of the Class A group who also held Class B debt, having identified a conflict of interest. Polus Capital Management, a member of the Class B group, held £77 million of Class A debt and £206 million of Class B debt; Covalis Capital, a participant in the equity raise that submitted an indicative equity bid on 5 December 2024, was one of the Class B backstop parties. On 24 January 2025 the Class B group's solicitors issued a claim, in the name of Westonbirt Fund LP, for an alternative creditors' plan (the B Plan); the Class B group then held 75% of the Class B debt. The same day TWUL launched a fallback STID proposal (the Reinstated Plan) in case the company's plan was not sanctioned."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-funding-comparison","record":{"id":"c-rp1-funding-comparison","kind":"attributed","text":"In evidence for the B Plan, the Class B group's solicitor compared the two new-money offers: the Class A-backed plan provided £1.5 billion committed and £1.5 billion uncommitted funding for 2.5 years at 9.75% interest with a 3.0% original issue discount and a 3.5% backstop fee — total fees and interest of £327 million and a cost of debt of 22.5% — while the Class B alternative offered £3.0 billion committed for one year (extendable to 15 months on a CMA appeal) at 8.00% with a 2.0% discount, total fees and interest of £169 million and a cost of debt of 11.5%.","source_ids":["src-048"],"entity_ids":["class-b-ahg","class-a-ahg","twuhl","twul"],"qualification":"The figures are the Class B group's own comparison, put in evidence for its alternative plan, which was not sanctioned.","response":"","outcome":""},"reading":"Attributed: In evidence for the B Plan, the Class B group's solicitor compared the two new-money offers: the Class A-backed plan provided £1.5 billion committed and £1.5 billion uncommitted funding for 2.5 years at 9.75% interest with a 3.0% original issue discount and a 3.5% backstop fee — total fees and interest of £327 million and a cost of debt of 22.5% — while the Class B alternative offered £3.0 billion committed for one year (extendable to 15 months on a CMA appeal) at 8.00% with a 2.0% discount, total fees and interest of £169 million and a cost of debt of 11.5%."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-convening","record":{"id":"c-rp1-convening","kind":"fact","text":"On 10 December 2024 Thames Water Utilities Holdings Limited applied under Part 26A of the Companies Act 2006 to convene meetings of its finance creditors on a restructuring plan intended to provide interim bridge funding pending a more substantive restructuring. On 17 December 2024 Trower J ordered seven meetings ([2024] EWHC 3310 (Ch)), finding that TWUHL faced financial difficulties affecting its ability to carry on business as a going concern and that the bridge finance was intended to mitigate them; the comparator used for the classes was a special administration of TWUL with ordinary administration of the other group companies. He stressed that he was not considering the merits or fairness of the plan. On 21 January 2025 he refused permission for expert economic evidence on competition law ([2025] EWHC 84 (Ch)).","source_ids":["src-119","src-048","src-064"],"entity_ids":["twuhl","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: On 10 December 2024 Thames Water Utilities Holdings Limited applied under Part 26A of the Companies Act 2006 to convene meetings of its finance creditors on a restructuring plan intended to provide interim bridge funding pending a more substantive restructuring. On 17 December 2024 Trower J ordered seven meetings ([2024] EWHC 3310 (Ch)), finding that TWUHL faced financial difficulties affecting its ability to carry on business as a going concern and that the bridge finance was intended to mitigate them; the comparator used for the classes was a special administration of TWUL with ordinary administration of the other group companies. He stressed that he was not considering the merits or fairness of the plan. On 21 January 2025 he refused permission for expert economic evidence on competition law ([2025] EWHC 84 (Ch))."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-plan-debt","record":{"id":"c-rp1-plan-debt","kind":"fact","text":"The debt covered by the plan comprised £550 million of undrawn liquidity facilities; Class A debt of about £14.747 billion at the end of March 2024, in more than 60 issues of bank facilities, private notes and public bonds, all borrowed or issued by Thames Water Utilities Limited or Thames Water Utilities Finance plc; Class B debt of about £1.366 billion borrowed or issued by the same two companies; interest-rate and index-linked hedging liabilities with a mark-to-market value of about £1.7 billion and currency hedges; and about £3.4 billion of subordinated loans owed by the plan company, TWUHL, to its parent Thames Water Limited. TWUHL — a holding company with no employees and no material assets other than its shares in its subsidiary — guarantees TWUL's and TWUF's obligations under the finance documents, TWUL and TWUF guarantee each other's, and TWUHL entered into a deed of contribution with them for the secured debt. The group's total external non-hedging debt was about £19 billion at 28 November 2024.","source_ids":["src-119","src-048","src-054"],"entity_ids":["twuhl","twul","twuf","twl"],"qualification":"","response":"","outcome":""},"reading":"Fact: The debt covered by the plan comprised £550 million of undrawn liquidity facilities; Class A debt of about £14.747 billion at the end of March 2024, in more than 60 issues of bank facilities, private notes and public bonds, all borrowed or issued by Thames Water Utilities Limited or Thames Water Utilities Finance plc; Class B debt of about £1.366 billion borrowed or issued by the same two companies; interest-rate and index-linked hedging liabilities with a mark-to-market value of about £1.7 billion and currency hedges; and about £3.4 billion of subordinated loans owed by the plan company, TWUHL, to its parent Thames Water Limited. TWUHL — a holding company with no employees and no material assets other than its shares in its subsidiary — guarantees TWUL's and TWUF's obligations under the finance documents, TWUL and TWUF guarantee each other's, and TWUHL entered into a deed of contribution with them for the secured debt. The group's total external non-hedging debt was about £19 billion at 28 November 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-terms","record":{"id":"c-rp1-terms","kind":"fact","text":"The plan (the Interim Platform Transaction) extended the final maturities and scheduled amortisation of the Class A, Class B and subordinated debt by two years, so that the earliest extended Class A or Class B maturity falls in March 2027, cancelled all undrawn commitments under the liquidity facilities and the Class A and Class B debt, and temporarily suspended a number of financial and other covenants until the earliest debt maturity. It provided £1.5 billion of super senior funding with capacity for a further £1.5 billion: a new subsidiary of TWUL, Thames Water Super Senior Issuer plc, issues bonds and a term loan maturing two years and six months after first funding, at a 3% discount (a price of 97%) and 9.75% cash interest payable semi-annually, sharing the existing security package, guaranteed by TWUL and TWUHL with a cross-guarantee from TWUF; all Class A and Class B holders may participate pro rata, and the funding ranks ahead of all existing plan debt other than certain hedging liabilities. TWUL borrows the proceeds under a Super Senior Class A Issuer Borrower Loan Agreement with the issuer and Kroll Trustee Services Ltd as security trustee, on a monthly schedule from £293 million in February 2025 to £112 million in August 2025.","source_ids":["src-048","src-054","src-040","src-028"],"entity_ids":["twuhl","twul","twuf","twssi","kroll-trustee","twl"],"qualification":"","response":"","outcome":""},"reading":"Fact: The plan (the Interim Platform Transaction) extended the final maturities and scheduled amortisation of the Class A, Class B and subordinated debt by two years, so that the earliest extended Class A or Class B maturity falls in March 2027, cancelled all undrawn commitments under the liquidity facilities and the Class A and Class B debt, and temporarily suspended a number of financial and other covenants until the earliest debt maturity. It provided £1.5 billion of super senior funding with capacity for a further £1.5 billion: a new subsidiary of TWUL, Thames Water Super Senior Issuer plc, issues bonds and a term loan maturing two years and six months after first funding, at a 3% discount (a price of 97%) and 9.75% cash interest payable semi-annually, sharing the existing security package, guaranteed by TWUL and TWUHL with a cross-guarantee from TWUF; all Class A and Class B holders may participate pro rata, and the funding ranks ahead of all existing plan debt other than certain hedging liabilities. TWUL borrows the proceeds under a Super Senior Class A Issuer Borrower Loan Agreement with the issuer and Kroll Trustee Services Ltd as security trustee, on a monthly schedule from £293 million in February 2025 to £112 million in August 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-control-terms","record":{"id":"c-rp1-control-terms","kind":"fact","text":"The last two tranches of the initial super senior loan, £462 million due on 31 July and 31 August 2025, and the £1.5 billion accordion were payable only if the June Release Condition was met by 30 June 2025: a lock-up agreement for a recapitalisation, to be implemented through a restructuring plan, signed by holders of at least two-thirds of the super senior funding and of the Class A debt (a Supported LUA). TWUL may request accordion increases on no more than two occasions, each of no more than £750 million. Each obligor must have at least two independent non-executive directors with restructuring experience — Aidan de Brunner and Neil Robson at the restructuring date — whose replacement, and that of TWUL's chief restructuring officer, needs the super senior security trustee's consent. A decision to ask for a CMA redetermination of the PR24 final determination requires approval by a majority of TWUL's directors and by each of these nominated independent directors.","source_ids":["src-048","src-054"],"entity_ids":["twul","twuhl","twuf","twssi","aidan-de-brunner","neil-robson","kroll-trustee"],"qualification":"","response":"","outcome":""},"reading":"Fact: The last two tranches of the initial super senior loan, £462 million due on 31 July and 31 August 2025, and the £1.5 billion accordion were payable only if the June Release Condition was met by 30 June 2025: a lock-up agreement for a recapitalisation, to be implemented through a restructuring plan, signed by holders of at least two-thirds of the super senior funding and of the Class A debt (a Supported LUA). TWUL may request accordion increases on no more than two occasions, each of no more than £750 million. Each obligor must have at least two independent non-executive directors with restructuring experience — Aidan de Brunner and Neil Robson at the restructuring date — whose replacement, and that of TWUL's chief restructuring officer, needs the super senior security trustee's consent. A decision to ask for a CMA redetermination of the PR24 final determination requires approval by a majority of TWUL's directors and by each of these nominated independent directors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-votes","record":{"id":"c-rp1-votes","kind":"fact","text":"At the plan meetings on 21 January 2025 the plan was approved by 100% of those voting in the liquidity facility, interest-rate and index-linked hedge and currency hedge classes, and by 98.06% of the Class A make-whole class and 98.99% of the other Class A creditors. 15.5% of the Class B creditors voted for it and 84.49% against, and Thames Water Limited, TWUHL's parent and the only member of the subordinated class, voted against. TWUHL therefore asked the court to impose a cross-class cram down on the Class B creditors and Thames Water Limited.","source_ids":["src-048"],"entity_ids":["twuhl","twl","class-a-ahg","class-b-ahg"],"qualification":"","response":"","outcome":""},"reading":"Fact: At the plan meetings on 21 January 2025 the plan was approved by 100% of those voting in the liquidity facility, interest-rate and index-linked hedge and currency hedge classes, and by 98.06% of the Class A make-whole class and 98.99% of the other Class A creditors. 15.5% of the Class B creditors voted for it and 84.49% against, and Thames Water Limited, TWUHL's parent and the only member of the subordinated class, voted against. TWUHL therefore asked the court to impose a cross-class cram down on the Class B creditors and Thames Water Limited."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-hearing","record":{"id":"c-rp1-hearing","kind":"fact","text":"Leech J heard the sanction application on 31 January and 3–7 February 2025. The ad hoc group of Class A creditors and a group of bank creditors supported the plan; the ad hoc group of Class B creditors, Thames Water Limited and Charlie Maynard MP, representing the public interest and customers, opposed it, and the trustees of the Thames Water pension schemes wrote to the court on 4 February 2025. The court held that Mr Maynard, who said he had the support of 25 MPs and 34 campaign and recreational groups and later of members of the House of Lords and 43 parish councils or councillors, landowners and businesses, had standing to oppose the plan, and granted him a prospective costs order. The plan company's evidence came mainly from Andrew Fraiser, general counsel and company secretary, who joined Thames Water in March 2024, and Alastair Cochran, TWUL's chief financial officer since September 2021 and not a TWUHL director. The judge said that it was not for the court to attribute blame for the group's position, but that he would have been more confident in the outcome if there had been some evidence of introspection about why the group had got into its situation, adding that this was no criticism of the two witnesses personally.","source_ids":["src-048"],"entity_ids":["twuhl","twl","class-a-ahg","class-b-ahg","charlie-maynard","andrew-fraiser","alastair-cochran","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Leech J heard the sanction application on 31 January and 3–7 February 2025. The ad hoc group of Class A creditors and a group of bank creditors supported the plan; the ad hoc group of Class B creditors, Thames Water Limited and Charlie Maynard MP, representing the public interest and customers, opposed it, and the trustees of the Thames Water pension schemes wrote to the court on 4 February 2025. The court held that Mr Maynard, who said he had the support of 25 MPs and 34 campaign and recreational groups and later of members of the House of Lords and 43 parish councils or councillors, landowners and businesses, had standing to oppose the plan, and granted him a prospective costs order. The plan company's evidence came mainly from Andrew Fraiser, general counsel and company secretary, who joined Thames Water in March 2024, and Alastair Cochran, TWUL's chief financial officer since September 2021 and not a TWUHL director. The judge said that it was not for the court to attribute blame for the group's position, but that he would have been more confident in the outcome if there had been some evidence of introspection about why the group had got into its situation, adding that this was no criticism of the two witnesses personally."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-objections","record":{"id":"c-rp1-objections","kind":"attributed","text":"The Class B group initially argued that the plan company was acting in breach of Conditions P2, P6 and P10 of TWUL's licence, but withdrew that objection. Its main case was that the Class A Control Terms, and in particular the June Release Condition, which the Class A group had proposed, gave the Class A creditors control of the recapitalisation and the bidding for it, in breach of the Chapter I prohibition of the Competition Act 1998 — an unlawful means conspiracy it likened to bid-rigging — to the detriment of the Class B creditors. It also objected to the width of the releases for directors and advisers in clause 16 of the plan, and argued that deferring the £200.4 million principal of the US PPNs would have been enough. After the evidence closed, Covalis Capital, an equity-raise participant aligned with the Class B group, wrote to the court on 6 February 2025 that reports it had seen appeared to raise questions about who might control or materially influence Thames Water's affairs. Charlie Maynard MP focused on the cost of the super senior funding: £443 million of the first tranche would return to plan creditors as interest and costs, against a cost of £65.93 million if the government provided the same funding in a special administration.","source_ids":["src-048","src-054"],"entity_ids":["class-b-ahg","class-a-ahg","twuhl","twul","charlie-maynard","defra"],"qualification":"These were the objectors' arguments, which the court rejected; its conclusions on competition law and the relevant alternative are set out with its findings.","response":"The Class A group's financial adviser gave evidence that, as the economic owners of the Thames Water group, the Class A creditors should have controls over the equity raise and \"a seat at the table\".","outcome":"Leech J found no evidence to support the bid-rigging allegation and was not satisfied that any of the Class A Control Terms were unfair or unreasonable."},"reading":"Attributed: The Class B group initially argued that the plan company was acting in breach of Conditions P2, P6 and P10 of TWUL's licence, but withdrew that objection. Its main case was that the Class A Control Terms, and in particular the June Release Condition, which the Class A group had proposed, gave the Class A creditors control of the recapitalisation and the bidding for it, in breach of the Chapter I prohibition of the Competition Act 1998 — an unlawful means conspiracy it likened to bid-rigging — to the detriment of the Class B creditors. It also objected to the width of the releases for directors and advisers in clause 16 of the plan, and argued that deferring the £200.4 million principal of the US PPNs would have been enough. After the evidence closed, Covalis Capital, an equity-raise participant aligned with the Class B group, wrote to the court on 6 February 2025 that reports it had seen appeared to raise questions about who might control or materially influence Thames Water's affairs. Charlie Maynard MP focused on the cost of the super senior funding: £443 million of the first tranche would return to plan creditors as interest and costs, against a cost of £65.93 million if the government provided the same funding in a special administration."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-valuation","record":{"id":"c-rp1-valuation","kind":"fact","text":"The court accepted the plan company's valuation expert, who put TWUL's enterprise value at a mid-point of £14.729 billion (range £13.674–15.844 billion), cross-checked against the trading prices of its debt, and rejected the Class B group's expert's £21.496 billion; it found that the group's enterprise value was likely to be £16.707 billion at 30 September 2025 and £18.756 billion at 31 July 2026. Evidence before the court showed TWUL's Class A bonds trading at a discount to face value, and only one £250 million Class B bond publicly traded, with the other £744 million of Class B instruments untraded. On that valuation, in a special administration the value would break in the Class A principal claims, the Class B creditors would receive nothing, against £0.4 billion of cash interest under the plan, and Thames Water Limited's subordinated debt would receive no value; the court therefore found that the Class B creditors and the subordinated creditor would be no worse off under the plan than in the relevant alternative.","source_ids":["src-048","src-054"],"entity_ids":["twul","twuhl","twl","class-b-ahg"],"qualification":"","response":"","outcome":""},"reading":"Fact: The court accepted the plan company's valuation expert, who put TWUL's enterprise value at a mid-point of £14.729 billion (range £13.674–15.844 billion), cross-checked against the trading prices of its debt, and rejected the Class B group's expert's £21.496 billion; it found that the group's enterprise value was likely to be £16.707 billion at 30 September 2025 and £18.756 billion at 31 July 2026. Evidence before the court showed TWUL's Class A bonds trading at a discount to face value, and only one £250 million Class B bond publicly traded, with the other £744 million of Class B instruments untraded. On that valuation, in a special administration the value would break in the Class A principal claims, the Class B creditors would receive nothing, against £0.4 billion of cash interest under the plan, and Thames Water Limited's subordinated debt would receive no value; the court therefore found that the Class B creditors and the subordinated creditor would be no worse off under the plan than in the relevant alternative."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-findings","record":{"id":"c-rp1-findings","kind":"fact","text":"In his judgment of 18 February 2025 ([2025] EWHC 338 (Ch)) Leech J found that if the plan were refused, TWUL's directors would most likely ask Ofwat and the Environment Secretary to apply for a special administration order and TWUL would enter special administration on or before 24 March 2025; this special administration, not the B Plan, was the relevant alternative. He found that the plan was not unfair to the Class B creditors and did not infringe the Chapter I prohibition: without the June Release Condition, issuing a claim to sanction a second plan would itself be an Event of Default, and releasing restricted cash or waiving defaults already required a majority of Class A creditors. He accepted that the Class A creditors would be able to exert some control over the second plan, found no evidence for the bid-rigging allegation, and warned that the court would not sanction a later plan if the Class A creditors tried to manipulate the bidding, for example by pressing for a low credit bid to keep the Class B creditors out of the money. The releases in clause 16 were not a blot on the plan; no breach of duty by the directors had been alleged. Taking account of the public interest in the uninterrupted provision of vital public services, he sanctioned the plan, and the sanction order under section 901F of the Companies Act 2006 was made on 21 February 2025.","source_ids":["src-048","src-064","src-028"],"entity_ids":["twuhl","twul","class-a-ahg","class-b-ahg","ofwat","defra","charlie-maynard"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twuhl","twul"]},"reading":"Fact: In his judgment of 18 February 2025 ([2025] EWHC 338 (Ch)) Leech J found that if the plan were refused, TWUL's directors would most likely ask Ofwat and the Environment Secretary to apply for a special administration order and TWUL would enter special administration on or before 24 March 2025; this special administration, not the B Plan, was the relevant alternative. He found that the plan was not unfair to the Class B creditors and did not infringe the Chapter I prohibition: without the June Release Condition, issuing a claim to sanction a second plan would itself be an Event of Default, and releasing restricted cash or waiving defaults already required a majority of Class A creditors. He accepted that the Class A creditors would be able to exert some control over the second plan, found no evidence for the bid-rigging allegation, and warned that the court would not sanction a later plan if the Class A creditors tried to manipulate the bidding, for example by pressing for a low credit bid to keep the Class B creditors out of the money. The releases in clause 16 were not a blot on the plan; no breach of duty by the directors had been alleged. Taking account of the public interest in the uninterrupted provision of vital public services, he sanctioned the plan, and the sanction order under section 901F of the Companies Act 2006 was made on 21 February 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-costs","record":{"id":"c-rp1-costs","kind":"fact","text":"The court described the costs of finance and adviser fees as very high, \"eye-watering\": well over 50% of the £1.388 billion of scheduled loans to be drawn in the first six months would go back to the plan creditors who advanced them. The super senior funding was issued at a 3% discount (£45 million) and carried a 3.5% backstop fee (£52.5 million) and 9.75% interest; TWUL's chief financial officer accepted that about £800 million of the £1.388 billion would go on the cost of finance, debt service and professional fees — including £445 million of finance costs, up to £245 million of existing interest and about £210 million of professional fees — leaving under £600 million to fund the gap between operating cash flow and capital investment, and that the penalties then proposed by Ofwat were not funded. The judge rejected the company's estimate that a special administration would cost £3.35–4.01 billion, but accepted that its costs were likely to equal or exceed those of the plan and a second plan. He found it likely that the Class A creditors would have to take a significant haircut in the second plan and so bear the price of the new debt, and sanctioned the plan on that basis.","source_ids":["src-048","src-054"],"entity_ids":["twuhl","twul","class-a-ahg","alastair-cochran"],"qualification":"","response":"","outcome":""},"reading":"Fact: The court described the costs of finance and adviser fees as very high, \"eye-watering\": well over 50% of the £1.388 billion of scheduled loans to be drawn in the first six months would go back to the plan creditors who advanced them. The super senior funding was issued at a 3% discount (£45 million) and carried a 3.5% backstop fee (£52.5 million) and 9.75% interest; TWUL's chief financial officer accepted that about £800 million of the £1.388 billion would go on the cost of finance, debt service and professional fees — including £445 million of finance costs, up to £245 million of existing interest and about £210 million of professional fees — leaving under £600 million to fund the gap between operating cash flow and capital investment, and that the penalties then proposed by Ofwat were not funded. The judge rejected the company's estimate that a special administration would cost £3.35–4.01 billion, but accepted that its costs were likely to equal or exceed those of the plan and a second plan. He found it likely that the Class A creditors would have to take a significant haircut in the second plan and so bear the price of the new debt, and sanctioned the plan on that basis."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-class-a-view","record":{"id":"c-rp1-class-a-view","kind":"attributed","text":"The financial adviser to the Class A group told the court that the Class A creditors — more than 100 institutions — were the \"economic owners of the business\". The judge accepted that a restructuring of TWUL's balance sheet to attract an investor able to restore an investment-grade rating carried a significant risk that some Class A and Class B debt would be written off, for which the adviser gave figures of £6 billion to £10 billion, and that a recapitalisation was likely to trigger the licence's change of control provisions and require Ofwat's consent.","source_ids":["src-048","src-043"],"entity_ids":["class-a-ahg","twul","ofwat"],"qualification":"The phrase is the Class A group adviser's characterisation in evidence, not a finding about control.","response":"Ofwat concluded in September 2025 that no individual creditor or group of creditors was in a position to exert material influence over TWUL's decisions amounting to Ultimate Control.","outcome":""},"reading":"Attributed: The financial adviser to the Class A group told the court that the Class A creditors — more than 100 institutions — were the \"economic owners of the business\". The judge accepted that a restructuring of TWUL's balance sheet to attract an investor able to restore an investment-grade rating carried a significant risk that some Class A and Class B debt would be written off, for which the adviser gave figures of £6 billion to £10 billion, and that a recapitalisation was likely to trigger the licence's change of control provisions and require Ofwat's consent."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-appeal","record":{"id":"c-rp1-appeal","kind":"fact","text":"Kington S.à r.l., on behalf of the Class B group, Thames Water Limited and Charles Maynard MP appealed. The Court of Appeal (the Chancellor of the High Court, Sir Julian Flaux, Lord Justice Zacaroli and Sir Nicholas Patten) heard the appeals on 11–13 March 2025 and on 17 March 2025 dismissed them, subject to one amendment: the releases and covenant not to sue in clauses 16.1.2 and 16.1.3 were to exclude claims that a special administrator of TWUL or an insolvency office-holder of TWUHL might later bring against directors or advisers, because both companies would remain insolvent after the interim plan. It gave its reasons on 15 April 2025 ([2025] EWCA Civ 475). Mr Maynard's application for permission to appeal further was refused by the Court of Appeal and then, on 30 July 2025, by the Supreme Court, ending any further appeal against the plan.","source_ids":["src-054","src-040","src-028"],"entity_ids":["kington","class-b-ahg","twl","charlie-maynard","twuhl","class-a-ahg","twul"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twuhl","twul"]},"reading":"Fact: Kington S.à r.l., on behalf of the Class B group, Thames Water Limited and Charles Maynard MP appealed. The Court of Appeal (the Chancellor of the High Court, Sir Julian Flaux, Lord Justice Zacaroli and Sir Nicholas Patten) heard the appeals on 11–13 March 2025 and on 17 March 2025 dismissed them, subject to one amendment: the releases and covenant not to sue in clauses 16.1.2 and 16.1.3 were to exclude claims that a special administrator of TWUL or an insolvency office-holder of TWUHL might later bring against directors or advisers, because both companies would remain insolvent after the interim plan. It gave its reasons on 15 April 2025 ([2025] EWCA Civ 475). Mr Maynard's application for permission to appeal further was refused by the Court of Appeal and then, on 30 July 2025, by the Supreme Court, ending any further appeal against the plan."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rp1-implementation","record":{"id":"c-rp1-implementation","kind":"fact","text":"The plan took effect on 25 February 2025, when the maturities of all the group's debts were extended by two years and all revolving credit facilities were cancelled or converted to term loans; the original maturities return if, among other requirements, the group regains investment-grade ratings from two agencies. Lenders received zero-coupon consent fee debt with a face value of £123.6 million for agreeing to the super senior debt and the extensions. TWUL and TWUHL each created charges on 25 February 2025, registered at Companies House in March 2025, and TWUHL filed the plan with the registrar on 6 March 2025. Because the plan was under appeal, the conditions precedent to the super senior facility were not met, and creditors waived them three times, permitting drawings of £350 million in March 2025 and £365 million in April 2025; £715 million was drawn in April and May 2025 and lent on to TWUL. Under a turnover agreement with a group of Class A lenders, covering the case of a successful appeal, TWUL paid a £32.0 million fee into escrow on 15 April 2025, and £32.2 million including interest was returned on 4 August 2025 after the Supreme Court refused permission to appeal. TWUL continued to draw on its intercompany facility from Thames Water Super Senior Issuer plc in 2025 and January 2026, and from March to July 2026 on the first £823 million accordion tranche, drawing about £2.25 billion of principal by the date of TWUHL's 2025/26 accounts.","source_ids":["src-028","src-023","src-038","src-040"],"entity_ids":["twul","twuhl","twssi","class-a-ahg"],"qualification":"","response":"","outcome":""},"reading":"Fact: The plan took effect on 25 February 2025, when the maturities of all the group's debts were extended by two years and all revolving credit facilities were cancelled or converted to term loans; the original maturities return if, among other requirements, the group regains investment-grade ratings from two agencies. Lenders received zero-coupon consent fee debt with a face value of £123.6 million for agreeing to the super senior debt and the extensions. TWUL and TWUHL each created charges on 25 February 2025, registered at Companies House in March 2025, and TWUHL filed the plan with the registrar on 6 March 2025. Because the plan was under appeal, the conditions precedent to the super senior facility were not met, and creditors waived them three times, permitting drawings of £350 million in March 2025 and £365 million in April 2025; £715 million was drawn in April and May 2025 and lent on to TWUL. Under a turnover agreement with a group of Class A lenders, covering the case of a successful appeal, TWUL paid a £32.0 million fee into escrow on 15 April 2025, and £32.2 million including interest was returned on 4 August 2025 after the Supreme Court refused permission to appeal. TWUL continued to draw on its intercompany facility from Thames Water Super Senior Issuer plc in 2025 and January 2026, and from March to July 2026 on the first £823 million accordion tranche, drawing about £2.25 billion of principal by the date of TWUHL's 2025/26 accounts."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-kemble-equity-2023","record":{"id":"c-rec-kemble-equity-2023","kind":"fact","text":"In July 2023 the group announced that the Kemble shareholders had agreed to provide a further £750 million of new equity during the then regulatory period (AMP7), the first £500 million tranche expected by 31 March 2024, and acknowledged the possibility of further equity in the region of £2.5 billion in the medium term. The funding was conditional, among other things, on a business plan underpinning a more focused three-year turnaround and supported by appropriate regulatory arrangements; on 28 March 2024 the group and the Kemble shareholders announced that, on the basis of Ofwat's feedback at that time, the regulatory arrangements expected to apply in 2025–30 made the PR24 business plan uninvestable, so the conditions were not satisfied and the first £500 million was not provided.","source_ids":["src-028"],"entity_ids":["twul","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: In July 2023 the group announced that the Kemble shareholders had agreed to provide a further £750 million of new equity during the then regulatory period (AMP7), the first £500 million tranche expected by 31 March 2024, and acknowledged the possibility of further equity in the region of £2.5 billion in the medium term. The funding was conditional, among other things, on a business plan underpinning a more focused three-year turnaround and supported by appropriate regulatory arrangements; on 28 March 2024 the group and the Kemble shareholders announced that, on the basis of Ofwat's feedback at that time, the regulatory arrangements expected to apply in 2025–30 made the PR24 business plan uninvestable, so the conditions were not satisfied and the first £500 million was not provided."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-equity-process","record":{"id":"c-rec-equity-process","kind":"fact","text":"The equity raise begun in summer 2024 received five non-binding proposals on 5 December 2024; Rothschild & Co told the plan company that 19 parties had been admitted to its Phase 1B on 19 December 2024. Six parties submitted revised non-binding proposals on 10 February 2025, and Ofwat met each of them. On 31 March 2025 TWUL selected KKR as preferred partner for the Phase 2 diligence stage, but after ten weeks of due diligence KKR advised in writing on 2 June 2025 that it was not in a position to proceed, and its preferred partner status lapsed. TWUL's senior creditors had meanwhile been preparing an alternative recapitalisation proposal.","source_ids":["src-047","src-028","src-048"],"entity_ids":["twul","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: The equity raise begun in summer 2024 received five non-binding proposals on 5 December 2024; Rothschild & Co told the plan company that 19 parties had been admitted to its Phase 1B on 19 December 2024. Six parties submitted revised non-binding proposals on 10 February 2025, and Ofwat met each of them. On 31 March 2025 TWUL selected KKR as preferred partner for the Phase 2 diligence stage, but after ten weeks of due diligence KKR advised in writing on 2 June 2025 that it was not in a position to proceed, and its preferred partner status lapsed. TWUL's senior creditors had meanwhile been preparing an alternative recapitalisation proposal."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-lvw","record":{"id":"c-rec-lvw","kind":"fact","text":"On 2 October 2025 London & Valley Water, a large consortium of TWUL's Class A creditors, announced that it had submitted to the company and Ofwat a proposal to deliver the turnaround, transformation and recapitalisation of Thames Water without recourse to taxpayers. Discussions between TWUL, the consortium, Ofwat and other regulators continued through 2026: the company issued a recapitalisation update on the proposal on 16 March 2026, and the Environment Secretary's preliminary views on the consortium's best and final offer of 6 March 2026 were published on 16 June 2026.","source_ids":["src-047","src-068","src-082"],"entity_ids":["lvw","twul","ofwat","defra"],"qualification":"","response":"","outcome":"On 16 October 2026 TWUL stated that its board, Ofwat, other regulators and relevant investment committees had made no decision to accept and take forward any proposal from the consortium."},"reading":"Fact: On 2 October 2025 London & Valley Water, a large consortium of TWUL's Class A creditors, announced that it had submitted to the company and Ofwat a proposal to deliver the turnaround, transformation and recapitalisation of Thames Water without recourse to taxpayers. Discussions between TWUL, the consortium, Ofwat and other regulators continued through 2026: the company issued a recapitalisation update on the proposal on 16 March 2026, and the Environment Secretary's preliminary views on the consortium's best and final offer of 6 March 2026 were published on 16 June 2026."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-lvw-reported-terms","record":{"id":"c-rec-lvw-reported-terms","kind":"attributed","text":"A public-interest website tracking the case summarised the consortium's statement of 21 July 2026 as describing a group of around 100 financial institutions holding more than £17 billion of senior debt that proposed to inject £10 billion of new capital, write off £9.6 billion of debt and take ownership, with the registered shareholders losing their investment; it reported that the July version added a ministerial golden share, an independent monitor with boardroom access, local-authority representation in a new supervisory structure, a ten-year bar on dividends and an expanded social tariff.","source_ids":["src-116"],"entity_ids":["lvw","twul","kwh"],"qualification":"The archive does not contain the consortium's own statement; the summary is a third party's, and no decision on the proposal had been announced at the evidence cutoff.","response":"","outcome":""},"reading":"Attributed: A public-interest website tracking the case summarised the consortium's statement of 21 July 2026 as describing a group of around 100 financial institutions holding more than £17 billion of senior debt that proposed to inject £10 billion of new capital, write off £9.6 billion of debt and take ownership, with the registered shareholders losing their investment; it reported that the July version added a ministerial golden share, an independent monitor with boardroom access, local-authority representation in a new supervisory structure, a ten-year bar on dividends and an expanded social tariff."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-liquidity-2025","record":{"id":"c-rec-liquidity-2025","kind":"fact","text":"TWUL drew on its intercompany facility from Thames Water Super Senior Issuer plc from April 2025, with further tranches in May, July, August and November 2025, reaching about £1,193 million of principal from the initial committed tranche. When the October 2024 Transaction Support Agreement was terminated on 29 June 2025, the backstop fees of 3.5% of the principal became payable. A consent request launched on 10 November 2025 extended the date for TWUL's drawings from 31 July to 28 November 2025 and allowed a further £321 million of principal; it was approved on 24 November 2025, and the issuer on-lent £311 million net to TWUL the next day. At 30 September 2025 the group's liquidity was £861.7 million, including £539 million held in the issuer that was available to TWUL only with creditor consent.","source_ids":["src-047","src-040"],"entity_ids":["twul","twssi"],"qualification":"","response":"","outcome":""},"reading":"Fact: TWUL drew on its intercompany facility from Thames Water Super Senior Issuer plc from April 2025, with further tranches in May, July, August and November 2025, reaching about £1,193 million of principal from the initial committed tranche. When the October 2024 Transaction Support Agreement was terminated on 29 June 2025, the backstop fees of 3.5% of the principal became payable. A consent request launched on 10 November 2025 extended the date for TWUL's drawings from 31 July to 28 November 2025 and allowed a further £321 million of principal; it was approved on 24 November 2025, and the issuer on-lent £311 million net to TWUL the next day. At 30 September 2025 the group's liquidity was £861.7 million, including £539 million held in the issuer that was available to TWUL only with creditor consent."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-liquidity-2026","record":{"id":"c-rec-liquidity-2026","kind":"fact","text":"At 31 March 2026 the issuer had drawn £1,427 million of the initial super senior facility (£1,332 million net passed to TWUL), with £73 million available only once the accordion was fully committed and used. The first accordion tranche of £823.5 million was fully subscribed in February 2026; the issuer drew £410 million of it by 31 March 2026 and a further £414 million on 10 June 2026, on-lending the net proceeds to TWUL between March and July 2026. Group liquidity was £1,038 million at 31 March 2026 and £588 million at 30 June 2026. TWUL drew the final committed tranche of £213 million on 14 July 2026. Creditors holding over £13 billion (82%) of TWUL's Class A debt and over £1.6 billion (73%) of its super senior debt gave a letter of support, not legally enforceable, for further drawings, maturity extensions and an extension of the stable platform period, which began on 25 February 2025 and runs to March 2027 while a Trigger Event continues and covenant testing is suspended. Drawings from 31 July 2026 required a Supported LUA — a lock-up agreement for a recapitalisation signed by at least two-thirds of the Class A and super senior creditors — unless waived or extended by at least 50% of the super senior creditors, which had approved each waiver to date.","source_ids":["src-040","src-077"],"entity_ids":["twul","twssi"],"qualification":"","response":"","outcome":""},"reading":"Fact: At 31 March 2026 the issuer had drawn £1,427 million of the initial super senior facility (£1,332 million net passed to TWUL), with £73 million available only once the accordion was fully committed and used. The first accordion tranche of £823.5 million was fully subscribed in February 2026; the issuer drew £410 million of it by 31 March 2026 and a further £414 million on 10 June 2026, on-lending the net proceeds to TWUL between March and July 2026. Group liquidity was £1,038 million at 31 March 2026 and £588 million at 30 June 2026. TWUL drew the final committed tranche of £213 million on 14 July 2026. Creditors holding over £13 billion (82%) of TWUL's Class A debt and over £1.6 billion (73%) of its super senior debt gave a letter of support, not legally enforceable, for further drawings, maturity extensions and an extension of the stable platform period, which began on 25 February 2025 and runs to March 2027 while a Trigger Event continues and covenant testing is suspended. Drawings from 31 July 2026 required a Supported LUA — a lock-up agreement for a recapitalisation signed by at least two-thirds of the Class A and super senior creditors — unless waived or extended by at least 50% of the super senior creditors, which had approved each waiver to date."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-upsize","record":{"id":"c-rec-upsize","kind":"fact","text":"TWUL forecast that it would need further funding from early December 2026, and £2.4 billion to provide liquidity to the end of October 2027, for which the consent of at least 75% of its Class A creditors and 75% of its super senior creditors would be required. By 15 October 2026 it had drawn £2.65 billion of the £3 billion now available under the facility (the RP1 £1.5 billion plus £1.5 billion of accordion commitments), which it expected to last until the end of 2026 or the start of 2027 — before any recapitalisation could be completed. It proposed to increase the facility by £2.4 billion to £5.4 billion in tranches, through a new issuer, Thames Water Super Senior Upsize Issuer, extending liquidity into autumn 2027. The sixteenth consent requests and STID proposals, launched that day after fifteen earlier rounds had been approved, sought to waive outstanding conditions so that £350 million of the new commitments could be drawn, to extend the June Release Condition to 30 November 2026 to allow a further £350 million drawing in November, and to amend the facility and the group's master documents for the upsize. TWUL also said that if a second restructuring plan was not launched by 1 October 2026 it expected to launch a scheme of arrangement or further plan to reschedule debt falling due before 30 September 2027.","source_ids":["src-040","src-068","src-069"],"entity_ids":["twul","twssi","twss-upsize"],"qualification":"","response":"","outcome":""},"reading":"Fact: TWUL forecast that it would need further funding from early December 2026, and £2.4 billion to provide liquidity to the end of October 2027, for which the consent of at least 75% of its Class A creditors and 75% of its super senior creditors would be required. By 15 October 2026 it had drawn £2.65 billion of the £3 billion now available under the facility (the RP1 £1.5 billion plus £1.5 billion of accordion commitments), which it expected to last until the end of 2026 or the start of 2027 — before any recapitalisation could be completed. It proposed to increase the facility by £2.4 billion to £5.4 billion in tranches, through a new issuer, Thames Water Super Senior Upsize Issuer, extending liquidity into autumn 2027. The sixteenth consent requests and STID proposals, launched that day after fifteen earlier rounds had been approved, sought to waive outstanding conditions so that £350 million of the new commitments could be drawn, to extend the June Release Condition to 30 November 2026 to allow a further £350 million drawing in November, and to amend the facility and the group's master documents for the upsize. TWUL also said that if a second restructuring plan was not launched by 1 October 2026 it expected to launch a scheme of arrangement or further plan to reschedule debt falling due before 30 September 2027."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-class-b-tsa","record":{"id":"c-rec-class-b-tsa","kind":"fact","text":"On 16 October 2026 TWUL entered into a legally binding transaction support agreement with certain Class A creditors and Class B creditors holding more than 60% of the Class B debt, including the Class B ad hoc group. It sets the Class B creditors' treatment in a future recapitalisation supported by holders of at least 66.66% of the Class A and super senior debt, expected to be implemented by a second restructuring plan: the whole of the roughly £1 billion of Class B debt would be written off in exchange for post-restructuring equity giving a recovery of about 5.9%, the right to participate in £150 million of new equity and 5.9% participation in certain new debt or preferred equity tiers. Fees and costs are payable only if the recapitalisation happens, from its proceeds and not from customer funds. Because RP2 might not be implemented before some senior debt matures and the stable platform period ends in March 2027, TWUHL intends a further interim transaction to extend those maturities and the stable platform period; the consenting Class B creditors agreed to support it and the recapitalisation, provided the Class B terms are included and Ofwat launches a public consultation on the recapitalisation by 30 December 2027. TWUL intends to keep paying interest on its Class A and Class B debt in full in cash until any recapitalisation completes.","source_ids":["src-082","src-070"],"entity_ids":["twul","class-b-ahg","class-a-ahg","twuhl","ofwat","lvw"],"qualification":"The agreement does not oblige the group to propose a recapitalisation on the consortium's or any other terms; the remaining terms were still under discussion, and there was no certainty that the Class B terms would be implemented.","response":"","outcome":""},"reading":"Fact: On 16 October 2026 TWUL entered into a legally binding transaction support agreement with certain Class A creditors and Class B creditors holding more than 60% of the Class B debt, including the Class B ad hoc group. It sets the Class B creditors' treatment in a future recapitalisation supported by holders of at least 66.66% of the Class A and super senior debt, expected to be implemented by a second restructuring plan: the whole of the roughly £1 billion of Class B debt would be written off in exchange for post-restructuring equity giving a recovery of about 5.9%, the right to participate in £150 million of new equity and 5.9% participation in certain new debt or preferred equity tiers. Fees and costs are payable only if the recapitalisation happens, from its proceeds and not from customer funds. Because RP2 might not be implemented before some senior debt matures and the stable platform period ends in March 2027, TWUHL intends a further interim transaction to extend those maturities and the stable platform period; the consenting Class B creditors agreed to support it and the recapitalisation, provided the Class B terms are included and Ofwat launches a public consultation on the recapitalisation by 30 December 2027. TWUL intends to keep paying interest on its Class A and Class B debt in full in cash until any recapitalisation completes."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-results-fy25","record":{"id":"c-rec-results-fy25","kind":"fact","text":"For the year to 31 March 2025 the TWUL group reported revenue of £2,738.2 million and a loss before tax of £1,646.6 million, after a £1,270.6 million expected credit loss on its loans to Thames Water Utilities Holdings Limited. Statutory net debt rose to £16,794 million (2024: £15,247 million) on gross debt of £17,100.4 million; on the covenant basis net debt was £17,725 million and senior gearing 84.4%, and the senior post-maintenance interest cover ratio of 1.09x was below the 1.1x Trigger Event level, although compliance with financial covenants was suspended. Dividends paid in cash were £64.6 million in 2023/24 and nil in 2024/25.","source_ids":["src-118"],"entity_ids":["twul","twuhl"],"qualification":"","response":"","outcome":""},"reading":"Fact: For the year to 31 March 2025 the TWUL group reported revenue of £2,738.2 million and a loss before tax of £1,646.6 million, after a £1,270.6 million expected credit loss on its loans to Thames Water Utilities Holdings Limited. Statutory net debt rose to £16,794 million (2024: £15,247 million) on gross debt of £17,100.4 million; on the covenant basis net debt was £17,725 million and senior gearing 84.4%, and the senior post-maintenance interest cover ratio of 1.09x was below the 1.1x Trigger Event level, although compliance with financial covenants was suspended. Dividends paid in cash were £64.6 million in 2023/24 and nil in 2024/25."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-results-h1-26","record":{"id":"c-rec-results-h1-26","kind":"fact","text":"For the six months to 30 September 2025 the TWUL group reported revenue of £1,951.3 million (2024: £1,393.0 million) and profit after tax of £327.7 million (2024: loss of £189.7 million). Exceptional items totalled £149 million, including £57 million of adviser fees for the equity raise, CMA appeal and restructuring, a £31 million expected credit loss on interest receivable from TWUHL and £42 million of exceptional financing costs. New borrowing of £1,331.4 million net of fees came entirely from super senior drawdowns, with no debt repaid. Borrowings stood at £18,182.1 million non-current, derivative liabilities at £1,589.6 million and net assets at £590.0 million, or negative £123.0 million excluding Bazalgette Tunnel items; statutory net debt was £17,626.9 million (2024: £15,798.1 million), covenant net debt £19,337 million (£18,798 million counting cash held in the super senior issuer) and senior gearing 85.9%.","source_ids":["src-047"],"entity_ids":["twul","twuhl","twssi"],"qualification":"","response":"","outcome":""},"reading":"Fact: For the six months to 30 September 2025 the TWUL group reported revenue of £1,951.3 million (2024: £1,393.0 million) and profit after tax of £327.7 million (2024: loss of £189.7 million). Exceptional items totalled £149 million, including £57 million of adviser fees for the equity raise, CMA appeal and restructuring, a £31 million expected credit loss on interest receivable from TWUHL and £42 million of exceptional financing costs. New borrowing of £1,331.4 million net of fees came entirely from super senior drawdowns, with no debt repaid. Borrowings stood at £18,182.1 million non-current, derivative liabilities at £1,589.6 million and net assets at £590.0 million, or negative £123.0 million excluding Bazalgette Tunnel items; statutory net debt was £17,626.9 million (2024: £15,798.1 million), covenant net debt £19,337 million (£18,798 million counting cash held in the super senior issuer) and senior gearing 85.9%."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-results-fy26","record":{"id":"c-rec-results-fy26","kind":"fact","text":"For the year to 31 March 2026 the TWUL group reported revenue of £3,757 million (2025: £2,738 million) and profit after tax of £113 million, £204 million on an underlying basis (2025: loss of £1,514 million). Capital investment reached a record £2,680 million (2025: £2,225 million), the net cash outflow before debt funding rose to £1,130 million, statutory net debt rose to £18,516 million (2025: £16,794 million), gearing to about 86% (84%), and the regulatory capital value grew to £22,725 million.","source_ids":["src-077"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: For the year to 31 March 2026 the TWUL group reported revenue of £3,757 million (2025: £2,738 million) and profit after tax of £113 million, £204 million on an underlying basis (2025: loss of £1,514 million). Capital investment reached a record £2,680 million (2025: £2,225 million), the net cash outflow before debt funding rose to £1,130 million, statutory net debt rose to £18,516 million (2025: £16,794 million), gearing to about 86% (84%), and the regulatory capital value grew to £22,725 million."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-going-concern","record":{"id":"c-rec-going-concern","kind":"fact","text":"TWUL's directors have reported a material uncertainty over whether the group can deliver a recapitalisation through a court-approved restructuring; if it fails, or if TWUL cannot obtain the consents and commitments needed for sufficient funding, a possible — in the 2025/26 accounts, \"severe but plausible\" — consequence would be special administration of TWUL under the Water Industry Act 1991. The Environment Secretary, or Ofwat with the Secretary of State's consent, may petition the court for a special administration order if the company is unable to pay its debts or its licence obligations are breached seriously enough to make it inappropriate for it to keep its appointment.","source_ids":["src-028","src-040"],"entity_ids":["twul","defra","ofwat"],"qualification":"","response":"","outcome":"","adverse_subject_ids":["twul"]},"reading":"Fact: TWUL's directors have reported a material uncertainty over whether the group can deliver a recapitalisation through a court-approved restructuring; if it fails, or if TWUL cannot obtain the consents and commitments needed for sufficient funding, a possible — in the 2025/26 accounts, \"severe but plausible\" — consequence would be special administration of TWUL under the Water Industry Act 1991. The Environment Secretary, or Ofwat with the Secretary of State's consent, may petition the court for a special administration order if the company is unable to pay its debts or its licence obligations are breached seriously enough to make it inappropriate for it to keep its appointment."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-rec-efra","record":{"id":"c-rec-efra","kind":"attributed","text":"In a report published on 18 September 2026, the House of Commons Environment, Food and Rural Affairs Committee urged the government either to put Thames Water into special administration or to consider emergency legislation taking control of its financial affairs until more appropriate owners can be found, and called for new regulation to increase oversight of failing water companies and clearer conditions for special administration based on poor performance. It recommended rejecting the London & Valley Water consortium's proposals, saying it believed the consortium's priority was to extract immediate value rather than steer the company to long-term success, and noted the lack of public information about the consortium's more than 100 members. It observed that the consortium's creditors, though recognised as the company's economic owners since the shareholders walked away, had not been defined as Ultimate Controllers, and recommended that Ultimate Controller safeguards and suitability checks apply to creditors in that position. It said the company would likely accrue over £900 million of penalties over the next five years and opposed the relief from fines (forbearance) that the consortium had proposed.","source_ids":["src-120"],"entity_ids":["twul","lvw","ofwat","defra"],"qualification":"The report sets out the committee's recommendations; it is not a decision of the government or Ofwat.","response":"","outcome":""},"reading":"Attributed: In a report published on 18 September 2026, the House of Commons Environment, Food and Rural Affairs Committee urged the government either to put Thames Water into special administration or to consider emergency legislation taking control of its financial affairs until more appropriate owners can be found, and called for new regulation to increase oversight of failing water companies and clearer conditions for special administration based on poor performance. It recommended rejecting the London & Valley Water consortium's proposals, saying it believed the consortium's priority was to extract immediate value rather than steer the company to long-term success, and noted the lack of public information about the consortium's more than 100 members. It observed that the consortium's creditors, though recognised as the company's economic owners since the shareholders walked away, had not been defined as Ultimate Controllers, and recommended that Ultimate Controller safeguards and suitability checks apply to creditors in that position. It said the company would likely accrue over £900 million of penalties over the next five years and opposed the relief from fines (forbearance) that the consortium had proposed."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-current","record":{"id":"c-board-current","kind":"fact","text":"Companies House lists thirteen current officers of Thames Water Utilities Limited — twelve directors and a company secretary — out of 160 officer records, 147 of them resignations. The directors, with their appointment dates, are Ian Pearson (1 September 2014), Nick Land (6 February 2017), Catherine Lynn (28 November 2018), Sir Adrian Montague (10 July 2023), Chris Weston (8 January 2024), Aidan de Brunner (1 September 2024), Neil Robson (2 October 2024), Julian Gething (22 January 2025), Adam Banks, Andrew McNaughton and Nirmal Kotecha (all 28 March 2025) and Steve Buck (7 April 2025); Andrew Fraiser has been company secretary since 27 March 2024.","source_ids":["src-008"],"entity_ids":["twul","ian-pearson","nick-land","catherine-lynn","adrian-montague","chris-weston","aidan-de-brunner","neil-robson","julian-gething","adam-banks","andrew-mcnaughton","nirmal-kotecha","steve-buck","andrew-fraiser"],"qualification":"","response":"","outcome":""},"reading":"Fact: Companies House lists thirteen current officers of Thames Water Utilities Limited — twelve directors and a company secretary — out of 160 officer records, 147 of them resignations. The directors, with their appointment dates, are Ian Pearson (1 September 2014), Nick Land (6 February 2017), Catherine Lynn (28 November 2018), Sir Adrian Montague (10 July 2023), Chris Weston (8 January 2024), Aidan de Brunner (1 September 2024), Neil Robson (2 October 2024), Julian Gething (22 January 2025), Adam Banks, Andrew McNaughton and Nirmal Kotecha (all 28 March 2025) and Steve Buck (7 April 2025); Andrew Fraiser has been company secretary since 27 March 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-roles","record":{"id":"c-board-roles","kind":"fact","text":"According to the company, its board consists of the chair, Sir Adrian Montague, the chief executive, Chris Weston, the chief financial officer, Steve Buck, and eight independent non-executive directors — Nick Land, Catherine Lynn, Ian Pearson, Aidan de Brunner, Neil Robson, Adam Banks, Andrew McNaughton and Nirmal Kotecha; Julian Gething is chief restructuring officer. The fixed terms of the independent directors appointed in 2024 and 2025 run to 2027 and 2028, while shareholder-appointed non-executive directors had no fixed end date.","source_ids":["src-016","src-028"],"entity_ids":["twul","adrian-montague","chris-weston","steve-buck","julian-gething","nick-land","catherine-lynn","ian-pearson","aidan-de-brunner","neil-robson","adam-banks","andrew-mcnaughton","nirmal-kotecha"],"qualification":"","response":"","outcome":""},"reading":"Fact: According to the company, its board consists of the chair, Sir Adrian Montague, the chief executive, Chris Weston, the chief financial officer, Steve Buck, and eight independent non-executive directors — Nick Land, Catherine Lynn, Ian Pearson, Aidan de Brunner, Neil Robson, Adam Banks, Andrew McNaughton and Nirmal Kotecha; Julian Gething is chief restructuring officer. The fixed terms of the independent directors appointed in 2024 and 2025 run to 2027 and 2028, while shareholder-appointed non-executive directors had no fixed end date."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-departures","record":{"id":"c-board-departures","kind":"fact","text":"The last directors representing shareholders left TWUL's board in 2024: Michael McNicholas, who represented OMERS, on 16 May 2024, and John Holland-Kaye, who represented USS and had joined on 1 April 2023, on 31 December 2024; by December 2024 all the shareholder-appointed directors had resigned, after the conditions of the shareholders' support letter for £500 million of new equity were not met. The independent non-executive directors Jill Shedden (from 1 October 2018) and Hannah Nixon (from 14 January 2021) left on 30 September 2024 and 3 March 2025, and the chief financial officer, Alastair Cochran, who attended 26 of the 28 board meetings in 2024/25, left the board on 27 March 2025; Steve Buck succeeded him on 7 April 2025. Michael McNicholas had also been a director of Thames Water Utilities Holdings Limited, Thames Water Limited, Kemble Water Finance Limited, Kemble Water Eurobond Plc and Kemble Water Holdings Limited from 4 April 2019 to 23 March 2023, having joined TWUL's board on 1 July 2019.","source_ids":["src-028","src-023","src-050","src-041","src-008"],"entity_ids":["twul","michael-mcnicholas","john-holland-kaye","jill-shedden","hannah-nixon","alastair-cochran","steve-buck","omers","uss","twuhl","twl","kwf","kwe","kwh"],"qualification":"","response":"","outcome":""},"reading":"Fact: The last directors representing shareholders left TWUL's board in 2024: Michael McNicholas, who represented OMERS, on 16 May 2024, and John Holland-Kaye, who represented USS and had joined on 1 April 2023, on 31 December 2024; by December 2024 all the shareholder-appointed directors had resigned, after the conditions of the shareholders' support letter for £500 million of new equity were not met. The independent non-executive directors Jill Shedden (from 1 October 2018) and Hannah Nixon (from 14 January 2021) left on 30 September 2024 and 3 March 2025, and the chief financial officer, Alastair Cochran, who attended 26 of the 28 board meetings in 2024/25, left the board on 27 March 2025; Steve Buck succeeded him on 7 April 2025. Michael McNicholas had also been a director of Thames Water Utilities Holdings Limited, Thames Water Limited, Kemble Water Finance Limited, Kemble Water Eurobond Plc and Kemble Water Holdings Limited from 4 April 2019 to 23 March 2023, having joined TWUL's board on 1 July 2019."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-omers-exit","record":{"id":"c-board-omers-exit","kind":"attributed","text":"A newspaper reported on 17 May 2024 that OMERS had written off its entire investment in Thames Water and, the day before, withdrawn its representative from the board when Michael McNicholas, a managing director at OMERS Infrastructure, stepped down. It reported that an OMERS subsidiary holding roughly a fifth of the company, OMERS Farmoor Singapore, had marked its assets down from £700 million at the end of 2022 to £321 million at the end of 2023, with a filing anticipating a full write-down of the investment and an outstanding loan. Another newspaper reported the same day that OMERS's annual report contained a full write-down of its 31.7% stake in Thames Water's parent, which it had valued at £700 million at the end of 2022 and £990 million at the end of 2021.","source_ids":["src-083","src-060","src-028"],"entity_ids":["omers","omers-farmoor-sg","michael-mcnicholas","twul","ofwat","kwh"],"qualification":"The figures and the quotation are as reported by the newspapers; the archive does not contain OMERS's own annual report or the vehicle's filing.","response":"An OMERS Infrastructure spokesperson told the first newspaper that shareholders had concluded that Ofwat was not prepared to provide the regulatory support needed for an investable business plan, so that no shareholder provided further funding and OMERS's investment had been written off.","outcome":"TWUL's 2024/25 annual report confirms that Michael McNicholas, who represented OMERS, resigned as a non-executive director on 16 May 2024."},"reading":"Attributed: A newspaper reported on 17 May 2024 that OMERS had written off its entire investment in Thames Water and, the day before, withdrawn its representative from the board when Michael McNicholas, a managing director at OMERS Infrastructure, stepped down. It reported that an OMERS subsidiary holding roughly a fifth of the company, OMERS Farmoor Singapore, had marked its assets down from £700 million at the end of 2022 to £321 million at the end of 2023, with a filing anticipating a full write-down of the investment and an outstanding loan. Another newspaper reported the same day that OMERS's annual report contained a full write-down of its 31.7% stake in Thames Water's parent, which it had valued at £700 million at the end of 2022 and £990 million at the end of 2021."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-kemble-2024","record":{"id":"c-board-kemble-2024","kind":"fact","text":"The shareholders' nominee directors left the Kemble boards in 2024. At Kemble Water Holdings Limited six of them resigned on 20 May 2024 and seven more on 8 and 9 July 2024; Nicholas Pike and Paul O'Donnell were appointed on 8 July and Martin Cooke on 9 July 2024, and on 12 July 2024 the company filed a resolution altering its articles of association together with new articles. Kemble Water Holdings now has three directors — Cooke, O'Donnell and Pike — and no secretary, out of 135 officer records. Pike and O'Donnell had already been appointed to Kemble Water Finance Limited and Thames Water (Kemble) Finance plc on 20 May 2024, the day the nominee directors left those boards; Kemble Water Eurobond Plc's board changed on the same dates as Kemble Water Holdings'. Pike and O'Donnell were also directors of Thames Water Utilities Holdings Limited from 8 July to 19 November 2024. Norose Company Secretarial Services Limited became secretary of Kemble Water Eurobond Plc and Thames Water (Kemble) Finance plc on 5 April 2024, the day the appointment of Kemble Water Finance Limited's previous secretary ended.","source_ids":["src-010","src-021","src-013","src-022","src-037","src-039","src-038"],"entity_ids":["kwh","kwf","kwe","twkf","twuhl","nicholas-pike","paul-odonnell","martin-cooke","norose"],"qualification":"","response":"","outcome":""},"reading":"Fact: The shareholders' nominee directors left the Kemble boards in 2024. At Kemble Water Holdings Limited six of them resigned on 20 May 2024 and seven more on 8 and 9 July 2024; Nicholas Pike and Paul O'Donnell were appointed on 8 July and Martin Cooke on 9 July 2024, and on 12 July 2024 the company filed a resolution altering its articles of association together with new articles. Kemble Water Holdings now has three directors — Cooke, O'Donnell and Pike — and no secretary, out of 135 officer records. Pike and O'Donnell had already been appointed to Kemble Water Finance Limited and Thames Water (Kemble) Finance plc on 20 May 2024, the day the nominee directors left those boards; Kemble Water Eurobond Plc's board changed on the same dates as Kemble Water Holdings'. Pike and O'Donnell were also directors of Thames Water Utilities Holdings Limited from 8 July to 19 November 2024. Norose Company Secretarial Services Limited became secretary of Kemble Water Eurobond Plc and Thames Water (Kemble) Finance plc on 5 April 2024, the day the appointment of Kemble Water Finance Limited's previous secretary ended."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-kemble-2023-24","record":{"id":"c-board-kemble-2023-24","kind":"fact","text":"Sir Adrian Montague was also a director of Kemble Water Holdings Limited from 10 July 2023 to 17 February 2024, while chair of TWUL. The shareholders replaced several of their nominee directors on the Kemble Water Holdings board in the first quarter of 2024, on 15 January and 8 March 2024, and the company secretary and another nominee left on 27 March 2024.","source_ids":["src-061"],"entity_ids":["kwh","adrian-montague","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Sir Adrian Montague was also a director of Kemble Water Holdings Limited from 10 July 2023 to 17 February 2024, while chair of TWUL. The shareholders replaced several of their nominee directors on the Kemble Water Holdings board in the first quarter of 2024, on 15 January and 8 March 2024, and the company secretary and another nominee left on 27 March 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-group-boards","record":{"id":"c-board-group-boards","kind":"fact","text":"TWUL's directors also sit on the boards of the other obligor companies. Nick Land was appointed to Thames Water Utilities Finance plc on 22 May 2024 and, with Chris Weston and Ian Pearson, to Thames Water Utilities Holdings Limited on 18 June 2024, the day two shareholder nominees left that board. Aidan de Brunner and Neil Robson joined TWUHL and TWUF on 14 November 2024, Julian Gething joined both on 22 January 2025, and Land, de Brunner, Robson and Gething became directors of Thames Water Super Senior Issuer plc on 25 February 2025.","source_ids":["src-038","src-027","src-099","src-100","src-034"],"entity_ids":["twul","twuhl","twuf","twssi","nick-land","chris-weston","ian-pearson","aidan-de-brunner","neil-robson","julian-gething"],"qualification":"","response":"","outcome":""},"reading":"Fact: TWUL's directors also sit on the boards of the other obligor companies. Nick Land was appointed to Thames Water Utilities Finance plc on 22 May 2024 and, with Chris Weston and Ian Pearson, to Thames Water Utilities Holdings Limited on 18 June 2024, the day two shareholder nominees left that board. Aidan de Brunner and Neil Robson joined TWUHL and TWUF on 14 November 2024, Julian Gething joined both on 22 January 2025, and Land, de Brunner, Robson and Gething became directors of Thames Water Super Senior Issuer plc on 25 February 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-mason","record":{"id":"c-board-mason","kind":"fact","text":"Sir Peter Mason chaired both Thames Water Utilities Limited and Kemble Water Holdings Limited: he signed, as chairman, Thames Water's modern slavery statement for the year ending 31 March 2017 and Kemble Water Holdings' supporting statement, and was quoted as chairman of Thames Water in the investor consortium's announcement of 14 March 2017. He was a director of TWUL, Thames Water Limited, Kemble Water Holdings Limited, Kemble Water Finance Limited and Kemble Water Eurobond Plc from 1 December 2006, the completion of Kemble's purchase, and of Thames Water Utilities Holdings Limited from 21 June 2007, until 25 January 2018, and of the intermediate companies Kemble Water Structure, Kemble Water Investments, Thames Water Holdings, Kemble Water Limited and Kemble Water Liberty from 1 December 2006 to 19 March 2014. His other directorships in the register include BAE Systems plc (2003–2013), AMEC Foster Wheeler Limited (1996–2006) and AGS Airports Limited (2014–2021).","source_ids":["src-015","src-065","src-113"],"entity_ids":["peter-mason","twul","kwh","twl","kwf","kwe","twuhl","kw-structure","kwi","twhl","kwl","kw-liberty","bae-systems","amec-fw","ags-airports"],"qualification":"","response":"","outcome":""},"reading":"Fact: Sir Peter Mason chaired both Thames Water Utilities Limited and Kemble Water Holdings Limited: he signed, as chairman, Thames Water's modern slavery statement for the year ending 31 March 2017 and Kemble Water Holdings' supporting statement, and was quoted as chairman of Thames Water in the investor consortium's announcement of 14 March 2017. He was a director of TWUL, Thames Water Limited, Kemble Water Holdings Limited, Kemble Water Finance Limited and Kemble Water Eurobond Plc from 1 December 2006, the completion of Kemble's purchase, and of Thames Water Utilities Holdings Limited from 21 June 2007, until 25 January 2018, and of the intermediate companies Kemble Water Structure, Kemble Water Investments, Thames Water Holdings, Kemble Water Limited and Kemble Water Liberty from 1 December 2006 to 19 March 2014. His other directorships in the register include BAE Systems plc (2003–2013), AMEC Foster Wheeler Limited (1996–2006) and AGS Airports Limited (2014–2021)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-former","record":{"id":"c-board-former","kind":"fact","text":"Earlier directors recorded in the register include William Alexander (appointed before 24 July 1992, left 16 November 2005), who was also a director of Thames Water Limited from 1 April 1994 and of Thames Water Utilities Finance plc from 1992 to 2002; Craig Anderson (20 September 2001 to 31 January 2005), also a director of TWUF (2002–2005); Richard Aylard (21 January 2005 to 1 December 2006), whose only other directorships in the register were of water and sanitation charities; Peter Antolik, appointed on 1 December 2006, the day Kemble's purchase completed, until 14 February 2008, later a director of South Staffordshire Water PLC (2018–2025) and Arjun Infrastructure Partners Limited (2019–2026); and Luis Fernando Arana Abraira, a director of TWUL and Kemble Water Holdings in three periods between 2008 and 2012.","source_ids":["src-008","src-013","src-109","src-114","src-115","src-103"],"entity_ids":["twul","william-alexander","craig-anderson","richard-aylard","peter-antolik","luis-arana","twl","twuf","kwh","south-staffs-water","arjun"],"qualification":"","response":"","outcome":""},"reading":"Fact: Earlier directors recorded in the register include William Alexander (appointed before 24 July 1992, left 16 November 2005), who was also a director of Thames Water Limited from 1 April 1994 and of Thames Water Utilities Finance plc from 1992 to 2002; Craig Anderson (20 September 2001 to 31 January 2005), also a director of TWUF (2002–2005); Richard Aylard (21 January 2005 to 1 December 2006), whose only other directorships in the register were of water and sanitation charities; Peter Antolik, appointed on 1 December 2006, the day Kemble's purchase completed, until 14 February 2008, later a director of South Staffordshire Water PLC (2018–2025) and Arjun Infrastructure Partners Limited (2019–2026); and Luis Fernando Arana Abraira, a director of TWUL and Kemble Water Holdings in three periods between 2008 and 2012."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-exec-backgrounds","record":{"id":"c-board-exec-backgrounds","kind":"fact","text":"Separate Companies House officer records in the same full names, with the same month and year of birth as TWUL's directors, show Chris Weston as a director of Centrica plc from 1 July 2009 to 30 December 2014 and of British Gas companies, and Steve Buck as a director of Anglian Water Services Limited and other Anglian Water group companies from 1 August 2019 to 22 November 2023. Sir Adrian Montague's register record shows directorships of Cadent Gas Limited (24 July 2017 to 31 January 2026) and Aviva plc (14 January 2013 to 31 May 2020). Julian Gething has been a member of AlixPartners UK LLP since 4 September 2023. Andrew Fraiser's record shows only his appointment as TWUL's secretary. Alastair Cochran has been a director of Arqiva Limited and other Arqiva group companies since 13 October 2025.","source_ids":["src-024","src-025","src-027","src-026","src-097","src-121"],"entity_ids":["chris-weston","steve-buck","adrian-montague","julian-gething","alixpartners","andrew-fraiser","alastair-cochran","twul","centrica","british-gas","anglian-water","cadent","aviva","arqiva"],"qualification":"The register does not itself link the separate officer records for Chris Weston and Steve Buck to their TWUL appointments; the match rests on identical full names and month and year of birth.","response":"","outcome":""},"reading":"Fact: Separate Companies House officer records in the same full names, with the same month and year of birth as TWUL's directors, show Chris Weston as a director of Centrica plc from 1 July 2009 to 30 December 2014 and of British Gas companies, and Steve Buck as a director of Anglian Water Services Limited and other Anglian Water group companies from 1 August 2019 to 22 November 2023. Sir Adrian Montague's register record shows directorships of Cadent Gas Limited (24 July 2017 to 31 January 2026) and Aviva plc (14 January 2013 to 31 May 2020). Julian Gething has been a member of AlixPartners UK LLP since 4 September 2023. Andrew Fraiser's record shows only his appointment as TWUL's secretary. Alastair Cochran has been a director of Arqiva Limited and other Arqiva group companies since 13 October 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-ined-mandates","record":{"id":"c-board-ined-mandates","kind":"fact","text":"The independent directors' other current appointments in the register include: for Catherine Lynn, London Southend Airport Company Limited (since 21 May 2024) and associated airport companies; for Adam Banks, Vitality UK Holdings Limited and other Vitality companies (since 30 June 2026), having been a director of TSB Banking Group plc and TSB Bank plc from 8 February 2021 to 30 April 2026; for Aidan de Brunner, Videndum plc (since 31 July 2025) and Crest Nicholson Holdings plc (since 1 October 2026); for Neil Robson, Amphora Intermediate II Limited (since 25 September 2024); for Nirmal Kotecha, Inframonik Advisory Limited (since 7 May 2024), Major Projects Association (since 26 November 2018) and Allora Infrastructure Limited (since 20 February 2026); and for Andrew McNaughton, Sheffield Forgemasters Engineering Limited (since 27 July 2023), Speedy Hire plc (since 1 July 2026), British Steel Limited (since 16 July 2026) and Mott MacDonald Group Limited (since 1 September 2026). Nick Land's record shows only Thames Water group appointments; a separate record in his full name shows a directorship of IHS Holding Limited since 26 January 2022.","source_ids":["src-035","src-099","src-100","src-098","src-093","src-034","src-101","src-102"],"entity_ids":["catherine-lynn","adam-banks","aidan-de-brunner","neil-robson","nirmal-kotecha","andrew-mcnaughton","nick-land","twul","london-southend-airport","vitality-uk","tsb-banking-group","videndum","crest-nicholson","amphora","inframonik","mpa","allora","sheffield-forgemasters","speedy-hire","british-steel","mott-macdonald","ihs-holding"],"qualification":"","response":"","outcome":""},"reading":"Fact: The independent directors' other current appointments in the register include: for Catherine Lynn, London Southend Airport Company Limited (since 21 May 2024) and associated airport companies; for Adam Banks, Vitality UK Holdings Limited and other Vitality companies (since 30 June 2026), having been a director of TSB Banking Group plc and TSB Bank plc from 8 February 2021 to 30 April 2026; for Aidan de Brunner, Videndum plc (since 31 July 2025) and Crest Nicholson Holdings plc (since 1 October 2026); for Neil Robson, Amphora Intermediate II Limited (since 25 September 2024); for Nirmal Kotecha, Inframonik Advisory Limited (since 7 May 2024), Major Projects Association (since 26 November 2018) and Allora Infrastructure Limited (since 20 February 2026); and for Andrew McNaughton, Sheffield Forgemasters Engineering Limited (since 27 July 2023), Speedy Hire plc (since 1 July 2026), British Steel Limited (since 16 July 2026) and Mott MacDonald Group Limited (since 1 September 2026). Nick Land's record shows only Thames Water group appointments; a separate record in his full name shows a directorship of IHS Holding Limited since 26 January 2022."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-former-mandates","record":{"id":"c-board-former-mandates","kind":"fact","text":"Former TWUL directors' register records show Hannah Nixon as a director of The Financial Reporting Council Limited (since 24 June 2021), Worldpay (UK) Limited (since 16 June 2023) and Retail Energy Code Company Limited (since 1 April 2025); Jill Shedden as a director of Spirit Energy Limited (since 1 August 2023); and Michael McNicholas as a director of Scotia Gas Networks Limited and other SGN group companies from 28 June 2019 to 23 March 2022. A separate register record for John William Holland-Kaye shows a directorship of Heathrow Airport Holdings Limited from 1 July 2014 to 18 October 2023; his TWUL appointment is recorded under the name William John Holland-Kaye.","source_ids":["src-123","src-041","src-042","src-050","src-122"],"entity_ids":["hannah-nixon","jill-shedden","michael-mcnicholas","john-holland-kaye","twul","frc","worldpay","recco","spirit-energy","scotia-gas","heathrow"],"qualification":"The register does not itself link the two Holland-Kaye officer records; they share the surname, given names and month and year of birth.","response":"","outcome":""},"reading":"Fact: Former TWUL directors' register records show Hannah Nixon as a director of The Financial Reporting Council Limited (since 24 June 2021), Worldpay (UK) Limited (since 16 June 2023) and Retail Energy Code Company Limited (since 1 April 2025); Jill Shedden as a director of Spirit Energy Limited (since 1 August 2023); and Michael McNicholas as a director of Scotia Gas Networks Limited and other SGN group companies from 28 June 2019 to 23 March 2022. A separate register record for John William Holland-Kaye shows a directorship of Heathrow Airport Holdings Limited from 1 July 2014 to 18 October 2023; his TWUL appointment is recorded under the name William John Holland-Kaye."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-related-parties","record":{"id":"c-board-related-parties","kind":"fact","text":"The related-party notes list payments to firms connected with TWUL directors, outside the Kemble group. AlixPartners UK LLP, of which the chief restructuring officer Julian Gething is a member, provided services worth £16,343,000 in 2024/25 and £18,469,000 in 2025/26, including £4,209,000 in the six months to 30 September 2025 (nil a year earlier). In the same half-year, Inframonik Advisory Limited and Major Projects Association, of which the independent director Nirmal Kotecha is a director, provided services of £18,000 and £10,000. The 2024/25 note also lists Cadent Gas Limited (£32,000), of which Sir Adrian Montague was then a director, and SGN Commercial Services Limited (£5,839,000); the 2025/26 note lists Arqiva Limited (£25,872,000), of which the former chief financial officer Alastair Cochran became a director in October 2025.","source_ids":["src-028","src-040","src-047","src-026"],"entity_ids":["twul","alixpartners","julian-gething","nirmal-kotecha","adrian-montague","inframonik","mpa","cadent","arqiva","alastair-cochran","twuhl"],"qualification":"","response":"","outcome":""},"reading":"Fact: The related-party notes list payments to firms connected with TWUL directors, outside the Kemble group. AlixPartners UK LLP, of which the chief restructuring officer Julian Gething is a member, provided services worth £16,343,000 in 2024/25 and £18,469,000 in 2025/26, including £4,209,000 in the six months to 30 September 2025 (nil a year earlier). In the same half-year, Inframonik Advisory Limited and Major Projects Association, of which the independent director Nirmal Kotecha is a director, provided services of £18,000 and £10,000. The 2024/25 note also lists Cadent Gas Limited (£32,000), of which Sir Adrian Montague was then a director, and SGN Commercial Services Limited (£5,839,000); the 2025/26 note lists Arqiva Limited (£25,872,000), of which the former chief financial officer Alastair Cochran became a director in October 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-bonuses","record":{"id":"c-board-bonuses","kind":"attributed","text":"A newspaper reported in January 2025, citing another newspaper, that Thames Water had told Ofwat, in a report of its regulatory strategy committee, that it would raise executives' base salaries if bonuses were restricted, and that the chief executive Chris Weston had defended bonuses worth £770,000 awarded to himself and the chief financial officer, including £195,000 to him for his first three months at the company in early 2024; the payments drew public criticism from the GMB union and campaigners.","source_ids":["src-108","src-028"],"entity_ids":["twul","chris-weston","ofwat"],"qualification":"The amounts and the committee report are as reported by the newspaper, citing another newspaper; the 2023/24 remuneration report that would record those payments is not in the archive.","response":"According to the report, Chris Weston defended the bonuses as necessary to offer competitive pay packages.","outcome":"According to TWUL's 2024/25 annual report, Ofwat confirmed in October 2024 that any performance-related pay associated with 2023/24 must not be paid for by customers. For 2024/25, Ofwat's new rule on performance-related pay barred bonuses to Thames Water's directors."},"reading":"Attributed: A newspaper reported in January 2025, citing another newspaper, that Thames Water had told Ofwat, in a report of its regulatory strategy committee, that it would raise executives' base salaries if bonuses were restricted, and that the chief executive Chris Weston had defended bonuses worth £770,000 awarded to himself and the chief financial officer, including £195,000 to him for his first three months at the company in early 2024; the payments drew public criticism from the GMB union and campaigners."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-pearson","record":{"id":"c-board-pearson","kind":"fact","text":"Ian Pearson, an independent non-executive director of TWUL since 1 September 2014, was a Labour member of the House of Commons from 15 December 1994 to 6 May 2010, for Dudley West and then Dudley South. The UK Parliament's record lists his government posts: assistant whip and Lord Commissioner of HM Treasury (2001–2003), Parliamentary Under-Secretary at the Northern Ireland Office (2002–2005), Minister of State for Trade (2005–2006), Minister of State for Climate Change and the Environment at the Department for Environment, Food and Rural Affairs (5 May 2006 to 28 June 2007), Minister of State for Science and Innovation (2007–2008), Parliamentary Under-Secretary at the Department for Business, Enterprise and Regulatory Reform (2008–2009) and Economic Secretary to the Treasury (5 October 2008 to 6 May 2010).","source_ids":["src-008","src-094"],"entity_ids":["ian-pearson","twul","defra","hmt"],"qualification":"","response":"","outcome":""},"reading":"Fact: Ian Pearson, an independent non-executive director of TWUL since 1 September 2014, was a Labour member of the House of Commons from 15 December 1994 to 6 May 2010, for Dudley West and then Dudley South. The UK Parliament's record lists his government posts: assistant whip and Lord Commissioner of HM Treasury (2001–2003), Parliamentary Under-Secretary at the Northern Ireland Office (2002–2005), Minister of State for Trade (2005–2006), Minister of State for Climate Change and the Environment at the Department for Environment, Food and Rural Affairs (5 May 2006 to 28 June 2007), Minister of State for Science and Innovation (2007–2008), Parliamentary Under-Secretary at the Department for Business, Enterprise and Regulatory Reform (2008–2009) and Economic Secretary to the Treasury (5 October 2008 to 6 May 2010)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-board-twuf-2021","record":{"id":"c-board-twuf-2021","kind":"fact","text":"Thames Water Utilities Finance plc's 2020/21 accounts record three directors in office during the year, none of whom had significant contracts with the company other than service contracts, and that its going-concern assessment relied on a letter of support from its immediate parent, Thames Water Utilities Limited.","source_ids":["src-049"],"entity_ids":["twuf","twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Finance plc's 2020/21 accounts record three directors in office during the year, none of whom had significant contracts with the company other than service contracts, and that its going-concern assessment relied on a letter of support from its immediate parent, Thames Water Utilities Limited."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-filings","record":{"id":"c-misc-filings","kind":"fact","text":"Thames Water Utilities Limited filed confirmation statements made on 19 June 2024 with updates and on 19 June 2025 and 19 June 2026 with no updates, and group accounts for the years to 31 March 2024 (filed 1 October 2024), 31 March 2025 (filed 27 December 2025) and 31 March 2026 (filed 3 September 2026).","source_ids":["src-023"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Limited filed confirmation statements made on 19 June 2024 with updates and on 19 June 2025 and 19 June 2026 with no updates, and group accounts for the years to 31 March 2024 (filed 1 October 2024), 31 March 2025 (filed 27 December 2025) and 31 March 2026 (filed 3 September 2026)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-charges","record":{"id":"c-misc-charges","kind":"fact","text":"Besides the three charges created on 25 February 2025 for the restructuring plan, TWUL created charges 023666610007 on 17 March 2026 and 023666610008 on 9 September 2026, registered on 18 March and 15 September 2026. The only satisfied charge in its register is a legal charge of 28 September 1989 in favour of Manor Farm Developments Limited over buildings at Manor Farm, satisfied on 19 June 1990.","source_ids":["src-023","src-051"],"entity_ids":["twul"],"qualification":"","response":"","outcome":""},"reading":"Fact: Besides the three charges created on 25 February 2025 for the restructuring plan, TWUL created charges 023666610007 on 17 March 2026 and 023666610008 on 9 September 2026, registered on 18 March and 15 September 2026. The only satisfied charge in its register is a legal charge of 28 September 1989 in favour of Manor Farm Developments Limited over buildings at Manor Farm, satisfied on 19 June 1990."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-twuf-loans","record":{"id":"c-misc-twuf-loans","kind":"fact","text":"In TWUL's own accounts, its financing subsidiary Thames Water Utilities Finance plc owed it £200.0 million and £100.0 million under two unsecured intercompany loans, at LIBOR plus 2% and plus 1.55% (accrued at SONIA plus the margin after the LIBOR transition); on 25 February 2025 the £100.0 million loan ceased to be repayable on demand while the stable platform period lasts. Because an expected haircut on debt in the court-led restructuring would reduce the margin TWUF earns on the back-to-back debts TWUL owes it, TWUL recognised an impairment of £177.5 million on its investment in TWUF in 2024/25.","source_ids":["src-028"],"entity_ids":["twul","twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: In TWUL's own accounts, its financing subsidiary Thames Water Utilities Finance plc owed it £200.0 million and £100.0 million under two unsecured intercompany loans, at LIBOR plus 2% and plus 1.55% (accrued at SONIA plus the margin after the LIBOR transition); on 25 February 2025 the £100.0 million loan ceased to be repayable on demand while the stable platform period lasts. Because an expected haircut on debt in the court-led restructuring would reduce the margin TWUF earns on the back-to-back debts TWUL owes it, TWUL recognised an impairment of £177.5 million on its investment in TWUF in 2024/25."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-kwh-2022-23","record":{"id":"c-misc-kwh-2022-23","kind":"fact","text":"Kemble Water Holdings Limited's 2022/23 accounts reported that the group's statutory net debt had risen by £1,568 million to £16,347 million (2022: £14,779 million), while its regulatory capital value rose by £2,304 million to £18,945 million; covenant gearing was 84% (2022: 88%) against a 95.0% maximum, the post-maintenance interest cover ratio 1.1x against a 1.05x minimum, and EBITDA interest cover 3.3x. New debt and facilities equivalent to £3,550 million were completed in the group during the year.","source_ids":["src-036"],"entity_ids":["kwh","twul","twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's 2022/23 accounts reported that the group's statutory net debt had risen by £1,568 million to £16,347 million (2022: £14,779 million), while its regulatory capital value rose by £2,304 million to £18,945 million; covenant gearing was 84% (2022: 88%) against a 95.0% maximum, the post-maintenance interest cover ratio 1.1x against a 1.05x minimum, and EBITDA interest cover 3.3x. New debt and facilities equivalent to £3,550 million were completed in the group during the year."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-kwh-2012-13","record":{"id":"c-misc-kwh-2012-13","kind":"fact","text":"Kemble Water Holdings Limited's 2012/13 accounts show TWUL's regulated business with turnover of £1,758.9 million (2011/12: £1,670.9 million), underlying operating profit of £543.4 million (£594.4 million), net interest expense of £415.0 million (£425.4 million) and underlying profit before tax of £128.4 million (£169.0 million), against net interest of £535.8 million and an underlying loss before tax of £20.1 million for the whole Kemble group; the difference in interest reflects debt held above TWUL. The accounts list fifteen directors during the year, chaired by Sir Peter Mason, with alternates.","source_ids":["src-078"],"entity_ids":["kwh","twul","peter-mason"],"qualification":"The figures are read from an image-based copy of the accounts whose text layer drops decimal points.","response":"","outcome":""},"reading":"Fact: Kemble Water Holdings Limited's 2012/13 accounts show TWUL's regulated business with turnover of £1,758.9 million (2011/12: £1,670.9 million), underlying operating profit of £543.4 million (£594.4 million), net interest expense of £415.0 million (£425.4 million) and underlying profit before tax of £128.4 million (£169.0 million), against net interest of £535.8 million and an underlying loss before tax of £20.1 million for the whole Kemble group; the difference in interest reflects debt held above TWUL. The accounts list fifteen directors during the year, chaired by Sir Peter Mason, with alternates."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-twuhl-company","record":{"id":"c-misc-twuhl-company","kind":"fact","text":"Thames Water Utilities Holdings Limited's own balance sheet at 31 March 2026 shows borrowings of £953.6 million due within a year and £4,348.7 million after more than a year (2025: nil and £5,028.1 million), no carrying value for its investment in subsidiaries, and net liabilities of £5,285.7 million (2025: £5,011.5 million); it made a loss of £274.2 million in 2025/26, almost entirely finance expenses of £274.9 million. These are TWUHL's own debts, chiefly to its parent Thames Water Limited.","source_ids":["src-040"],"entity_ids":["twuhl","twl"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Utilities Holdings Limited's own balance sheet at 31 March 2026 shows borrowings of £953.6 million due within a year and £4,348.7 million after more than a year (2025: nil and £5,028.1 million), no carrying value for its investment in subsidiaries, and net liabilities of £5,285.7 million (2025: £5,011.5 million); it made a loss of £274.2 million in 2025/26, almost entirely finance expenses of £274.9 million. These are TWUHL's own debts, chiefly to its parent Thames Water Limited."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-exceptional-fy25","record":{"id":"c-misc-exceptional-fy25","kind":"fact","text":"TWUL's exceptional costs for 2024/25 totalled £1,776 million: a £1,271 million expected credit loss provision against its loan to Thames Water Utilities Holdings Limited, now fully provided for as not recoverable; £122 million of provisions for Ofwat fines; £151 million of restructuring costs; £198 million of consent fees for the restructuring plan; and £33 million of turnaround and transformation spending. The company stated that, apart from the turnaround spending, these costs would not be borne by customers.","source_ids":["src-118"],"entity_ids":["twul","twuhl","ofwat"],"qualification":"","response":"","outcome":""},"reading":"Fact: TWUL's exceptional costs for 2024/25 totalled £1,776 million: a £1,271 million expected credit loss provision against its loan to Thames Water Utilities Holdings Limited, now fully provided for as not recoverable; £122 million of provisions for Ofwat fines; £151 million of restructuring costs; £198 million of consent fees for the restructuring plan; and £33 million of turnaround and transformation spending. The company stated that, apart from the turnaround spending, these costs would not be borne by customers."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-ss-guarantees","record":{"id":"c-misc-ss-guarantees","kind":"fact","text":"At 30 September 2025 Thames Water Super Senior Issuer plc had £1,426.5 million of gross super senior debt, guaranteed by TWUL and Thames Water Utilities Holdings Limited, and TWUL owed the issuer £872.0 million under its intercompany loan, guaranteed by TWUHL and Thames Water Utilities Finance plc. TWUL, TWUF and TWUHL are the obligors of the whole business securitisation, and TWUL and TWUF guarantee each other's obligations under the finance agreements.","source_ids":["src-047"],"entity_ids":["twssi","twul","twuhl","twuf"],"qualification":"","response":"","outcome":""},"reading":"Fact: At 30 September 2025 Thames Water Super Senior Issuer plc had £1,426.5 million of gross super senior debt, guaranteed by TWUL and Thames Water Utilities Holdings Limited, and TWUL owed the issuer £872.0 million under its intercompany loan, guaranteed by TWUHL and Thames Water Utilities Finance plc. TWUL, TWUF and TWUHL are the obligors of the whole business securitisation, and TWUL and TWUF guarantee each other's obligations under the finance agreements."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-ss-holdco","record":{"id":"c-misc-ss-holdco","kind":"fact","text":"Thames Water Super Senior Holdco Limited (16110214), which held Thames Water Super Senior Issuer plc from 29 November 2024 until TWUL became its controller on 25 February 2025, is controlled by CSC Corporate Services (UK) Limited, notified on 29 November 2024 with 75% or more of the shares and voting rights and the right to appoint directors. Its four officers, all appointed on 29 November 2024, are CSC Corporate Services (UK) Limited as secretary, two corporate directors, CSC Directors (No.1) Limited and CSC Directors (No.2) Limited, and one individual director. CSC Corporate Services (UK) Limited and CSC Directors (No.1) Limited are themselves controlled by CSC Capital Markets UK Limited, notified on 22 June 2017. No Thames Water or Kemble company or officer appears among the holding company's controllers or officers.","source_ids":["src-087","src-106","src-107","src-088"],"entity_ids":["twss-holdco","twssi","twul","csc-corporate","csc-directors-1","csc-directors-2","csc-capital-markets"],"qualification":"","response":"","outcome":""},"reading":"Fact: Thames Water Super Senior Holdco Limited (16110214), which held Thames Water Super Senior Issuer plc from 29 November 2024 until TWUL became its controller on 25 February 2025, is controlled by CSC Corporate Services (UK) Limited, notified on 29 November 2024 with 75% or more of the shares and voting rights and the right to appoint directors. Its four officers, all appointed on 29 November 2024, are CSC Corporate Services (UK) Limited as secretary, two corporate directors, CSC Directors (No.1) Limited and CSC Directors (No.2) Limited, and one individual director. CSC Corporate Services (UK) Limited and CSC Directors (No.1) Limited are themselves controlled by CSC Capital Markets UK Limited, notified on 22 June 2017. No Thames Water or Kemble company or officer appears among the holding company's controllers or officers."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"c-misc-contingency-2024","record":{"id":"c-misc-contingency-2024","kind":"attributed","text":"Newspaper reports in April and May 2024 stated that ministers were preparing a contingency plan, codenamed Project Timber and overseen by the Department for Environment, Food and Rural Affairs and the Treasury, under which a special administration would turn the company into a publicly owned arm's-length body, and that Ofwat was reportedly working on rescue plans, codenamed Project Telford, that could see the regional monopoly dismantled and sold to neighbouring suppliers.","source_ids":["src-060","src-048","src-120","src-040"],"entity_ids":["twul","defra","hmt","ofwat"],"qualification":"These are press reports of contingency planning; the archive contains no government or Ofwat document describing these plans.","response":"The government's explanatory memorandum to the 2024 special administration regulations, quoted in the February 2025 judgment, says that the government prepares for all eventualities to ensure the uninterrupted provision of vital public services, and that special administration has a high bar and is a tool to be used when other options have been exhausted.","outcome":"Thames Water had not been placed in special administration at the evidence cutoff: in September 2026 the Commons Environment, Food and Rural Affairs Committee urged the government to put the company into special administration or to consider emergency legislation, and TWUL's 2025/26 accounts describe special administration as a severe but plausible consequence if it cannot secure the funding it needs."},"reading":"Attributed: Newspaper reports in April and May 2024 stated that ministers were preparing a contingency plan, codenamed Project Timber and overseen by the Department for Environment, Food and Rural Affairs and the Treasury, under which a special administration would turn the company into a publicly owned arm's-length body, and that Ofwat was reportedly working on rescue plans, codenamed Project Telford, that could see the regional monopoly dismantled and sold to neighbouring suppliers."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-3dbb00fb237ef3fdf297efc9","record":{"id":"display-claim-3dbb00fb237ef3fdf297efc9","kind":"analysis","text":"Kemble Water Holdings bought Thames Water in 2006 and financed it through a whole business securitisation that ring-fences TWUL from separate holding-company debt. TWUL's dividends serviced that debt and paid the shareholders, until the shareholders withheld new equity in March 2024 and the Kemble companies defaulted. TWUL lost its investment-grade ratings in July 2024, and Ofwat placed it in a turnaround regime and in 2025 penalised its wastewater failings and its 2023–24 dividends, findings TWUL disputed. The courts sanctioned an interim restructuring plan in 2025 over the objections of Class B creditors and an MP, and the company has since drawn super senior funding while negotiating a creditor-led recapitalisation criticised by the Environment Secretary and a Commons committee. Each account keeps the company's responses and the unresolved status of open cases beside it.","source_ids":["src-009","src-111","src-007","src-028","src-023","src-043","src-049","src-036","src-040","src-047","src-048","src-064","src-067","src-072","src-073","src-084","src-055","src-119","src-054","src-068","src-082","src-066"],"entity_ids":["twul","kwh","twuf","twssi","omers","uss","infinity","bci","hermes-gpe","cic","qic","aquila","pfzw","britel","bcimc-wcbaf","cicero","omers-ieh","britel-funds","church-water","ofwat","twuhl","kwf","twkf","ea","kwe","twl","class-a-ahg","class-b-ahg","defra","charlie-maynard","kington","lvw","carolyn-roberts"],"premise_claim_ids":["c-id-twul","c-id-twul-lei","c-id-twul-role","c-id-twul-group","c-misc-filings","c-own-website-shareholders","c-own-ultimate-controllers-2025","c-own-shareholders-withdrawn","c-wbs-guaranteed-debt","c-wbs-ratings","c-kem-default-2024","c-div-lockup","c-sew-ea-other","c-reg-turnaround","c-reg-performance","c-sew-ofwat-wastewater","c-div-ofwat-p30","c-rp1-convening","c-rp1-findings","c-rp1-appeal","c-rec-lvw","c-rec-going-concern","c-sew-ea-pending","c-sew-winep-investigation","c-sew-cat-claim"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Holdings bought Thames Water in 2006 and financed it through a whole business securitisation that ring-fences TWUL from separate holding-company debt. TWUL's dividends serviced that debt and paid the shareholders, until the shareholders withheld new equity in March 2024 and the Kemble companies defaulted. TWUL lost its investment-grade ratings in July 2024, and Ofwat placed it in a turnaround regime and in 2025 penalised its wastewater failings and its 2023–24 dividends, findings TWUL disputed. The courts sanctioned an interim restructuring plan in 2025 over the objections of Class B creditors and an MP, and the company has since drawn super senior funding while negotiating a creditor-led recapitalisation criticised by the Environment Secretary and a Commons committee. Each account keeps the company's responses and the unresolved status of open cases beside it."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-9a9f7522129c58ed2c6b883c","record":{"id":"display-claim-9a9f7522129c58ed2c6b883c","kind":"analysis","text":"Thames Water Utilities Limited is a private limited company, Companies House number 02366661, incorporated on 1 April 1989, with its registered office at Clearwater Court, Vastern Road, Reading, RG1 8DB; an archived copy of its record from March 2026 shows it active, with business activity 36000, water collection, treatment and supply. The Global Legal Entity Identifier Foundation (GLEIF) lists it under legal entity identifier 213800JKM5UQHFJOTZ25. The group describes TWUL as the regulated, licensed operating company that serves customers across London, the Thames Valley and the Home Counties, and Kemble Water Holdings Limited as its ultimate parent, owned by a consortium of institutional shareholders, mostly pension and sovereign wealth funds, with every company between them incorporated in the UK. TWUL's own group at 31 March 2025 comprised the company and two financing subsidiaries, Thames Water Utilities Finance plc and Thames Water Super Senior Issuer plc.","source_ids":["src-009","src-111","src-007","src-028"],"entity_ids":["twul","kwh","twuf","twssi"],"premise_claim_ids":["c-id-twul","c-id-twul-lei","c-id-twul-role","c-id-twul-group"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water Utilities Limited is a private limited company, Companies House number 02366661, incorporated on 1 April 1989, with its registered office at Clearwater Court, Vastern Road, Reading, RG1 8DB; an archived copy of its record from March 2026 shows it active, with business activity 36000, water collection, treatment and supply. The Global Legal Entity Identifier Foundation (GLEIF) lists it under legal entity identifier 213800JKM5UQHFJOTZ25. The group describes TWUL as the regulated, licensed operating company that serves customers across London, the Thames Valley and the Home Counties, and Kemble Water Holdings Limited as its ultimate parent, owned by a consortium of institutional shareholders, mostly pension and sovereign wealth funds, with every company between them incorporated in the UK. TWUL's own group at 31 March 2025 comprised the company and two financing subsidiaries, Thames Water Utilities Finance plc and Thames Water Super Senior Issuer plc."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-4452710545fbfe813fbe721d","record":{"id":"display-claim-4452710545fbfe813fbe721d","kind":"analysis","text":"TWUL's confirmation statements were made on 19 June 2024 (with updates) and on 19 June 2025 and 19 June 2026 (with no updates), and it filed group accounts for the years to 31 March 2024 (filed 1 October 2024), 31 March 2025 (filed 27 December 2025) and 31 March 2026 (filed 3 September 2026).","source_ids":["src-023"],"entity_ids":["twul"],"premise_claim_ids":["c-misc-filings"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL's confirmation statements were made on 19 June 2024 (with updates) and on 19 June 2025 and 19 June 2026 (with no updates), and it filed group accounts for the years to 31 March 2024 (filed 1 October 2024), 31 March 2025 (filed 27 December 2025) and 31 March 2026 (filed 3 September 2026)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-893a6b27b67138d2b774f265","record":{"id":"display-claim-893a6b27b67138d2b774f265","kind":"analysis","text":"Kemble Water Holdings' shareholders, according to Thames Water's structure page retrieved on 17 October 2026, are the Ontario Municipal Employees Retirement System (OMERS, 31.777%), the Universities Superannuation Scheme (USS, 19.710%), Infinity Investments SA (9.900%), British Columbia Investment Management Corporation (BCI, 8.706%), Hermes GPE (8.699%), China Investment Corporation (8.688%), Queensland Investment Corporation (QIC, 5.352%), Aquila GP Inc. (4.996%) and Stichting Pensioenfonds Zorg en Welzijn (PFZW, 2.172%). TWUL's 2024/25 annual report says Hermes GPE was listed in error as a shareholder in the previous year's accounts: the legal owner of the 8.699% interest is BriTel Fund Trustees Limited, custodian trustee of the BT Pension Scheme, and Hermes GPE is its investment manager. In September 2025 Ofwat still regarded Kemble Water Holdings and six other entities as TWUL's Ultimate Controllers under its licence — persons in a position to control or materially influence its policy or affairs in Ofwat's reasonable determination, a test of ability, not of how they currently act — even though, as the company told Ofwat, certain shareholders had withdrawn their directors and no longer took an active role; Ofwat concluded that this did not change the Ultimate Controllers.","source_ids":["src-007","src-028","src-043"],"entity_ids":["kwh","omers","uss","infinity","bci","hermes-gpe","cic","qic","aquila","pfzw","britel","twul","bcimc-wcbaf","cicero","omers-ieh","britel-funds","church-water","ofwat"],"premise_claim_ids":["c-own-website-shareholders","c-own-ultimate-controllers-2025","c-own-shareholders-withdrawn"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Holdings' shareholders, according to Thames Water's structure page retrieved on 17 October 2026, are the Ontario Municipal Employees Retirement System (OMERS, 31.777%), the Universities Superannuation Scheme (USS, 19.710%), Infinity Investments SA (9.900%), British Columbia Investment Management Corporation (BCI, 8.706%), Hermes GPE (8.699%), China Investment Corporation (8.688%), Queensland Investment Corporation (QIC, 5.352%), Aquila GP Inc. (4.996%) and Stichting Pensioenfonds Zorg en Welzijn (PFZW, 2.172%). TWUL's 2024/25 annual report says Hermes GPE was listed in error as a shareholder in the previous year's accounts: the legal owner of the 8.699% interest is BriTel Fund Trustees Limited, custodian trustee of the BT Pension Scheme, and Hermes GPE is its investment manager. In September 2025 Ofwat still regarded Kemble Water Holdings and six other entities as TWUL's Ultimate Controllers under its licence — persons in a position to control or materially influence its policy or affairs in Ofwat's reasonable determination, a test of ability, not of how they currently act — even though, as the company told Ofwat, certain shareholders had withdrawn their directors and no longer took an active role; Ofwat concluded that this did not change the Ultimate Controllers."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-74514252b6efcb0a1afba8d2","record":{"id":"display-claim-74514252b6efcb0a1afba8d2","kind":"analysis","text":"TWUL is financed through a whole business securitisation whose guaranteed debt, on a post-swap basis, was £12,933.4 million at 31 March 2021 and £18,202.6 million at 31 March 2026, with a further £1,836.5 million of guaranteed debt of Thames Water Super Senior Issuer plc. Moody's and S&P cut its ratings below investment grade on 24 and 31 July 2024, breaching the two-rating requirement of Condition P26 of its licence, and by 2025 they stood at Caa3 and CCC. Above the securitisation, the Kemble holding companies borrowed on their own account; after the shareholders declined in March 2024 to provide £750 million of new equity, members of the Kemble group announced from April 2024 that they would not service their debt and defaulted on all debt payments, while the explanatory statement for the 2025 restructuring plan describes the Thames Water group as effectively ring-fenced from the Kemble group by TWUL's licence. TWUL has paid no dividends since 2023/24, the 2024 downgrades having triggered cash lock-ups under the licence and the securitisation documents.","source_ids":["src-049","src-036","src-028","src-040","src-047","src-048","src-064"],"entity_ids":["twuhl","twul","twuf","twssi","kwh","kwf","twkf"],"premise_claim_ids":["c-wbs-guaranteed-debt","c-wbs-ratings","c-kem-default-2024","c-div-lockup"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL is financed through a whole business securitisation whose guaranteed debt, on a post-swap basis, was £12,933.4 million at 31 March 2021 and £18,202.6 million at 31 March 2026, with a further £1,836.5 million of guaranteed debt of Thames Water Super Senior Issuer plc. Moody's and S&P cut its ratings below investment grade on 24 and 31 July 2024, breaching the two-rating requirement of Condition P26 of its licence, and by 2025 they stood at Caa3 and CCC. Above the securitisation, the Kemble holding companies borrowed on their own account; after the shareholders declined in March 2024 to provide £750 million of new equity, members of the Kemble group announced from April 2024 that they would not service their debt and defaulted on all debt payments, while the explanatory statement for the 2025 restructuring plan describes the Thames Water group as effectively ring-fenced from the Kemble group by TWUL's licence. TWUL has paid no dividends since 2023/24, the 2024 downgrades having triggered cash lock-ups under the licence and the securitisation documents."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cd76c16a4dfb954bf4042c84","record":{"id":"display-claim-cd76c16a4dfb954bf4042c84","kind":"analysis","text":"The Environment Agency has prosecuted Thames Water repeatedly for discharges of untreated sewage; Ofwat puts the fines against Thames Water since 2017, after a £3.3 million fine in July 2023, at £35.7 million. Ofwat placed the company in a Turnaround Oversight Regime in July 2024. TWUL incurred a net performance penalty of £88 million (2017/18 prices) for 2024/25 and £344 million over 2020–25; in the 2024–25 assessments published in October 2025 Ofwat rated it 'lagging' and the Environment Agency gave it one star.","source_ids":["src-067","src-072","src-073","src-048","src-084","src-028","src-047"],"entity_ids":["twul","ea","ofwat"],"premise_claim_ids":["c-sew-ea-other","c-reg-turnaround","c-reg-performance"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The Environment Agency has prosecuted Thames Water repeatedly for discharges of untreated sewage; Ofwat puts the fines against Thames Water since 2017, after a £3.3 million fine in July 2023, at £35.7 million. Ofwat placed the company in a Turnaround Oversight Regime in July 2024. TWUL incurred a net performance penalty of £88 million (2017/18 prices) for 2024/25 and £344 million over 2020–25; in the 2024–25 assessments published in October 2025 Ofwat rated it 'lagging' and the Environment Agency gave it one star."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-77270e4f2089603f6ad55b80","record":{"id":"display-claim-77270e4f2089603f6ad55b80","kind":"analysis","text":"In May 2025 Ofwat found that TWUL had breached the Urban Waste Water Treatment Regulations, its section 94 drainage duty and its licence through systemic failings at its treatment works and sewers dating from at least 2017, made an enforcement order and imposed a £104.5 million penalty. In a separate decision it found that TWUL contravened Condition P30 of its licence in approving the October 2023 dividends of £37.5 million and the £131.3 million tax-loss part of the March 2024 dividends, though not the £27.1 million pension element, and imposed a penalty of £18.2 million.","source_ids":["src-028","src-040","src-067","src-048","src-055"],"entity_ids":["twul","ofwat","ea","twuhl","kwf","kwe","twl"],"response":"TWUL disputed both decisions. Thames Water, with other companies, argued against the draft that Ofwat's position on compliance with the Urban Waste Water Treatment Regulations was unlawful, unreasonable and disproportionate, inconsistent with government policy and with the Environment Agency's permitting practice on which the companies said they had relied, an attempt to impose a new legal standard retrospectively without consultation or guidance, and inconsistent with a price review that in their view had not funded the standards Ofwat now sought. Ofwat records that Thames Water acknowledged its processes and governance could historically have been better, but not that the scale and duration of the problems amounted to a breach of its duties. In its 2024/25 annual report TWUL said it disagreed with the findings and had sought binding undertakings in lieu of a penalty, which ultimately proved impossible; in the restructuring plan proceedings its chief financial officer said it was challenging both proposed Ofwat penalties, which were unfunded and, once any appeal was exhausted, would typically have to be paid within 14 days from its liquid assets. On the dividends, TWUL maintained during the investigation that its board had considered all its legal and regulatory obligations and that the October 2023 dividend was paid solely to fund Kemble Water Finance's interest so as to preserve the prospect of new equity, and in response to the draft decision argued that Ofwat had misinterpreted and misapplied Condition P30, substituted its own judgement for the board's and inferred a breach from a lack of evidence, an unacceptable reversal of the burden of proof.","outcome":"Ofwat issued the enforcement order and the £104.5 million penalty notice on 28 May 2025; TWUL had already provided £104.0 million in its 2024/25 accounts. The order required remediation plans within six months, which TWUL submitted on 28 November 2025, updating them in May 2026 and identifying significant capital costs not fully funded by the PR24 final determination. On 19 June 2025 the government announced that the penalties from the investigation would be ring-fenced for local environmental projects. Ofwat issued the £18.2 million dividend penalty notice on 28 May 2025, after proposing it in December 2024, and a payment plan covering both penalties was agreed in August 2025.","premise_claim_ids":["c-sew-ofwat-wastewater","c-div-ofwat-p30"],"qualification":""},"reading":"Analysis: In May 2025 Ofwat found that TWUL had breached the Urban Waste Water Treatment Regulations, its section 94 drainage duty and its licence through systemic failings at its treatment works and sewers dating from at least 2017, made an enforcement order and imposed a £104.5 million penalty. In a separate decision it found that TWUL contravened Condition P30 of its licence in approving the October 2023 dividends of £37.5 million and the £131.3 million tax-loss part of the March 2024 dividends, though not the £27.1 million pension element, and imposed a penalty of £18.2 million."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cdd640fac0925676eea6ecd6","record":{"id":"display-claim-cdd640fac0925676eea6ecd6","kind":"analysis","text":"On 10 December 2024 TWUL's parent, Thames Water Utilities Holdings Limited (TWUHL), applied to convene its finance creditors on a restructuring plan to provide interim bridge funding pending a fuller restructuring. On 18 February 2025 Leech J sanctioned the plan, finding that otherwise TWUL would most likely have entered special administration by 24 March 2025, and that the plan was not unfair to the opposing Class B creditors and did not infringe the Chapter I competition prohibition. The Court of Appeal dismissed the appeals on 17 March 2025 subject to one amendment: the plan's releases were not to cover claims that a special administrator of TWUL or an insolvency office-holder of TWUHL might later bring against directors or advisers, because both companies would remain insolvent after the interim plan. The Supreme Court refused permission for a further appeal on 30 July 2025.","source_ids":["src-119","src-048","src-064","src-028","src-054","src-040"],"entity_ids":["twuhl","twul","class-a-ahg","class-b-ahg","ofwat","defra","charlie-maynard","kington","twl"],"premise_claim_ids":["c-rp1-convening","c-rp1-findings","c-rp1-appeal"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 10 December 2024 TWUL's parent, Thames Water Utilities Holdings Limited (TWUHL), applied to convene its finance creditors on a restructuring plan to provide interim bridge funding pending a fuller restructuring. On 18 February 2025 Leech J sanctioned the plan, finding that otherwise TWUL would most likely have entered special administration by 24 March 2025, and that the plan was not unfair to the opposing Class B creditors and did not infringe the Chapter I competition prohibition. The Court of Appeal dismissed the appeals on 17 March 2025 subject to one amendment: the plan's releases were not to cover claims that a special administrator of TWUL or an insolvency office-holder of TWUHL might later bring against directors or advisers, because both companies would remain insolvent after the interim plan. The Supreme Court refused permission for a further appeal on 30 July 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-089eb9178542514aa8c33550","record":{"id":"display-claim-089eb9178542514aa8c33550","kind":"analysis","text":"On 2 October 2025 London & Valley Water, a consortium of TWUL's Class A creditors, announced that it had submitted to the company and Ofwat a proposal to recapitalise Thames Water without recourse to taxpayers, and talks with the company, Ofwat and other regulators continued through 2026. On 16 October 2026 TWUL stated that its board, Ofwat, other regulators and the relevant investment committees had made no decision to accept and take forward any proposal from the consortium. Its directors report a material uncertainty over whether a recapitalisation can be delivered through a court-approved restructuring and describe special administration of TWUL under the Water Industry Act 1991 as a possible consequence of failure.","source_ids":["src-047","src-068","src-082","src-028","src-040"],"entity_ids":["lvw","twul","ofwat","defra"],"premise_claim_ids":["c-rec-lvw","c-rec-going-concern"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 2 October 2025 London & Valley Water, a consortium of TWUL's Class A creditors, announced that it had submitted to the company and Ofwat a proposal to recapitalise Thames Water without recourse to taxpayers, and talks with the company, Ofwat and other regulators continued through 2026. On 16 October 2026 TWUL stated that its board, Ofwat, other regulators and the relevant investment committees had made no decision to accept and take forward any proposal from the consortium. Its directors report a material uncertainty over whether a recapitalisation can be delivered through a court-approved restructuring and describe special administration of TWUL under the Water Industry Act 1991 as a possible consequence of failure."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-abb8bd9810ed3647d073cd7a","record":{"id":"display-claim-abb8bd9810ed3647d073cd7a","kind":"analysis","text":"Several matters were unresolved at the evidence cutoff. Thames Water Utilities Holdings Limited's 2025/26 annual report discloses an Environment Agency prosecution for five pollution incidents across Berkshire, Buckinghamshire, Hampshire and Oxfordshire in which the Agency alleges deliberate culpability. Since February 2025 Ofwat has been investigating, under section 203 notices, possible delays in TWUL's 2020–25 environmental schemes under the Water Industry National Environment Programme (WINEP). In collective proceedings in the Competition Appeal Tribunal against six water companies, including TWUL together with Kemble Water Holdings, the proposed class representative alleges that each abused a dominant position by giving Ofwat and the Environment Agency misleading information on pollution incidents, so that higher prices were allowed.","source_ids":["src-040","src-028","src-066"],"entity_ids":["twul","twuhl","ea","ofwat","kwh","carolyn-roberts"],"qualification":"The holding company's report calls the defendant 'the Company', its defined term for itself, while relating the environmental matters to TWUL's obligations; it gives no dates or locations beyond the four counties and does not name the court, and no court or Environment Agency record of the prosecution is in the archive. Ofwat had made no finding of breach in the WINEP inquiry, which was continuing at the cutoff. In the collective claim the courts decided only whether section 18(8) of the Water Industry Act 1991 barred it; the misreporting allegations have not been tested on their merits, and the non-household claim had not been issued or served at the date of TWUL's 2024/25 accounts.","response":"According to the report, the company has pleaded guilty to the offences but strongly disputes deliberate culpability and will defend it in court. TWUL replied to Ofwat's notices on 14 March 2025 and in February and March 2026. The water companies argued that remedies for the alleged abuse were not free-standing but depended entirely on the price control regime and Ofwat's reporting conditions, and so were excluded by section 18(8).","outcome":"At its 2025/26 accounts TWUL said the outcome of the WINEP inquiry and any financial consequences were not yet conclusive. The tribunal dismissed the collective claim on 7 March 2025 ([2025] CAT 17) as excluded by section 18(8) and refused permission to appeal on 20 May 2025; the Court of Appeal granted permission on 26 June 2025 and on 5 March 2026 dismissed the appeal by a majority ([2026] EWCA Civ 222), holding that contravention of a licence condition was an essential ingredient of the claimed abuse; Lord Justice Zacaroli dissented. Permission to appeal to the Supreme Court was granted in June 2026 and no hearing had been listed.","premise_claim_ids":["c-sew-ea-pending","c-sew-winep-investigation","c-sew-cat-claim"]},"reading":"Analysis: Several matters were unresolved at the evidence cutoff. Thames Water Utilities Holdings Limited's 2025/26 annual report discloses an Environment Agency prosecution for five pollution incidents across Berkshire, Buckinghamshire, Hampshire and Oxfordshire in which the Agency alleges deliberate culpability. Since February 2025 Ofwat has been investigating, under section 203 notices, possible delays in TWUL's 2020–25 environmental schemes under the Water Industry National Environment Programme (WINEP). In collective proceedings in the Competition Appeal Tribunal against six water companies, including TWUL together with Kemble Water Holdings, the proposed class representative alleges that each abused a dominant position by giving Ofwat and the Environment Agency misleading information on pollution incidents, so that higher prices were allowed."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-a35942a5a5754c2aa385f427","record":{"id":"display-claim-a35942a5a5754c2aa385f427","kind":"analysis","text":"Thames Water Utilities Limited sits at the foot of a chain of UK companies recorded at Companies House, each link notified on 6 April 2016. Thames Water Utilities Holdings Limited (TWUHL, 06195202) is TWUL's only person with significant control, with 75% or more of its shares and votes and the right to appoint or remove directors. Thames Water Limited (02366623) controls TWUHL in the same way; Kemble Water Finance Limited (05819317) holds 75% or more of the shares and votes of Thames Water Limited; Kemble Water Eurobond Plc (05957999) controls Kemble Water Finance; and Kemble Water Holdings Limited (05819262) controls Kemble Water Eurobond. Kemble Water Holdings itself has no registered person with significant control: since 1 June 2017 its register has carried a statement that it knows or has reasonable cause to believe there is no registrable person or relevant legal entity.","source_ids":["src-001","src-002","src-003","src-004","src-005","src-006"],"entity_ids":["twul","twuhl","twl","kwf","kwe","kwh"],"premise_claim_ids":["c-own-psc-twul","c-own-psc-twuhl","c-own-psc-twl","c-own-psc-kwf","c-own-psc-kwe","c-own-psc-kwh"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water Utilities Limited sits at the foot of a chain of UK companies recorded at Companies House, each link notified on 6 April 2016. Thames Water Utilities Holdings Limited (TWUHL, 06195202) is TWUL's only person with significant control, with 75% or more of its shares and votes and the right to appoint or remove directors. Thames Water Limited (02366623) controls TWUHL in the same way; Kemble Water Finance Limited (05819317) holds 75% or more of the shares and votes of Thames Water Limited; Kemble Water Eurobond Plc (05957999) controls Kemble Water Finance; and Kemble Water Holdings Limited (05819262) controls Kemble Water Eurobond. Kemble Water Holdings itself has no registered person with significant control: since 1 June 2017 its register has carried a statement that it knows or has reasonable cause to believe there is no registrable person or relevant legal entity."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cca548d4164c661c0d39b092","record":{"id":"display-claim-cca548d4164c661c0d39b092","kind":"analysis","text":"The group explains why each layer exists. Kemble Water Holdings was set up in 2006 for investors to hold their shares; Kemble Water Eurobond raised debt from shareholders, and Kemble Water Finance raised debt from external lenders, to help buy TWUL in 2006, the external debt being held closer to TWUL because outside lenders require greater security. Thames Water Limited, once listed on the London Stock Exchange, now holds pension obligations and other non-regulated companies. TWUHL was set up in 2007 for the whole business securitisation and gives its lenders security over the shares in TWUL, while Thames Water Utilities Finance plc and Thames Water Super Senior Issuer plc raise debt and super senior debt to fund TWUL. Kemble Water Holdings' 2022/23 consolidated accounts list Kemble Water Eurobond and Kemble Ventures Holdings Limited as its direct wholly owned subsidiaries and, among its indirect ones, Kemble Water Finance, Thames Water (Kemble) Finance plc, Thames Water Limited, TWUHL, TWUL and Thames Water Utilities Finance plc.","source_ids":["src-007","src-036"],"entity_ids":["kwh","kwe","kwf","twl","twuhl","twuf","twssi","twul","kemble-ventures","twkf"],"premise_claim_ids":["c-own-group-roles","c-own-kwh-subsidiaries"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The group explains why each layer exists. Kemble Water Holdings was set up in 2006 for investors to hold their shares; Kemble Water Eurobond raised debt from shareholders, and Kemble Water Finance raised debt from external lenders, to help buy TWUL in 2006, the external debt being held closer to TWUL because outside lenders require greater security. Thames Water Limited, once listed on the London Stock Exchange, now holds pension obligations and other non-regulated companies. TWUHL was set up in 2007 for the whole business securitisation and gives its lenders security over the shares in TWUL, while Thames Water Utilities Finance plc and Thames Water Super Senior Issuer plc raise debt and super senior debt to fund TWUL. Kemble Water Holdings' 2022/23 consolidated accounts list Kemble Water Eurobond and Kemble Ventures Holdings Limited as its direct wholly owned subsidiaries and, among its indirect ones, Kemble Water Finance, Thames Water (Kemble) Finance plc, Thames Water Limited, TWUHL, TWUL and Thames Water Utilities Finance plc."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-47fce1b3b730a388b3f276ac","record":{"id":"display-claim-47fce1b3b730a388b3f276ac","kind":"analysis","text":"Below TWUL are its two financing subsidiaries. TWUL is the person with significant control of Thames Water Utilities Finance plc (02403744), notified on 6 April 2016, and, from 25 February 2025, of Thames Water Super Senior Issuer plc (16110279); from 29 November 2024 until that date the super senior issuer was controlled by Thames Water Super Senior Holdco Limited (16110214).","source_ids":["src-030","src-029"],"entity_ids":["twuf","twul","twssi","twss-holdco"],"premise_claim_ids":["c-own-psc-twuf","c-own-psc-twssi"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Below TWUL are its two financing subsidiaries. TWUL is the person with significant control of Thames Water Utilities Finance plc (02403744), notified on 6 April 2016, and, from 25 February 2025, of Thames Water Super Senior Issuer plc (16110279); from 29 November 2024 until that date the super senior issuer was controlled by Thames Water Super Senior Holdco Limited (16110214)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-9b1ed3c5bd4e64bdbee3b431","record":{"id":"display-claim-9b1ed3c5bd4e64bdbee3b431","kind":"analysis","text":"Thames Water's structure web page, as retrieved on 17 October 2026, names the external shareholders of Kemble Water Holdings and the years they entered: the Ontario Municipal Employees Retirement System (OMERS) 31.777% (2017–2018); the Universities Superannuation Scheme (USS) 19.710% (2017, 2021); Infinity Investments SA, described as a subsidiary of the Abu Dhabi Investment Authority, 9.900% (2011); British Columbia Investment Management Corporation (BCI) 8.706% (2006); Hermes GPE 8.699% (2012); China Investment Corporation (CIC) 8.688% (2012); Queensland Investment Corporation (QIC) 5.352% (2006); Aquila GP Inc., described as wholly owned by Fiera Infrastructure Inc., 4.996% (2013); and Stichting Pensioenfonds Zorg en Welzijn (PFZW) 2.172% (2006). TWUL's 2024/25 annual report corrects one entry: Hermes GPE was listed in error as a shareholder in the previous year's accounts, the legal owner of the 8.699% interest being BriTel Fund Trustees Limited, custodian trustee of the BT Pension Scheme, for which Hermes GPE acts as investment manager. Hermes GPE LLP (OC348770, legal entity identifier (LEI) 549300OPDMK6XNMN2594, 150 Cheapside, London) has had Federated Hermes Limited as its person with significant control since 6 April 2016; GPE Partner Limited, which held more than 25% but not more than 50% of its votes, ceased to be one on 30 May 2024.","source_ids":["src-007","src-028","src-045","src-033"],"entity_ids":["kwh","omers","uss","infinity","bci","hermes-gpe","cic","qic","aquila","pfzw","britel","federated-hermes","gpe-partner"],"premise_claim_ids":["c-own-website-shareholders","c-own-britel","c-id-hermes-lei","c-own-hermes-psc"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water's structure web page, as retrieved on 17 October 2026, names the external shareholders of Kemble Water Holdings and the years they entered: the Ontario Municipal Employees Retirement System (OMERS) 31.777% (2017–2018); the Universities Superannuation Scheme (USS) 19.710% (2017, 2021); Infinity Investments SA, described as a subsidiary of the Abu Dhabi Investment Authority, 9.900% (2011); British Columbia Investment Management Corporation (BCI) 8.706% (2006); Hermes GPE 8.699% (2012); China Investment Corporation (CIC) 8.688% (2012); Queensland Investment Corporation (QIC) 5.352% (2006); Aquila GP Inc., described as wholly owned by Fiera Infrastructure Inc., 4.996% (2013); and Stichting Pensioenfonds Zorg en Welzijn (PFZW) 2.172% (2006). TWUL's 2024/25 annual report corrects one entry: Hermes GPE was listed in error as a shareholder in the previous year's accounts, the legal owner of the 8.699% interest being BriTel Fund Trustees Limited, custodian trustee of the BT Pension Scheme, for which Hermes GPE acts as investment manager. Hermes GPE LLP (OC348770, legal entity identifier (LEI) 549300OPDMK6XNMN2594, 150 Cheapside, London) has had Federated Hermes Limited as its person with significant control since 6 April 2016; GPE Partner Limited, which held more than 25% but not more than 50% of its votes, ceased to be one on 30 May 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-c27de5abde3a6df5f03949b8","record":{"id":"display-claim-c27de5abde3a6df5f03949b8","kind":"analysis","text":"The Companies House register gives the legal holders. Kemble Water Holdings' confirmation statement made up to 25 September 2024 records 1,991,600,000 ordinary shares of £1, each with one vote, held by Aquila GP Inc. as general partner of the Aquila Sonnet Limited Partnership (99,493,484); BriTel Fund Trustees Limited for the BT Pension Scheme (173,251,041); Church Water Investment Limited (392,546,862); Cicero Investment Corporation (173,032,146); Infinity Investments SA (197,168,400); OMERS Farmoor SGP LP (435,906,071); OMERS Farmoor 2 Holdings B.V. (110,129,892); OMERS Farmoor 3 Holdings B.V. (86,833,760); QIC Infrastructure Management Pty Ltd as trustee for QIC Infrastructure Portfolio No. 3 Trust (106,583,411, the same number transferred out of its holding for the No. 1 Trust on 13 November 2023); Stichting Pensioenfonds Zorg en Welzijn (43,258,036); and Terrace IRR GP Inc (173,396,897). The statements made up to 25 September 2025 and 25 September 2026 were filed with no updates, so the register shows no later change.","source_ids":["src-011","src-021"],"entity_ids":["kwh","aquila","britel","church-water","cicero","infinity","omers-farmoor-sgp","omers-farmoor-2","omers-farmoor-3","qic-im","pfzw","terrace"],"premise_claim_ids":["c-own-cs01-2024","c-own-cs01-unchanged"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The Companies House register gives the legal holders. Kemble Water Holdings' confirmation statement made up to 25 September 2024 records 1,991,600,000 ordinary shares of £1, each with one vote, held by Aquila GP Inc. as general partner of the Aquila Sonnet Limited Partnership (99,493,484); BriTel Fund Trustees Limited for the BT Pension Scheme (173,251,041); Church Water Investment Limited (392,546,862); Cicero Investment Corporation (173,032,146); Infinity Investments SA (197,168,400); OMERS Farmoor SGP LP (435,906,071); OMERS Farmoor 2 Holdings B.V. (110,129,892); OMERS Farmoor 3 Holdings B.V. (86,833,760); QIC Infrastructure Management Pty Ltd as trustee for QIC Infrastructure Portfolio No. 3 Trust (106,583,411, the same number transferred out of its holding for the No. 1 Trust on 13 November 2023); Stichting Pensioenfonds Zorg en Welzijn (43,258,036); and Terrace IRR GP Inc (173,396,897). The statements made up to 25 September 2025 and 25 September 2026 were filed with no updates, so the register shows no later change."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-65aab12ac64e13f2104599b3","record":{"id":"display-claim-65aab12ac64e13f2104599b3","kind":"analysis","text":"Dividing these holdings by the 1,991,600,000 shares reproduces each percentage on the company's list: the three OMERS Farmoor vehicles together hold 632,869,723 shares (31.777%), Church Water Investment 19.710% (the USS figure), Infinity 9.900%, Terrace IRR GP 8.706% (the BCI figure), BriTel 8.699%, Cicero Investment Corporation 8.688% (the CIC figure), the QIC trustee 5.352%, Aquila 4.996% and PFZW 2.172%, and the eleven holdings account for every share. The matching percentages show which registered holder corresponds to which named investor, not who owns each holder: registry and party records document the OMERS, USS and BCI links, but no document in the record states who owns Cicero Investment Corporation or where it is registered.","source_ids":["src-011","src-007","src-028"],"entity_ids":["kwh","omers-farmoor-sgp","omers-farmoor-2","omers-farmoor-3","church-water","infinity","terrace","britel","cicero","qic-im","aquila","pfzw","omers","uss","bci","cic"],"premise_claim_ids":["c-own-share-arithmetic"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Dividing these holdings by the 1,991,600,000 shares reproduces each percentage on the company's list: the three OMERS Farmoor vehicles together hold 632,869,723 shares (31.777%), Church Water Investment 19.710% (the USS figure), Infinity 9.900%, Terrace IRR GP 8.706% (the BCI figure), BriTel 8.699%, Cicero Investment Corporation 8.688% (the CIC figure), the QIC trustee 5.352%, Aquila 4.996% and PFZW 2.172%, and the eleven holdings account for every share. The matching percentages show which registered holder corresponds to which named investor, not who owns each holder: registry and party records document the OMERS, USS and BCI links, but no document in the record states who owns Cicero Investment Corporation or where it is registered."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-ace0802ece637494a2ca10ce","record":{"id":"display-claim-ace0802ece637494a2ca10ce","kind":"analysis","text":"The USS holding runs through Church Water Investment Limited (10859956), whose only person with significant control since 24 July 2017 is L3 Investment Holdings LP, a Scottish limited partnership (SL024106) at 50 Lothian Road, Edinburgh. L3's own controllers, notified the same day, are Universities Superannuation Scheme Limited (01167127), a company limited by guarantee at the Royal Liver Building, Liverpool, with 75% or more of the votes and surplus assets, and L3 Investment Holdings Gp Limited (SC521123) with the right to appoint or remove persons. Universities Superannuation Scheme Limited is the scheme's trustee company and, according to the scheme's 2020/21 report and accounts, owns the share capital of a number of investment holding companies used to administer its investments; it has no person with significant control. Since 7 January 2019 Church Water's company secretary has been USS Secretarial Services Limited (11749329), care of the trustee company in Liverpool.","source_ids":["src-019","src-092","src-058","src-105","src-031"],"entity_ids":["church-water","l3-lp","uss-ltd","l3-gp","uss","uss-secretarial"],"premise_claim_ids":["c-own-church-water-psc","c-own-l3-psc","c-own-uss-ltd","c-own-church-water-secretary"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The USS holding runs through Church Water Investment Limited (10859956), whose only person with significant control since 24 July 2017 is L3 Investment Holdings LP, a Scottish limited partnership (SL024106) at 50 Lothian Road, Edinburgh. L3's own controllers, notified the same day, are Universities Superannuation Scheme Limited (01167127), a company limited by guarantee at the Royal Liver Building, Liverpool, with 75% or more of the votes and surplus assets, and L3 Investment Holdings Gp Limited (SC521123) with the right to appoint or remove persons. Universities Superannuation Scheme Limited is the scheme's trustee company and, according to the scheme's 2020/21 report and accounts, owns the share capital of a number of investment holding companies used to administer its investments; it has no person with significant control. Since 7 January 2019 Church Water's company secretary has been USS Secretarial Services Limited (11749329), care of the trustee company in Liverpool."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-783c247a60dca1f06a3dafb8","record":{"id":"display-claim-783c247a60dca1f06a3dafb8","kind":"analysis","text":"OMERS's largest block of 435,906,071 shares was listed in Kemble Water Holdings' 2022 confirmation statement under OMERS Farmoor Singapore Pte. Ltd and in the 2024 statement under OMERS Farmoor SGP LP, alongside the holdings of OMERS Farmoor 2 Holdings B.V. and OMERS Farmoor 3 Holdings B.V.; Companies House notes that a second filed statement changing the 2022 capital and shareholder information was registered on 2 July 2024, without showing which entries it changed. A newspaper reported in July 2023, citing another newspaper, that OMERS Farmoor Singapore, a Singapore entity owned by OMERS, valued its holding in Kemble at £700m at the end of 2022, down from £979m a year earlier. That is a media account: no filing of OMERS or of the vehicle in the record confirms either the valuation or the statement that OMERS owns the vehicle.","source_ids":["src-062","src-011","src-063"],"entity_ids":["kwh","omers-farmoor-sg","omers-farmoor-2","omers-farmoor-3","omers-farmoor-sgp","omers"],"premise_claim_ids":["c-own-omers-cs01-2022","c-own-omers-press-vehicle"],"qualification":"","response":"","outcome":""},"reading":"Analysis: OMERS's largest block of 435,906,071 shares was listed in Kemble Water Holdings' 2022 confirmation statement under OMERS Farmoor Singapore Pte. Ltd and in the 2024 statement under OMERS Farmoor SGP LP, alongside the holdings of OMERS Farmoor 2 Holdings B.V. and OMERS Farmoor 3 Holdings B.V.; Companies House notes that a second filed statement changing the 2022 capital and shareholder information was registered on 2 July 2024, without showing which entries it changed. A newspaper reported in July 2023, citing another newspaper, that OMERS Farmoor Singapore, a Singapore entity owned by OMERS, valued its holding in Kemble at £700m at the end of 2022, down from £979m a year earlier. That is a media account: no filing of OMERS or of the vehicle in the record confirms either the valuation or the statement that OMERS owns the vehicle."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-57746c998dc9dd730cdb951e","record":{"id":"display-claim-57746c998dc9dd730cdb951e","kind":"analysis","text":"The registered holding that corresponds to BCI's stake is that of Terrace IRR GP Inc. In a response to an Ofwat consultation dated 17 May 2018, BCI said it had first bought into Kemble Water Holdings in 2006, increased its stake in 2010 and 2011 and then owned 8.7%; the letter was signed by Lincoln Webb as president of the vehicles BCIMC SIIF101 2006 Investment Corporation and BCIMC WCBAF SIIF101 2006 Investment Corporation. A 2007 U.S. Securities and Exchange Commission filing describes BCI (bcIMC) as created by an act of the Government of British Columbia under the Public Sector Pension Plans Act 1999 and lists Mr Webb as its Vice President, Private Placements. Corporations Canada records Terrace IRR GP Inc. (12452464, incorporated 27 October 2020) and bcIMC WCBAF SIIF101 2006 Investment Corporation (12605287, formed by amalgamation on 2 January 2021) at 750 Pandora Avenue, Victoria, each with Mr Webb as its only director and each excused from reporting individuals with significant control as a Crown corporation or a wholly owned subsidiary of one. Terrace's 173,396,897 shares, received from Torfino IMC Corporation Ltd on 4 January 2021, are exactly the 8.706% the company attributes to BCI; no record states Terrace's shareholder, so the attribution rests on these matching registry and party records.","source_ids":["src-090","src-095","src-110","src-112","src-011","src-007","src-028","src-062"],"entity_ids":["bci","kwh","twul","lincoln-webb","bcimc-sif101","bcimc-wcbaf","terrace","torfino"],"premise_claim_ids":["c-own-bci-letter","c-own-bci-statute","c-own-terrace","c-own-bcimc-wcbaf","c-own-bci-terrace-link"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The registered holding that corresponds to BCI's stake is that of Terrace IRR GP Inc. In a response to an Ofwat consultation dated 17 May 2018, BCI said it had first bought into Kemble Water Holdings in 2006, increased its stake in 2010 and 2011 and then owned 8.7%; the letter was signed by Lincoln Webb as president of the vehicles BCIMC SIIF101 2006 Investment Corporation and BCIMC WCBAF SIIF101 2006 Investment Corporation. A 2007 U.S. Securities and Exchange Commission filing describes BCI (bcIMC) as created by an act of the Government of British Columbia under the Public Sector Pension Plans Act 1999 and lists Mr Webb as its Vice President, Private Placements. Corporations Canada records Terrace IRR GP Inc. (12452464, incorporated 27 October 2020) and bcIMC WCBAF SIIF101 2006 Investment Corporation (12605287, formed by amalgamation on 2 January 2021) at 750 Pandora Avenue, Victoria, each with Mr Webb as its only director and each excused from reporting individuals with significant control as a Crown corporation or a wholly owned subsidiary of one. Terrace's 173,396,897 shares, received from Torfino IMC Corporation Ltd on 4 January 2021, are exactly the 8.706% the company attributes to BCI; no record states Terrace's shareholder, so the attribution rests on these matching registry and party records."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-5fe244f0d52bca7686b4b73a","record":{"id":"display-claim-5fe244f0d52bca7686b4b73a","kind":"analysis","text":"Under TWUL's licence an Ultimate Controller is a person in a position to control or materially influence the company's policy or affairs in Ofwat's reasonable determination. In a letter of 8 September 2025 to the chair of the Commons Business and Trade Committee, Ofwat said it still regarded Kemble Water Holdings, as the UK holding company, and six entities — Infinity Investments S.A., bcIMC WCBAF SIIF101 2006 Investment Corporation, Cicero Investment Corporation, OMERS Infrastructure European Holdings B.V., BriTel Funds Limited and Church Water Investment Limited — as TWUL's Ultimate Controllers, because the ownership structure and governance arrangements, including a shareholders' agreement, leave them able to influence it whether or not they use that ability. Ofwat noted that certain shareholders had withdrawn their directors from TWUL's board and, according to the company, were no longer taking an active role or being consulted as before; it tested whether this changed the Ultimate Controllers and concluded that it did not.","source_ids":["src-043"],"entity_ids":["twul","kwh","infinity","bcimc-wcbaf","cicero","omers-ieh","britel-funds","church-water","ofwat"],"premise_claim_ids":["c-own-ultimate-controllers-2025","c-own-shareholders-withdrawn"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Under TWUL's licence an Ultimate Controller is a person in a position to control or materially influence the company's policy or affairs in Ofwat's reasonable determination. In a letter of 8 September 2025 to the chair of the Commons Business and Trade Committee, Ofwat said it still regarded Kemble Water Holdings, as the UK holding company, and six entities — Infinity Investments S.A., bcIMC WCBAF SIIF101 2006 Investment Corporation, Cicero Investment Corporation, OMERS Infrastructure European Holdings B.V., BriTel Funds Limited and Church Water Investment Limited — as TWUL's Ultimate Controllers, because the ownership structure and governance arrangements, including a shareholders' agreement, leave them able to influence it whether or not they use that ability. Ofwat noted that certain shareholders had withdrawn their directors from TWUL's board and, according to the company, were no longer taking an active role or being consulted as before; it tested whether this changed the Ultimate Controllers and concluded that it did not."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-a2d478073582217d489ac427","record":{"id":"display-claim-a2d478073582217d489ac427","kind":"analysis","text":"The same letter states that no creditor or group of creditors — including the more than 100 financial institutions advised by Akin Gump LLP that hold over £13 billion of Class A and super senior debt, and the members of their coordinating committee holding over £8 billion who were preparing a recapitalisation proposal — could then exert influence amounting to Ultimate Control, because they hold no shares, no right to appoint directors and no veto or other governance rights. Ofwat said that if the equity raise significantly changed the shareholders it would expect the Ultimate Controllers to change and would require undertakings from the new ones. Its earlier letter of 28 January 2025, filed with the High Court in the restructuring plan case, had concluded that no change of Ultimate Controllers had occurred or would occur if the plan's financing agreements took effect.","source_ids":["src-043"],"entity_ids":["twul","ofwat"],"premise_claim_ids":["c-own-creditors-not-controllers","c-own-uc-jan-2025"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The same letter states that no creditor or group of creditors — including the more than 100 financial institutions advised by Akin Gump LLP that hold over £13 billion of Class A and super senior debt, and the members of their coordinating committee holding over £8 billion who were preparing a recapitalisation proposal — could then exert influence amounting to Ultimate Control, because they hold no shares, no right to appoint directors and no veto or other governance rights. Ofwat said that if the equity raise significantly changed the shareholders it would expect the Ultimate Controllers to change and would require undertakings from the new ones. Its earlier letter of 28 January 2025, filed with the High Court in the restructuring plan case, had concluded that no change of Ultimate Controllers had occurred or would occur if the plan's financing agreements took effect."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-b214e80f3b7ebc317249af1d","record":{"id":"display-claim-b214e80f3b7ebc317249af1d","kind":"analysis","text":"Thames Water Limited (02366623), incorporated on 1 April 1989, was called Thames Water Plc until 1 October 2003, RWE Thames Water Plc until 1 December 2006 and Thames Water Plc again until 4 June 2007; an archived Companies House record of March 2026 shows it active at 3 More London Riverside, London. According to Ofwat's position paper of May 2007, Kemble Water Limited — wholly owned by Kemble Water Holdings Limited, itself owned by a consortium of investors — completed its purchase of Thames Water Holdings Plc on 1 December 2006; Thames Water Holdings Plc owned all of Thames Water Plc, which owned all of Thames Water Utilities Limited (TWUL).","source_ids":["src-018","src-012"],"entity_ids":["twl","kwl","tw-holdings-plc","kwh","twul","ofwat"],"premise_claim_ids":["c-id-twl-names","c-hist-2006-acquisition"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water Limited (02366623), incorporated on 1 April 1989, was called Thames Water Plc until 1 October 2003, RWE Thames Water Plc until 1 December 2006 and Thames Water Plc again until 4 June 2007; an archived Companies House record of March 2026 shows it active at 3 More London Riverside, London. According to Ofwat's position paper of May 2007, Kemble Water Limited — wholly owned by Kemble Water Holdings Limited, itself owned by a consortium of investors — completed its purchase of Thames Water Holdings Plc on 1 December 2006; Thames Water Holdings Plc owned all of Thames Water Plc, which owned all of Thames Water Utilities Limited (TWUL)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-12bb3a7f6b1c03f4fee629ce","record":{"id":"display-claim-12bb3a7f6b1c03f4fee629ce","kind":"analysis","text":"Ofwat described the consortium as mostly pension funds and other long-term institutional investors from Europe, Canada and Australia. Entities managed by or associated with the Macquarie Group held the largest stake, 47.65% of Kemble Water Holdings, through Kemble Water International Holdings Limited (KWIHL), which comprised Macquarie European Infrastructure Fund LP, Macquarie European Infrastructure Fund II, Macquarie Diversified Infrastructure Fund, Macquarie-FSS Infrastructure Trust, Macquarie PRISM Pty Ltd and LODH Macquarie Infrastructure Fund LP; thirteen other members included British Columbia Investment Management Corporation and Queensland Investment Corporation. Macquarie Bank Limited had sold its remaining interest in KWIHL to the LODH fund after Ofwat's February 2007 consultation. KWIHL, a Guernsey company (G0044986) in St Peter Port, appears in Kemble Water Holdings' register as a person with significant control, with more than 25% but not more than 50%, from 6 April 2016 until 31 May 2017.","source_ids":["src-012","src-006"],"entity_ids":["kwh","kwihl","meif","meif2","mdif","mfit","mpp","lodh-mif","macquarie-bank","bci","qic","ofwat"],"premise_claim_ids":["c-hist-macquarie-2007","c-hist-kwihl-psc"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Ofwat described the consortium as mostly pension funds and other long-term institutional investors from Europe, Canada and Australia. Entities managed by or associated with the Macquarie Group held the largest stake, 47.65% of Kemble Water Holdings, through Kemble Water International Holdings Limited (KWIHL), which comprised Macquarie European Infrastructure Fund LP, Macquarie European Infrastructure Fund II, Macquarie Diversified Infrastructure Fund, Macquarie-FSS Infrastructure Trust, Macquarie PRISM Pty Ltd and LODH Macquarie Infrastructure Fund LP; thirteen other members included British Columbia Investment Management Corporation and Queensland Investment Corporation. Macquarie Bank Limited had sold its remaining interest in KWIHL to the LODH fund after Ofwat's February 2007 consultation. KWIHL, a Guernsey company (G0044986) in St Peter Port, appears in Kemble Water Holdings' register as a person with significant control, with more than 25% but not more than 50%, from 6 April 2016 until 31 May 2017."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-d9e21d918343d9dd4bdf8993","record":{"id":"display-claim-d9e21d918343d9dd4bdf8993","kind":"analysis","text":"Condition P of TWUL's licence required legally enforceable undertakings from its owners: to provide the information TWUL needs to comply with the licence, to avoid any action that could cause a breach and to keep at least three independent non-executive directors on its board. Kemble proposed in 2007 that they be given by Kemble Water Holdings as UK holding company and by MEIF Luxembourg Holdings SA and MEIF II Luxembourg Holdings Sarl as joint ultimate controllers within the two Macquarie European Infrastructure Fund structures, and Ofwat saw no reason to dispute this. Kemble Water Holdings gave its undertaking on 14 August 2007 and Macquarie, then an Ultimate Controller because of reserved rights attached to its shareholdings, on 31 July 2007; when Macquarie later sold its shareholding it ceased to be an Ultimate Controller, while the Kemble undertaking remained in place. The Global Legal Entity Identifier Foundation (GLEIF) records MEIF Luxembourg Holdings S.à r.l. (B97123, legal entity identifier 549300I7KMZ71CCWD353) as inactive after a liquidation effective 26 October 2020, and MEIF II Luxembourg Holdings S.à r.l. (B117627, LEI 5493005140CK3YDUNM76) as active.","source_ids":["src-012","src-044","src-117"],"entity_ids":["twul","kwh","meif-lux","meif2-lux","meif","meif2","ofwat","mira"],"premise_claim_ids":["c-hist-undertakings-2007","c-hist-undertakings-dates","c-id-meif-lux","c-id-meif2-lux"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Condition P of TWUL's licence required legally enforceable undertakings from its owners: to provide the information TWUL needs to comply with the licence, to avoid any action that could cause a breach and to keep at least three independent non-executive directors on its board. Kemble proposed in 2007 that they be given by Kemble Water Holdings as UK holding company and by MEIF Luxembourg Holdings SA and MEIF II Luxembourg Holdings Sarl as joint ultimate controllers within the two Macquarie European Infrastructure Fund structures, and Ofwat saw no reason to dispute this. Kemble Water Holdings gave its undertaking on 14 August 2007 and Macquarie, then an Ultimate Controller because of reserved rights attached to its shareholdings, on 31 July 2007; when Macquarie later sold its shareholding it ceased to be an Ultimate Controller, while the Kemble undertaking remained in place. The Global Legal Entity Identifier Foundation (GLEIF) records MEIF Luxembourg Holdings S.à r.l. (B97123, legal entity identifier 549300I7KMZ71CCWD353) as inactive after a liquidation effective 26 October 2020, and MEIF II Luxembourg Holdings S.à r.l. (B117627, LEI 5493005140CK3YDUNM76) as active."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-f21840d9c97ced736c72d602","record":{"id":"display-claim-f21840d9c97ced736c72d602","kind":"analysis","text":"Kemble's 2007 financing plan, as Ofwat recorded it, was to transfer all of Thames Water's existing debt into a securitisation, issue new long-term bonds ring-fenced around Thames Water's cash flows and obligations and refinance some acquisition debt inside that structure; further debt was expected at the holding companies, fully ring-fenced from the regulated company with no recourse to it at all — not even for interest payments if a lock-up applied at Thames Water. Ofwat proposed licence amendments to require an investment-grade issuer credit rating, to modify Condition P for the new owners and to add a cash lock-up and conditions on planning and internal control, to be made by notice under section 13 of the Water Industry Act 1991, and concluded that nothing further was needed.","source_ids":["src-012"],"entity_ids":["twul","kwh","ofwat"],"premise_claim_ids":["c-hist-financing-plan-2007","c-hist-licence-2007"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble's 2007 financing plan, as Ofwat recorded it, was to transfer all of Thames Water's existing debt into a securitisation, issue new long-term bonds ring-fenced around Thames Water's cash flows and obligations and refinance some acquisition debt inside that structure; further debt was expected at the holding companies, fully ring-fenced from the regulated company with no recourse to it at all — not even for interest payments if a lock-up applied at Thames Water. Ofwat proposed licence amendments to require an investment-grade issuer credit rating, to modify Condition P for the new owners and to add a cash lock-up and conditions on planning and internal control, to be made by notice under section 13 of the Water Industry Act 1991, and concluded that nothing further was needed."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-517bd507725f0ae0de7aba2e","record":{"id":"display-claim-517bd507725f0ae0de7aba2e","kind":"analysis","text":"Kemble Water Holdings' 2012/13 accounts list the principal companies in its chain at 31 March 2013: Kemble Water Eurobond Plc, Kemble Water Liberty Limited, Kemble Water Structure Limited, Kemble Water Finance Limited, Kemble Water Investments Limited, Kemble Water Limited, Thames Water Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited, Thames Water Utilities Cayman Finance Limited and Thames Water (Kemble) Finance Plc. The same accounts show TWUL's regulated business with turnover of £1,758.9 million (2011/12: £1,670.9 million), underlying operating profit of £543.4 million, net interest of £415.0 million and underlying profit before tax of £128.4 million, against net interest of £535.8 million and an underlying loss before tax of £20.1 million for the whole Kemble group, the difference in interest reflecting debt held above TWUL; fifteen directors served during the year under the chairman Sir Peter Mason. The figures are read from an image-based copy whose text layer drops decimal points.","source_ids":["src-078"],"entity_ids":["kwh","kwe","kw-liberty","kw-structure","kwf","kwi","kwl","twl","twul","twuf","twucfl","twkf","peter-mason"],"premise_claim_ids":["c-hist-kemble-chain-2013","c-misc-kwh-2012-13"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Holdings' 2012/13 accounts list the principal companies in its chain at 31 March 2013: Kemble Water Eurobond Plc, Kemble Water Liberty Limited, Kemble Water Structure Limited, Kemble Water Finance Limited, Kemble Water Investments Limited, Kemble Water Limited, Thames Water Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited, Thames Water Utilities Cayman Finance Limited and Thames Water (Kemble) Finance Plc. The same accounts show TWUL's regulated business with turnover of £1,758.9 million (2011/12: £1,670.9 million), underlying operating profit of £543.4 million, net interest of £415.0 million and underlying profit before tax of £128.4 million, against net interest of £535.8 million and an underlying loss before tax of £20.1 million for the whole Kemble group, the difference in interest reflecting debt held above TWUL; fifteen directors served during the year under the chairman Sir Peter Mason. The figures are read from an image-based copy whose text layer drops decimal points."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-ca7fbe97baa381d0f46eb1c9","record":{"id":"display-claim-ca7fbe97baa381d0f46eb1c9","kind":"analysis","text":"Ofwat's written evidence to the Commons Public Accounts Committee of 3 February 2014 lists the consortium as KWIHL (owned by Macquarie European Infrastructure Fund) 26.315%; BriTel Fund Trustees Limited for the BT Pension Scheme 13.060%; Infinity Investments S.A. 9.900%; Cicero Investment Corporation 8.688%; QIC Diversified Infrastructure (Jersey) Limited 8.688%; bcIMC SIF101 2006 Investment Corporation 7.400%; AMP Capital Investors (Kemble Water) Sarl 5.530%; Stichting Pensioenfonds ABP 4.344%; Optrust Infrastructure Europe 1 Inc 4.344%; Aquila GP Inc. 2.606%; SAS Trustee Corporation 2.389%; Stichting Pensioenfonds Zorg en Welzijn (PFZW) 2.172%; PIP2PX (TW) Limited 2.020%; bcIMC WCBAF SIIF101 2006 Investment Corporation 1.306%; and PIP2GV (TW) Limited 1.238%.","source_ids":["src-075"],"entity_ids":["kwh","kwihl","meif","britel","infinity","cicero","qic-jersey","bcimc-sif101","amp-kemble","abp","optrust-europe","aquila","sas-trustee","pfzw","pip2px","bcimc-wcbaf","pip2gv","ofwat"],"premise_claim_ids":["c-hist-pac-2014"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Ofwat's written evidence to the Commons Public Accounts Committee of 3 February 2014 lists the consortium as KWIHL (owned by Macquarie European Infrastructure Fund) 26.315%; BriTel Fund Trustees Limited for the BT Pension Scheme 13.060%; Infinity Investments S.A. 9.900%; Cicero Investment Corporation 8.688%; QIC Diversified Infrastructure (Jersey) Limited 8.688%; bcIMC SIF101 2006 Investment Corporation 7.400%; AMP Capital Investors (Kemble Water) Sarl 5.530%; Stichting Pensioenfonds ABP 4.344%; Optrust Infrastructure Europe 1 Inc 4.344%; Aquila GP Inc. 2.606%; SAS Trustee Corporation 2.389%; Stichting Pensioenfonds Zorg en Welzijn (PFZW) 2.172%; PIP2PX (TW) Limited 2.020%; bcIMC WCBAF SIIF101 2006 Investment Corporation 1.306%; and PIP2GV (TW) Limited 1.238%."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-d5ca42a10c6541d6d01a77dc","record":{"id":"display-claim-d5ca42a10c6541d6d01a77dc","kind":"analysis","text":"On 14 March 2017 the Ontario Municipal Employees Retirement System (OMERS) announced that its infrastructure manager Borealis Infrastructure and Wren House Infrastructure Management Limited, the infrastructure arm of the Kuwait Investment Authority, had agreed as a consortium to buy a 26% stake in Kemble Water Holdings from Macquarie Infrastructure & Real Assets (MIRA), without disclosing financial details; the announcement quoted Sir Peter Mason as Thames Water's chairman. Companies House lists the Kuwait Investment Authority, an autonomous governmental body established under Kuwait's Law No. 47 of 1982, as Wren House Infrastructure Management's only person with significant control since 6 April 2016.","source_ids":["src-015","src-089"],"entity_ids":["omers","wren-house-mgmt","kia","kwh","twul","mira","peter-mason"],"premise_claim_ids":["c-hist-2017-sale","c-hist-wren-kia"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 14 March 2017 the Ontario Municipal Employees Retirement System (OMERS) announced that its infrastructure manager Borealis Infrastructure and Wren House Infrastructure Management Limited, the infrastructure arm of the Kuwait Investment Authority, had agreed as a consortium to buy a 26% stake in Kemble Water Holdings from Macquarie Infrastructure & Real Assets (MIRA), without disclosing financial details; the announcement quoted Sir Peter Mason as Thames Water's chairman. Companies House lists the Kuwait Investment Authority, an autonomous governmental body established under Kuwait's Law No. 47 of 1982, as Wren House Infrastructure Management's only person with significant control since 6 April 2016."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-e9a412afd7add205ad9f20e7","record":{"id":"display-claim-e9a412afd7add205ad9f20e7","kind":"analysis","text":"In its November 2018 conclusions on the change of control, Ofwat recorded the Ultimate Controllers after the 2017 share sales as OMERS, the Universities Superannuation Scheme (USS), Infinity Investments, Wren House, BriTel Fund Trustees Ltd, Cicero Investment Corporation and bcIMC Investment Corporation, all of which had given undertakings, and confirmed that Macquarie kept no continuing influence or control after March 2017. After a consultation published on 11 May 2018, Ofwat modified TWUL's licence with the company's consent under section 13 of the Water Industry Act 1991 to bring its ring-fence up to what it called the industry-leading standard, including a revised definition of the issuer credit rating it must hold; the changes took effect on 21 November 2018.","source_ids":["src-044"],"entity_ids":["twul","omers","uss","infinity","wren-house-mgmt","britel","cicero","bcimc-ic","mira","ofwat"],"premise_claim_ids":["c-hist-uc-2018","c-hist-licence-2018"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In its November 2018 conclusions on the change of control, Ofwat recorded the Ultimate Controllers after the 2017 share sales as OMERS, the Universities Superannuation Scheme (USS), Infinity Investments, Wren House, BriTel Fund Trustees Ltd, Cicero Investment Corporation and bcIMC Investment Corporation, all of which had given undertakings, and confirmed that Macquarie kept no continuing influence or control after March 2017. After a consultation published on 11 May 2018, Ofwat modified TWUL's licence with the company's consent under section 13 of the Water Industry Act 1991 to bring its ring-fence up to what it called the industry-leading standard, including a revised definition of the issuer credit rating it must hold; the changes took effect on 21 November 2018."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-91b3188dc649ade12944aa5b","record":{"id":"display-claim-91b3188dc649ade12944aa5b","kind":"analysis","text":"Five former intermediate holding companies — Kemble Water Limited (05859424), Kemble Water Investments Limited (05859428), Kemble Water Structure Limited (05819276), Kemble Water Liberty Limited (05819270) and Thames Water Holdings Limited (05685587) — each applied to be struck off on 17 December 2018 and were dissolved by voluntary strike-off, with the final Gazette notice on 26 March 2019. Their filings had shown Kemble Water Investments as Kemble Water Limited's person with significant control, and Kemble Water Eurobond as Kemble Water Investments', from 6 April 2016. The filing history read for Thames Water Holdings Limited shows no change of name, so the record does not establish whether it is the Thames Water Holdings Plc bought in 2006.","source_ids":["src-046","src-057","src-081","src-104","src-091"],"entity_ids":["kwl","kwi","kw-structure","kw-liberty","twhl","tw-holdings-plc","kwe"],"premise_claim_ids":["c-hist-intermediates-dissolved","c-hist-kwl-psc"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Five former intermediate holding companies — Kemble Water Limited (05859424), Kemble Water Investments Limited (05859428), Kemble Water Structure Limited (05819276), Kemble Water Liberty Limited (05819270) and Thames Water Holdings Limited (05685587) — each applied to be struck off on 17 December 2018 and were dissolved by voluntary strike-off, with the final Gazette notice on 26 March 2019. Their filings had shown Kemble Water Investments as Kemble Water Limited's person with significant control, and Kemble Water Eurobond as Kemble Water Investments', from 6 April 2016. The filing history read for Thames Water Holdings Limited shows no change of name, so the record does not establish whether it is the Thames Water Holdings Plc bought in 2006."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-185788cd5c0b0fd1a8bfb84e","record":{"id":"display-claim-185788cd5c0b0fd1a8bfb84e","kind":"analysis","text":"Kemble Water Finance's prospectus of 8 January 2021 defines its \"Initial Investors\" as PFZW, Tofino IMC Corporation (so spelt in the prospectus), Aquila GP Inc., Infinity Investments S.A., Cicero Investment Corporation, BriTel Fund Trustees Limited, OMERS Farmoor 2 Holdings B.V., OMERS Farmoor 3 Holdings B.V., Omers Infrastructure (Farmoor) Pte Ltd, QIC Infrastructure Management Pty Ltd, Church Water Investment Limited and Wren House Infrastructure Investments Limited, with any successors in title. Days earlier, on 4 January 2021, Torfino IMC Corporation Ltd had transferred 173,396,897 shares, leaving it with none, and Terrace IRR GP Inc is recorded with that number of shares, according to the 2022 confirmation statement.","source_ids":["src-076","src-062"],"entity_ids":["kwf","pfzw","torfino","aquila","infinity","cicero","britel","omers-farmoor-2","omers-farmoor-3","omers-infra-farmoor","qic-im","church-water","wren-house-inv","kwh","terrace"],"premise_claim_ids":["c-hist-initial-investors-2021","c-hist-torfino-terrace"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Finance's prospectus of 8 January 2021 defines its \"Initial Investors\" as PFZW, Tofino IMC Corporation (so spelt in the prospectus), Aquila GP Inc., Infinity Investments S.A., Cicero Investment Corporation, BriTel Fund Trustees Limited, OMERS Farmoor 2 Holdings B.V., OMERS Farmoor 3 Holdings B.V., Omers Infrastructure (Farmoor) Pte Ltd, QIC Infrastructure Management Pty Ltd, Church Water Investment Limited and Wren House Infrastructure Investments Limited, with any successors in title. Days earlier, on 4 January 2021, Torfino IMC Corporation Ltd had transferred 173,396,897 shares, leaving it with none, and Terrace IRR GP Inc is recorded with that number of shares, according to the 2022 confirmation statement."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-3c272228bf41fe358d4d3cc7","record":{"id":"display-claim-3c272228bf41fe358d4d3cc7","kind":"analysis","text":"On 3 December 2021 USS announced that it had bought a further 8.77% of Thames Water from Wren House Infrastructure Management, taking its holding to nearly 20%, the largest single investment in the £82.2bn portfolio managed by its investment subsidiary; USS had first invested in 2017. Kemble Water Holdings' 2022 confirmation statement records that Wren House Infrastructure Investments Limited transferred all its 174,694,999 shares on 28 January 2022, and lists Church Water Investment Limited with 392,546,862 shares. Those 174,694,999 shares are 8.77% of the company, and Church Water, the USS-linked holder, then held 19.71%; the statement does not name the transferee, so the link rests on the matching numbers and USS's own announcement.","source_ids":["src-059","src-062","src-011"],"entity_ids":["uss","wren-house-mgmt","kwh","twul","wren-house-inv","church-water"],"premise_claim_ids":["c-hist-uss-2021","c-hist-wren-exit","c-hist-wren-arithmetic"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 3 December 2021 USS announced that it had bought a further 8.77% of Thames Water from Wren House Infrastructure Management, taking its holding to nearly 20%, the largest single investment in the £82.2bn portfolio managed by its investment subsidiary; USS had first invested in 2017. Kemble Water Holdings' 2022 confirmation statement records that Wren House Infrastructure Investments Limited transferred all its 174,694,999 shares on 28 January 2022, and lists Church Water Investment Limited with 392,546,862 shares. Those 174,694,999 shares are 8.77% of the company, and Church Water, the USS-linked holder, then held 19.71%; the statement does not name the transferee, so the link rests on the matching numbers and USS's own announcement."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-4568e7184e80ec3275c79054","record":{"id":"display-claim-4568e7184e80ec3275c79054","kind":"analysis","text":"Thames Water describes TWUL's \"whole business securitisation\" as ring-fencing it from the rest of the Kemble group and providing a platform to raise debt from various sources under a set of covenants and security arrangements. Its obligors since 2007 are Thames Water Utilities Holdings Limited (TWUHL), TWUL and Thames Water Utilities Finance plc (TWUF). Each is party to a Security Trust and Intercreditor Deed with the Security Trustee; TWUHL guarantees the other obligors' obligations, TWUL and TWUF guarantee each other, and since 2025 TWUL and TWUHL also guarantee the borrowings of Thames Water Super Senior Issuer plc (TWSSI).","source_ids":["src-007","src-036","src-028","src-040"],"entity_ids":["twul","kwh","twuhl","twuf","twssi"],"premise_claim_ids":["c-wbs-ringfence","c-wbs-obligors"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water describes TWUL's \"whole business securitisation\" as ring-fencing it from the rest of the Kemble group and providing a platform to raise debt from various sources under a set of covenants and security arrangements. Its obligors since 2007 are Thames Water Utilities Holdings Limited (TWUHL), TWUL and Thames Water Utilities Finance plc (TWUF). Each is party to a Security Trust and Intercreditor Deed with the Security Trustee; TWUHL guarantees the other obligors' obligations, TWUL and TWUF guarantee each other, and since 2025 TWUL and TWUHL also guarantee the borrowings of Thames Water Super Senior Issuer plc (TWSSI)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-2a2ebd4a69b11c7585fcebe0","record":{"id":"display-claim-2a2ebd4a69b11c7585fcebe0","kind":"analysis","text":"The High Court's February 2025 judgment describes about 60 debt instruments governed together with a Master Definitions Agreement between TWUHL, TWUL, TWUF and Deutsche Trustee Company Limited as Security Trustee, a Security Trust and Intercreditor Deed, a Security Agreement and a Common Terms Agreement; TWUL and TWUF are the issuers, borrowers or hedge counterparties for much of the debt, which totalled about £19 billion, excluding hedging, at 28 November 2024. The liquidity facilities rank first, the hedging agreements second, Class A debt third and Class B debt fourth, with subordinated debt junior to both classes. All but the subordinated debt is secured by first fixed charges over the shares in TWUL and TWUF, the group's land, plant and equipment, bank balances, intellectual property and investments, and by a first floating charge over each group company's whole undertaking.","source_ids":["src-048"],"entity_ids":["twuhl","twul","twuf","deutsche-trustee"],"premise_claim_ids":["c-wbs-debt-documents","c-wbs-priority-security"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The High Court's February 2025 judgment describes about 60 debt instruments governed together with a Master Definitions Agreement between TWUHL, TWUL, TWUF and Deutsche Trustee Company Limited as Security Trustee, a Security Trust and Intercreditor Deed, a Security Agreement and a Common Terms Agreement; TWUL and TWUF are the issuers, borrowers or hedge counterparties for much of the debt, which totalled about £19 billion, excluding hedging, at 28 November 2024. The liquidity facilities rank first, the hedging agreements second, Class A debt third and Class B debt fourth, with subordinated debt junior to both classes. All but the subordinated debt is secured by first fixed charges over the shares in TWUL and TWUF, the group's land, plant and equipment, bank balances, intellectual property and investments, and by a first floating charge over each group company's whole undertaking."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-25954e680990b64da90cdbea","record":{"id":"display-claim-25954e680990b64da90cdbea","kind":"analysis","text":"At the time of that judgment the Class A debt consisted of about £16 billion under 53 instruments — revolving credit facilities, term loans, private notes and public bonds — and the Class B debt of about £1 billion under 12 instruments. The earliest Class A maturity was TWUL's US$285 million senior notes due on 22 March 2025, with £209 million plus £15 million of interest payable on 24 March 2025; seven further notes or bonds totalling £3,552 million fell due between 19 June 2025 and 18 April 2027 and the rest between 2027 and 2062. The first-ranking liquidity facilities, all issued on 18 July 2006 and undrawn, were a Class A debt service reserve facility of £253,264,273.13, a Class B debt service reserve facility of £44,156,641.51 and an operating and maintenance reserve facility of £252,821,993.05, all due to mature on 6 August 2025.","source_ids":["src-048"],"entity_ids":["twul"],"premise_claim_ids":["c-wbs-classes","c-wbs-liquidity-facilities"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At the time of that judgment the Class A debt consisted of about £16 billion under 53 instruments — revolving credit facilities, term loans, private notes and public bonds — and the Class B debt of about £1 billion under 12 instruments. The earliest Class A maturity was TWUL's US$285 million senior notes due on 22 March 2025, with £209 million plus £15 million of interest payable on 24 March 2025; seven further notes or bonds totalling £3,552 million fell due between 19 June 2025 and 18 April 2027 and the rest between 2027 and 2062. The first-ranking liquidity facilities, all issued on 18 July 2006 and undrawn, were a Class A debt service reserve facility of £253,264,273.13, a Class B debt service reserve facility of £44,156,641.51 and an operating and maintenance reserve facility of £252,821,993.05, all due to mature on 6 August 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-00f7858be93d06ab348392e9","record":{"id":"display-claim-00f7858be93d06ab348392e9","kind":"analysis","text":"Thames Water Utilities Finance plc was set up as a financing company for its parent TWUL: it raises secured bonds, loans and private placements, guaranteed by TWUHL and TWUL, and lends the proceeds to TWUL, recharging interest and debt costs with a margin of 0.10%. TWUL's 2024/25 annual report says TWUL does not issue bonds directly to the public markets. TWUL owed TWUF £13,796.8 million under these intercompany agreements at 31 March 2025 (2024: £13,981.3 million); in January 2024 it repurchased £185.5 million of a £500.0 million intercompany loan due in 2025 at a £7.0 million discount. TWUF was the issuer of bonds carried at £11,237.6 million at 31 March 2023 (2022: £9,817.2 million), mostly Class A, and the group's borrowings at 31 March 2025 included £11,103.9 million of bonds listed under TWUF. The Global Legal Entity Identifier Foundation (GLEIF) records TWUF (02403744, formerly Thames Water Utilities Finance Limited, legal entity identifier 213800ESMPQ4RQ7G8351) as active at Clearwater Court, Reading.","source_ids":["src-049","src-028","src-036","src-040","src-111"],"entity_ids":["twuf","twul","twuhl","kwh"],"premise_claim_ids":["c-wbs-twuf-onlending","c-wbs-twul-owes-twuf","c-wbs-twuf-bonds","c-id-twuf-lei"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water Utilities Finance plc was set up as a financing company for its parent TWUL: it raises secured bonds, loans and private placements, guaranteed by TWUHL and TWUL, and lends the proceeds to TWUL, recharging interest and debt costs with a margin of 0.10%. TWUL's 2024/25 annual report says TWUL does not issue bonds directly to the public markets. TWUL owed TWUF £13,796.8 million under these intercompany agreements at 31 March 2025 (2024: £13,981.3 million); in January 2024 it repurchased £185.5 million of a £500.0 million intercompany loan due in 2025 at a £7.0 million discount. TWUF was the issuer of bonds carried at £11,237.6 million at 31 March 2023 (2022: £9,817.2 million), mostly Class A, and the group's borrowings at 31 March 2025 included £11,103.9 million of bonds listed under TWUF. The Global Legal Entity Identifier Foundation (GLEIF) records TWUF (02403744, formerly Thames Water Utilities Finance Limited, legal entity identifier 213800ESMPQ4RQ7G8351) as active at Clearwater Court, Reading."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-573d228f88bab9014083f034","record":{"id":"display-claim-573d228f88bab9014083f034","kind":"analysis","text":"TWUL also borrows directly: Kemble Water Holdings' 2022/23 accounts list £3,259.7 million of secured bank loans and private placements owed by TWUL at 31 March 2023, including index-linked loans, Class B loans and US dollar and sterling private placements such as $285.0m 3.570% notes due 2025, and the 2025/26 group accounts list TWUL's £725.0m Class A floating rate loan due 2026 at 31 March 2025. The restructuring plan documents name Thames Water Utilities Cayman Finance Limited, incorporated in the Cayman Islands, as issuer of some Class A guaranteed bonds, such as the £250,000,000 2.625% bonds due 24 January 2032 (ISIN XS1555168365) guaranteed by TWUHL, TWUL and TWUF on 24 January 2017, and list US dollar senior notes issued directly by TWUL, including the US$285,000,000 3.57% series 5 notes due 22 March 2025.","source_ids":["src-036","src-040","src-064"],"entity_ids":["twul","kwh","twucfl","twuhl","twuf"],"premise_claim_ids":["c-wbs-twul-direct-borrowing","c-wbs-twucfl"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL also borrows directly: Kemble Water Holdings' 2022/23 accounts list £3,259.7 million of secured bank loans and private placements owed by TWUL at 31 March 2023, including index-linked loans, Class B loans and US dollar and sterling private placements such as $285.0m 3.570% notes due 2025, and the 2025/26 group accounts list TWUL's £725.0m Class A floating rate loan due 2026 at 31 March 2025. The restructuring plan documents name Thames Water Utilities Cayman Finance Limited, incorporated in the Cayman Islands, as issuer of some Class A guaranteed bonds, such as the £250,000,000 2.625% bonds due 24 January 2032 (ISIN XS1555168365) guaranteed by TWUHL, TWUL and TWUF on 24 January 2017, and list US dollar senior notes issued directly by TWUL, including the US$285,000,000 3.57% series 5 notes due 22 March 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-1c30d18d2e6710b06935d8f7","record":{"id":"display-claim-1c30d18d2e6710b06935d8f7","kind":"analysis","text":"In TWUL's own accounts, TWUF owed TWUL £200.0 million and £100.0 million under two unsecured intercompany loans at the London Interbank Offered Rate (LIBOR) plus 2% and plus 1.55% (accrued at the Sterling Overnight Index Average, SONIA, plus the margin after the LIBOR transition); on 25 February 2025 the £100.0 million loan stopped being repayable on demand for the stable platform period. Because the expected haircut in a court-led restructuring would cut the margin TWUF earns on the back-to-back debts TWUL owes it, TWUL recognised an impairment of £177.5 million on its investment in TWUF in 2024/25.","source_ids":["src-028"],"entity_ids":["twul","twuf"],"premise_claim_ids":["c-misc-twuf-loans"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In TWUL's own accounts, TWUF owed TWUL £200.0 million and £100.0 million under two unsecured intercompany loans at the London Interbank Offered Rate (LIBOR) plus 2% and plus 1.55% (accrued at the Sterling Overnight Index Average, SONIA, plus the margin after the LIBOR transition); on 25 February 2025 the £100.0 million loan stopped being repayable on demand for the stable platform period. Because the expected haircut in a court-led restructuring would cut the margin TWUF earns on the back-to-back debts TWUL owes it, TWUL recognised an impairment of £177.5 million on its investment in TWUF in 2024/25."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-3d440bf13769532c14d1f973","record":{"id":"display-claim-3d440bf13769532c14d1f973","kind":"analysis","text":"At 31 March 2021 TWUF held £11,237.9 million of non-current and £1,174.7 million of current intercompany loans receivable and owed £11,000.0 million of non-current and £1,040.7 million of current borrowings; after a pre-tax loss of £110.5 million, mainly £162.7 million of net losses on financial instruments, it had net liabilities of £10.1 million. Its interest income on intercompany loans was £376.1 million in 2020/21, and it had a £1,646.3 million revolving credit facility, £1,432.0 million of it undrawn, and £550.0 million of liquidity facilities usable only in limited circumstances. During the year it lent £1,575.3 million to group companies and was repaid £1,830.4 million, raised £1,574.3 million of new loans and repaid £1,830.0 million, received £405.9 million of interest and paid £347.6 million. It paid no dividends in 2020/21 or 2019/20, and its auditor PricewaterhouseCoopers LLP was paid £147,250 for 2020/21 (£94,000 for the statutory audit), borne by Thames Water Limited.","source_ids":["src-049"],"entity_ids":["twuf","twul","twl","pwc"],"premise_claim_ids":["c-wbs-twuf-2021","c-wbs-twuf-cash-2021","c-wbs-twuf-dividends-auditor"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At 31 March 2021 TWUF held £11,237.9 million of non-current and £1,174.7 million of current intercompany loans receivable and owed £11,000.0 million of non-current and £1,040.7 million of current borrowings; after a pre-tax loss of £110.5 million, mainly £162.7 million of net losses on financial instruments, it had net liabilities of £10.1 million. Its interest income on intercompany loans was £376.1 million in 2020/21, and it had a £1,646.3 million revolving credit facility, £1,432.0 million of it undrawn, and £550.0 million of liquidity facilities usable only in limited circumstances. During the year it lent £1,575.3 million to group companies and was repaid £1,830.4 million, raised £1,574.3 million of new loans and repaid £1,830.0 million, received £405.9 million of interest and paid £347.6 million. It paid no dividends in 2020/21 or 2019/20, and its auditor PricewaterhouseCoopers LLP was paid £147,250 for 2020/21 (£94,000 for the statutory audit), borne by Thames Water Limited."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-247d9a303a34d258ebfc4ce7","record":{"id":"display-claim-247d9a303a34d258ebfc4ce7","kind":"analysis","text":"On a post-swap basis the securitisation group's guaranteed debt was £12,933.4 million at 31 March 2021, £16.4 billion at 31 March 2023, £17.9 billion at 31 March 2025 and £18,202.6 million at 31 March 2026, according to the accounts of TWUF, Kemble Water Holdings, TWUL and TWUHL in turn; TWSSI's guaranteed debt was nil at 31 March 2025 and £1,836.5 million a year later. TWUHL's consolidated borrowings at 31 March 2025 were £5,548.0 million of secured bank loans and private placements, £11,103.9 million of bonds and £2,282.2 million owed to group undertakings, with £324.1 million of interest payable on borrowings and £1,356.2 million on group loans, £20,614.4 million in all; at 31 March 2026 the total was £22,836.4 million, including £2,282.2 million of principal and £1,572.2 million of interest owed within the wider group. Those intra-group amounts are TWUHL's loans from its parent Thames Water Limited, not debt of TWUL; the operating group's own borrowings are the loans, private placements and bonds.","source_ids":["src-049","src-036","src-028","src-040"],"entity_ids":["twuhl","twul","twuf","twssi","twl"],"premise_claim_ids":["c-wbs-guaranteed-debt","c-wbs-borrowings-2025"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On a post-swap basis the securitisation group's guaranteed debt was £12,933.4 million at 31 March 2021, £16.4 billion at 31 March 2023, £17.9 billion at 31 March 2025 and £18,202.6 million at 31 March 2026, according to the accounts of TWUF, Kemble Water Holdings, TWUL and TWUHL in turn; TWSSI's guaranteed debt was nil at 31 March 2025 and £1,836.5 million a year later. TWUHL's consolidated borrowings at 31 March 2025 were £5,548.0 million of secured bank loans and private placements, £11,103.9 million of bonds and £2,282.2 million owed to group undertakings, with £324.1 million of interest payable on borrowings and £1,356.2 million on group loans, £20,614.4 million in all; at 31 March 2026 the total was £22,836.4 million, including £2,282.2 million of principal and £1,572.2 million of interest owed within the wider group. Those intra-group amounts are TWUHL's loans from its parent Thames Water Limited, not debt of TWUL; the operating group's own borrowings are the loans, private placements and bonds."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-9f8266b3ce6193e82cf848b8","record":{"id":"display-claim-9f8266b3ce6193e82cf848b8","kind":"analysis","text":"TWUL's interim balance sheet at 30 September 2025 shows the borrowings of its group (TWUL, TWUF and TWSSI) as £18,182.1 million non-current (31 March 2025: £16,651.9 million) and £257.8 million current (£324.1 million), with £1,589.6 million of non-current derivative liabilities; its bonds were carried at £12,546.7 million against a fair value of £9,122.7 million, and its secured bank loans and private placements at £5,635.4 million against £3,525.0 million. The TWUL group paid £601.0 million of interest in 2024/25 (2024: £492.2 million), including £187.1 million capitalised; the TWUHL group paid £809.6 million in 2025/26, including £200.8 million capitalised, with new loans shown net of £111.5 million of fees.","source_ids":["src-047","src-028","src-040"],"entity_ids":["twul","twuf","twssi","twuhl"],"premise_claim_ids":["c-wbs-borrowings-h1-2026","c-wbs-interest-2025"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL's interim balance sheet at 30 September 2025 shows the borrowings of its group (TWUL, TWUF and TWSSI) as £18,182.1 million non-current (31 March 2025: £16,651.9 million) and £257.8 million current (£324.1 million), with £1,589.6 million of non-current derivative liabilities; its bonds were carried at £12,546.7 million against a fair value of £9,122.7 million, and its secured bank loans and private placements at £5,635.4 million against £3,525.0 million. The TWUL group paid £601.0 million of interest in 2024/25 (2024: £492.2 million), including £187.1 million capitalised; the TWUHL group paid £809.6 million in 2025/26, including £200.8 million capitalised, with new loans shown net of £111.5 million of fees."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-8aca68d1dcc767b06bad980b","record":{"id":"display-claim-8aca68d1dcc767b06bad980b","kind":"analysis","text":"At 30 September 2025 TWSSI had £1,426.5 million of gross super senior debt, guaranteed by TWUL and TWUHL, and TWUL owed TWSSI £872.0 million under its intercompany loan, guaranteed by TWUHL and TWUF. Thames Water Super Senior Holdco Limited (16110214), which held TWSSI from 29 November 2024 until TWUL became its controller on 25 February 2025, is controlled by CSC Corporate Services (UK) Limited, notified on 29 November 2024; its officers, all appointed that day, are CSC Corporate Services (UK) Limited as secretary, the corporate directors CSC Directors (No.1) Limited and CSC Directors (No.2) Limited and one individual director, and CSC Capital Markets UK Limited controls CSC Corporate Services and CSC Directors (No.1). No Thames Water or Kemble company or officer appears among the holding company's controllers or officers.","source_ids":["src-047","src-087","src-106","src-107","src-088"],"entity_ids":["twssi","twul","twuhl","twuf","twss-holdco","csc-corporate","csc-directors-1","csc-directors-2","csc-capital-markets"],"premise_claim_ids":["c-misc-ss-guarantees","c-misc-ss-holdco"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At 30 September 2025 TWSSI had £1,426.5 million of gross super senior debt, guaranteed by TWUL and TWUHL, and TWUL owed TWSSI £872.0 million under its intercompany loan, guaranteed by TWUHL and TWUF. Thames Water Super Senior Holdco Limited (16110214), which held TWSSI from 29 November 2024 until TWUL became its controller on 25 February 2025, is controlled by CSC Corporate Services (UK) Limited, notified on 29 November 2024; its officers, all appointed that day, are CSC Corporate Services (UK) Limited as secretary, the corporate directors CSC Directors (No.1) Limited and CSC Directors (No.2) Limited and one individual director, and CSC Capital Markets UK Limited controls CSC Corporate Services and CSC Directors (No.1). No Thames Water or Kemble company or officer appears among the holding company's controllers or officers."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cae956fe89dd8a719a6e0ea9","record":{"id":"display-claim-cae956fe89dd8a719a6e0ea9","kind":"analysis","text":"TWUF's 2020/21 accounts put the securitisation group's gearing at 83.2% (2020: 82.3%), comparing covenant net debt of £12,497.1 million with TWUL's regulatory capital value of £15,025.3 million; senior gearing above 85.0%, Class A gearing above 75% or interest cover below 1.1x (senior) or 1.3x (Class A) would trigger conditions including a restriction on distributions from TWUL. On 24 July 2024 Moody's cut TWUL's corporate family rating to Ba2 from Baa3, and on 31 July 2024 S&P cut its Class A debt to BB from BBB-, both below the two investment-grade ratings Condition P26 of the licence requires. By 2025 the ratings had fallen to Caa3 (Moody's corporate family) and CCC (S&P Class A); at 30 September 2025 Moody's rated Class A Caa3, Class B C and the super senior debt B2 (first rated that month), and S&P rated Class A CCC and Class B CC.","source_ids":["src-049","src-028","src-047"],"entity_ids":["twuf","twul"],"premise_claim_ids":["c-wbs-gearing-2021","c-wbs-ratings"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUF's 2020/21 accounts put the securitisation group's gearing at 83.2% (2020: 82.3%), comparing covenant net debt of £12,497.1 million with TWUL's regulatory capital value of £15,025.3 million; senior gearing above 85.0%, Class A gearing above 75% or interest cover below 1.1x (senior) or 1.3x (Class A) would trigger conditions including a restriction on distributions from TWUL. On 24 July 2024 Moody's cut TWUL's corporate family rating to Ba2 from Baa3, and on 31 July 2024 S&P cut its Class A debt to BB from BBB-, both below the two investment-grade ratings Condition P26 of the licence requires. By 2025 the ratings had fallen to Caa3 (Moody's corporate family) and CCC (S&P Class A); at 30 September 2025 Moody's rated Class A Caa3, Class B C and the super senior debt B2 (first rated that month), and S&P rated Class A CCC and Class B CC."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cc6b249a4ab48b229f49492d","record":{"id":"display-claim-cc6b249a4ab48b229f49492d","kind":"analysis","text":"Under the court-sanctioned restructuring plan the group amended its swap agreements to add consent fees and further break clauses, with fees based on the market value of index-linked and interest-rate swaps on 15 January 2025 and each anniversary while the debt lacks two investment-grade ratings; the net derivative liability at 30 September 2025 was £1,349.9 million (31 March 2025: £1,418.2 million), of which £73.4 million related to the consent fee derivatives. TWUL's charges register shows eight charges, seven outstanding, among them a security agreement of 30 August 2007 in favour of Deutsche Trustee Company Limited as Security Trustee, with fixed and floating charges over the whole undertaking and assets; two charges of 25 February 2025 to Deutsche Trustee, one over specified intellectual property; and three to Kroll Trustee Services Limited, of 25 February 2025, 17 March 2026 (charge 023666610007, registered 18 March) and 9 September 2026 (023666610008, registered 15 September). The only satisfied charge is a legal charge of 28 September 1989 to Manor Farm Developments Limited over buildings at Manor Farm, satisfied on 19 June 1990.","source_ids":["src-047","src-051","src-023"],"entity_ids":["twul","deutsche-trustee","kroll-trustee"],"premise_claim_ids":["c-wbs-derivatives","c-wbs-charges","c-misc-charges"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Under the court-sanctioned restructuring plan the group amended its swap agreements to add consent fees and further break clauses, with fees based on the market value of index-linked and interest-rate swaps on 15 January 2025 and each anniversary while the debt lacks two investment-grade ratings; the net derivative liability at 30 September 2025 was £1,349.9 million (31 March 2025: £1,418.2 million), of which £73.4 million related to the consent fee derivatives. TWUL's charges register shows eight charges, seven outstanding, among them a security agreement of 30 August 2007 in favour of Deutsche Trustee Company Limited as Security Trustee, with fixed and floating charges over the whole undertaking and assets; two charges of 25 February 2025 to Deutsche Trustee, one over specified intellectual property; and three to Kroll Trustee Services Limited, of 25 February 2025, 17 March 2026 (charge 023666610007, registered 18 March) and 9 September 2026 (023666610008, registered 15 September). The only satisfied charge is a legal charge of 28 September 1989 to Manor Farm Developments Limited over buildings at Manor Farm, satisfied on 19 June 1990."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-70bdc292a7442fefec25d3a8","record":{"id":"display-claim-70bdc292a7442fefec25d3a8","kind":"analysis","text":"The most recent completed triennial valuation of the Thames Water Pension Scheme, as at 31 March 2022 and signed off in August 2024, showed a deficit of £444.7 million on assets of £1,639.2 million and liabilities of £2,083.9 million; the 31 March 2025 valuation was still under way in July 2026 and the Pensions Regulator had not opened an investigation.","source_ids":["src-040"],"entity_ids":["twul","twuhl"],"premise_claim_ids":["c-wbs-pensions"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The most recent completed triennial valuation of the Thames Water Pension Scheme, as at 31 March 2022 and signed off in August 2024, showed a deficit of £444.7 million on assets of £1,639.2 million and liabilities of £2,083.9 million; the 31 March 2025 valuation was still under way in July 2026 and the Pensions Regulator had not opened an investigation."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-ee407470dbd836948839f4cf","record":{"id":"display-claim-ee407470dbd836948839f4cf","kind":"analysis","text":"Thames Water (Kemble) Finance PLC (07516930, formerly Hackplimco (No. 120) plc, legal entity identifier (LEI) 213800S7UU2MQXYJQO60) is a subsidiary of Kemble Water Finance Limited (05819317, LEI 2138003A8GC5KL85UR35), its person with significant control since 6 April 2016 with 75% or more of the shares and votes and the right to appoint directors; the group's website says it \"raises debt to fund TWUL\". Kemble Water Holdings' consolidated borrowings at 31 March 2023, which include the operating group's, were £5,370.9 million of secured bank loans and private placements, £11,636.5 million of bonds and £1,045.9 million of other financing, with £207.7 million of interest payable, £18,261.0 million in all (2022: £15,421.2 million). The accounts keep Kemble Water Finance's secured loans, held under an intercreditor deed with the holding company's security trustee, separate from the securitisation, whose obligors Thames Water Utilities Holdings Limited (TWUHL), TWUL and Thames Water Utilities Finance plc (TWUF) have their own Security Trust and Intercreditor Deed.","source_ids":["src-032","src-017","src-045","src-036"],"entity_ids":["twkf","kwf","twul","kwh","twuhl","twuf"],"premise_claim_ids":["c-kem-twkf","c-id-kwf-lei","c-id-twkf-lei","c-kem-group-borrowings-2023"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water (Kemble) Finance PLC (07516930, formerly Hackplimco (No. 120) plc, legal entity identifier (LEI) 213800S7UU2MQXYJQO60) is a subsidiary of Kemble Water Finance Limited (05819317, LEI 2138003A8GC5KL85UR35), its person with significant control since 6 April 2016 with 75% or more of the shares and votes and the right to appoint directors; the group's website says it \"raises debt to fund TWUL\". Kemble Water Holdings' consolidated borrowings at 31 March 2023, which include the operating group's, were £5,370.9 million of secured bank loans and private placements, £11,636.5 million of bonds and £1,045.9 million of other financing, with £207.7 million of interest payable, £18,261.0 million in all (2022: £15,421.2 million). The accounts keep Kemble Water Finance's secured loans, held under an intercreditor deed with the holding company's security trustee, separate from the securitisation, whose obligors Thames Water Utilities Holdings Limited (TWUHL), TWUL and Thames Water Utilities Finance plc (TWUF) have their own Security Trust and Intercreditor Deed."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-8d4cb574718fd4cac7487d2f","record":{"id":"display-claim-8d4cb574718fd4cac7487d2f","kind":"analysis","text":"At 31 March 2023 Kemble Water Finance itself owed £943.0 million of secured bank loans and private placements: a £200.0m floating rate loan due 2025; fixed rate loans of £4.5m, £5.5m, £100.0m and £200.0m at 5.3% due 2025; a £149.8m 5.39% loan due 2026; a £190.0m floating rate loan due 2024; and private placements of £50.0m at 5.26% due 2027 and £50.0m at 5.27% due 2028. Thames Water (Kemble) Finance had issued a £400.0m 4.625% bond due 2026, carried at £398.9 million, its £175.0m 5.875% bond due 2022 being no longer outstanding. The face value of debt was £949.8 million at the Kemble Water Finance level and £400.0 million at the Thames Water (Kemble) Finance level (2022: £515.1 million).","source_ids":["src-036","src-052","src-053"],"entity_ids":["kwf","twkf","deutsche-trustee","barclays"],"premise_claim_ids":["c-kem-kwf-loans-2023","c-kem-twkf-bond","c-kem-security"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At 31 March 2023 Kemble Water Finance itself owed £943.0 million of secured bank loans and private placements: a £200.0m floating rate loan due 2025; fixed rate loans of £4.5m, £5.5m, £100.0m and £200.0m at 5.3% due 2025; a £149.8m 5.39% loan due 2026; a £190.0m floating rate loan due 2024; and private placements of £50.0m at 5.26% due 2027 and £50.0m at 5.27% due 2028. Thames Water (Kemble) Finance had issued a £400.0m 4.625% bond due 2026, carried at £398.9 million, its £175.0m 5.875% bond due 2022 being no longer outstanding. The face value of debt was £949.8 million at the Kemble Water Finance level and £400.0 million at the Thames Water (Kemble) Finance level (2022: £515.1 million)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-d9eee55d584427e3dc1f8d33","record":{"id":"display-claim-d9eee55d584427e3dc1f8d33","kind":"analysis","text":"The two companies, described as the Kemble Financing Group, have given security by debenture over their assets under an intercreditor agreement, and Kemble Water Finance guarantees its subsidiary's secured debt; each register shows a fixed and floating security document of 7 April 2011 in favour of Deutsche Trustee Company Limited, while two Kemble Water Finance debentures of 13 October 2006 to Barclays Bank PLC as security agent were satisfied on 11 April 2011. Kemble Water Finance's prospectus of 8 January 2021 for £50,000,000 5.26% Series 4 notes due 2027 and £50,000,000 5.27% Series 5 notes due 2028 secures them on its shares in Thames Water (Kemble) Finance and Thames Water Limited, its real property, book debts and bank accounts, its rights under the transaction documents and a floating charge over all its assets. The prospectus describes Kemble Water Finance as a holding company with no material operations of its own, dependent on payments from its subsidiaries, primarily TWUL, and states that those subsidiaries are separate legal entities with no obligation, contingent or otherwise, to pay amounts due on the notes or make funds available for them.","source_ids":["src-036","src-052","src-053","src-076"],"entity_ids":["kwf","twkf","deutsche-trustee","barclays","twl","twul"],"premise_claim_ids":["c-kem-security","c-kem-kwf-notes-2020","c-kem-no-recourse"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The two companies, described as the Kemble Financing Group, have given security by debenture over their assets under an intercreditor agreement, and Kemble Water Finance guarantees its subsidiary's secured debt; each register shows a fixed and floating security document of 7 April 2011 in favour of Deutsche Trustee Company Limited, while two Kemble Water Finance debentures of 13 October 2006 to Barclays Bank PLC as security agent were satisfied on 11 April 2011. Kemble Water Finance's prospectus of 8 January 2021 for £50,000,000 5.26% Series 4 notes due 2027 and £50,000,000 5.27% Series 5 notes due 2028 secures them on its shares in Thames Water (Kemble) Finance and Thames Water Limited, its real property, book debts and bank accounts, its rights under the transaction documents and a floating charge over all its assets. The prospectus describes Kemble Water Finance as a holding company with no material operations of its own, dependent on payments from its subsidiaries, primarily TWUL, and states that those subsidiaries are separate legal entities with no obligation, contingent or otherwise, to pay amounts due on the notes or make funds available for them."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-18bed62cef522d0d02b4e36a","record":{"id":"display-claim-18bed62cef522d0d02b4e36a","kind":"analysis","text":"Higher up, Kemble Water Holdings' 2022/23 accounts show £310.4m of 4.830% shareholder loan notes due 2031, owned by the shareholders and carried at £552.8 million after capitalised interest, and £515.0m of 8.000% convertible loan notes due 2028, carried at £493.1 million. On 28 March 2023 Kemble Water Holdings replaced Kemble Water Eurobond as issuer of the shareholder notes, whose principal had grown to £539.8 million, and lent Kemble Water Eurobond the same amount on matching terms. Two unsecured loans from Kemble Water Holdings to Kemble Water Eurobond mirror the shareholder instruments — one of an original £540 million at 4.83%, on which interest can be capitalised, and one passing on the March 2023 convertible proceeds at a 10 basis point margin — and Kemble Water Eurobond has lent £3.1 billion to Kemble Water Finance.","source_ids":["src-036"],"entity_ids":["kwh","kwe","kwf"],"premise_claim_ids":["c-kem-shareholder-notes","c-kem-intercompany-chain"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Higher up, Kemble Water Holdings' 2022/23 accounts show £310.4m of 4.830% shareholder loan notes due 2031, owned by the shareholders and carried at £552.8 million after capitalised interest, and £515.0m of 8.000% convertible loan notes due 2028, carried at £493.1 million. On 28 March 2023 Kemble Water Holdings replaced Kemble Water Eurobond as issuer of the shareholder notes, whose principal had grown to £539.8 million, and lent Kemble Water Eurobond the same amount on matching terms. Two unsecured loans from Kemble Water Holdings to Kemble Water Eurobond mirror the shareholder instruments — one of an original £540 million at 4.83%, on which interest can be capitalised, and one passing on the March 2023 convertible proceeds at a 10 basis point margin — and Kemble Water Eurobond has lent £3.1 billion to Kemble Water Finance."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cec3c465919209208ae4dc3a","record":{"id":"display-claim-cec3c465919209208ae4dc3a","kind":"analysis","text":"Kemble Water Holdings' 2012/13 accounts state that, for the £750.0 million of debt held outside the securitised group, TWUL's dividends were passed up to fund Thames Water (Kemble) Finance and Kemble Water Finance, and that if TWUL could not pay dividends the shareholders would have to find other external funding to service those debts; Kemble Water Finance's debt included a £425m facilities agreement with The Royal Bank of Scotland plc (RBS) as agent, £350m outstanding at 31 March 2013, secured by a debenture. That year the shareholders owned, in proportion to their holdings, £310.4 million of bonds issued by Kemble Water Eurobond, counted in the group's £9,606.4 million net debt but excluded from covenants; the group treated their interest as part of the shareholders' distribution, £17.5 million of interest and £74.5 million of dividends making £92.0 million (2011/12: £34.9 million and £165.1 million, £200.0 million). The group then had £1,198.7 million of secured bank loans and £8,691.1 million of other loans, all secured except one £310.4 million loan, arranged through Thames Water Utilities Finance Limited, Thames Water Utilities Cayman Finance Limited, Kemble Water Finance and Thames Water (Kemble) Finance.","source_ids":["src-078"],"entity_ids":["kwh","twul","twkf","kwf","rbs","kwe","twuf","twucfl"],"premise_claim_ids":["c-kem-dependence-2013","c-kem-eurobonds-2013","c-kem-group-debt-2013"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Holdings' 2012/13 accounts state that, for the £750.0 million of debt held outside the securitised group, TWUL's dividends were passed up to fund Thames Water (Kemble) Finance and Kemble Water Finance, and that if TWUL could not pay dividends the shareholders would have to find other external funding to service those debts; Kemble Water Finance's debt included a £425m facilities agreement with The Royal Bank of Scotland plc (RBS) as agent, £350m outstanding at 31 March 2013, secured by a debenture. That year the shareholders owned, in proportion to their holdings, £310.4 million of bonds issued by Kemble Water Eurobond, counted in the group's £9,606.4 million net debt but excluded from covenants; the group treated their interest as part of the shareholders' distribution, £17.5 million of interest and £74.5 million of dividends making £92.0 million (2011/12: £34.9 million and £165.1 million, £200.0 million). The group then had £1,198.7 million of secured bank loans and £8,691.1 million of other loans, all secured except one £310.4 million loan, arranged through Thames Water Utilities Finance Limited, Thames Water Utilities Cayman Finance Limited, Kemble Water Finance and Thames Water (Kemble) Finance."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-df3e24e37ffb8f05768ae2b6","record":{"id":"display-claim-df3e24e37ffb8f05768ae2b6","kind":"analysis","text":"Ten years later the directors still described Kemble Water Holdings as a holding company without material operations, mainly dependent on TWUL to generate the funds Kemble Water Finance and Thames Water (Kemble) Finance needed; they expected TWUL to keep paying dividends so that Kemble Water Finance could service its external interest and refinance a £190 million facility, while recognising the risk of a cash lock-up at TWUL and, under a severe downside, forecast non-compliance with the interest cover covenant of a £200 million bilateral facility due in July 2025. The 2022/23 accounts report the group's statutory net debt up £1,568 million to £16,347 million (2022: £14,779 million) and its regulatory capital value up £2,304 million to £18,945 million; covenant gearing was 84% (2022: 88%) against a 95.0% maximum, the post-maintenance interest cover ratio 1.1x against a 1.05x minimum and EBITDA interest cover 3.3x, and £3,550 million of new debt and facilities were completed in the year.","source_ids":["src-036"],"entity_ids":["kwh","twul","kwf","twkf","twuf"],"premise_claim_ids":["c-kem-dependence-2023","c-misc-kwh-2022-23"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Ten years later the directors still described Kemble Water Holdings as a holding company without material operations, mainly dependent on TWUL to generate the funds Kemble Water Finance and Thames Water (Kemble) Finance needed; they expected TWUL to keep paying dividends so that Kemble Water Finance could service its external interest and refinance a £190 million facility, while recognising the risk of a cash lock-up at TWUL and, under a severe downside, forecast non-compliance with the interest cover covenant of a £200 million bilateral facility due in July 2025. The 2022/23 accounts report the group's statutory net debt up £1,568 million to £16,347 million (2022: £14,779 million) and its regulatory capital value up £2,304 million to £18,945 million; covenant gearing was 84% (2022: 88%) against a 95.0% maximum, the post-maintenance interest cover ratio 1.1x against a 1.05x minimum and EBITDA interest cover 3.3x, and £3,550 million of new debt and facilities were completed in the year."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-698bb7fa35cd9a3bf743efe6","record":{"id":"display-claim-698bb7fa35cd9a3bf743efe6","kind":"analysis","text":"The High Court's February 2025 judgment records, on the unchallenged evidence of Thames Water's general counsel, that the ultimate shareholders provided £500 million of new equity in March 2023 and agreed to provide £750 million in March 2024 subject to conditions, but then judged the business plan for Ofwat's PR24 price review \"unfinanceable and uninvestible\" and declined; from April 2024 members of the Kemble group announced that they would not service their own debt and defaulted on all debt payments. The plan company's explanatory statement describes the Thames Water group as effectively ring-fenced from the Kemble group by the regulatory restrictions in TWUL's licence.","source_ids":["src-048","src-064"],"entity_ids":["kwh","kwf","twkf","twul"],"premise_claim_ids":["c-kem-default-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The High Court's February 2025 judgment records, on the unchallenged evidence of Thames Water's general counsel, that the ultimate shareholders provided £500 million of new equity in March 2023 and agreed to provide £750 million in March 2024 subject to conditions, but then judged the business plan for Ofwat's PR24 price review \"unfinanceable and uninvestible\" and declined; from April 2024 members of the Kemble group announced that they would not service their own debt and defaulted on all debt payments. The plan company's explanatory statement describes the Thames Water group as effectively ring-fenced from the Kemble group by the regulatory restrictions in TWUL's licence."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cb301f9f0fdde5da14c7d849","record":{"id":"display-claim-cb301f9f0fdde5da14c7d849","kind":"analysis","text":"The Class A creditor group of more than 100 institutions holding over £13 billion of Thames Water's Class A debt, itself a party to the restructuring, told the Competition and Markets Authority that events of default occurred in April 2024 under the financing arrangements of Kemble Water Finance and Thames Water (Kemble) Finance after the shareholders declined to provide £750 million in March 2024; those defaults concern the holding companies' own debt, not debt of TWUL. A newspaper reported on 5 April 2024 that Kemble Water Finance had issued a formal notice of default after interest on a £400m bond was not paid, that a separate £190m loan from lenders including two Chinese state-owned banks was being renegotiated, and that Fitch had moved the debt deeper into junk and called some form of default \"probable\". Kemble's 2022/23 accounts show the £400m 4.625% bond as issued by Thames Water (Kemble) Finance and the £190m loan as owed by Kemble Water Finance; the report does not name the lenders.","source_ids":["src-020","src-096"],"entity_ids":["kwf","twkf","kwh"],"premise_claim_ids":["c-kem-default-cma","c-kem-default-press"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The Class A creditor group of more than 100 institutions holding over £13 billion of Thames Water's Class A debt, itself a party to the restructuring, told the Competition and Markets Authority that events of default occurred in April 2024 under the financing arrangements of Kemble Water Finance and Thames Water (Kemble) Finance after the shareholders declined to provide £750 million in March 2024; those defaults concern the holding companies' own debt, not debt of TWUL. A newspaper reported on 5 April 2024 that Kemble Water Finance had issued a formal notice of default after interest on a £400m bond was not paid, that a separate £190m loan from lenders including two Chinese state-owned banks was being renegotiated, and that Fitch had moved the debt deeper into junk and called some form of default \"probable\". Kemble's 2022/23 accounts show the £400m 4.625% bond as issued by Thames Water (Kemble) Finance and the £190m loan as owed by Kemble Water Finance; the report does not name the lenders."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-7d9d2bf2cb01498b6c1b845c","record":{"id":"display-claim-7d9d2bf2cb01498b6c1b845c","kind":"analysis","text":"Kemble Water Holdings extended its accounting period ending 31 March 2024 to 30 September 2024 (form AA01 filed on 25 September 2024), and its filing history through September 2026 shows no later annual accounts and no administrator or liquidator; its registered office moved on 18 November 2025 from Clearwater Court, Reading, to 3 More London Riverside, London. Kemble Water Finance also extended its period to 30 September 2024, has filed no accounts since and, to May 2026, shows no administrator or liquidator; its confirmation statement made up to 14 May 2024 was filed with updates and those for 2025 and 2026 without, and it moved its registered office to 3 More London Riverside on 18 November 2025. Kemble Water Eurobond and Thames Water (Kemble) Finance made the same extension on 25 September 2024 and the same move; Thames Water (Kemble) Finance last filed full accounts to 31 March 2023, neither shows an administrator or liquidator, and Kemble Water Eurobond filed confirmation statements with no updates on 15 October 2025 and 15 October 2026. An archived record of March 2026 shows Thames Water Limited's accounts overdue: its last were made up to 31 March 2023, and those to 30 September 2024 were due by 30 September 2025.","source_ids":["src-010","src-021","src-022","src-037","src-039","src-018"],"entity_ids":["kwh","kwf","kwe","twkf","twl"],"premise_claim_ids":["c-kem-filings-kwh","c-kem-filings-kwf","c-kem-filings-kwe-twkf","c-kem-filings-twl"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Holdings extended its accounting period ending 31 March 2024 to 30 September 2024 (form AA01 filed on 25 September 2024), and its filing history through September 2026 shows no later annual accounts and no administrator or liquidator; its registered office moved on 18 November 2025 from Clearwater Court, Reading, to 3 More London Riverside, London. Kemble Water Finance also extended its period to 30 September 2024, has filed no accounts since and, to May 2026, shows no administrator or liquidator; its confirmation statement made up to 14 May 2024 was filed with updates and those for 2025 and 2026 without, and it moved its registered office to 3 More London Riverside on 18 November 2025. Kemble Water Eurobond and Thames Water (Kemble) Finance made the same extension on 25 September 2024 and the same move; Thames Water (Kemble) Finance last filed full accounts to 31 March 2023, neither shows an administrator or liquidator, and Kemble Water Eurobond filed confirmation statements with no updates on 15 October 2025 and 15 October 2026. An archived record of March 2026 shows Thames Water Limited's accounts overdue: its last were made up to 31 March 2023, and those to 30 September 2024 were due by 30 September 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-4edfaeb3fd94eb1d6748b2a9","record":{"id":"display-claim-4edfaeb3fd94eb1d6748b2a9","kind":"analysis","text":"In evidence to the High Court in the 2025 restructuring plan case that the court described as unchallenged, Charlie Maynard MP said that the dividends recorded in TWUL's annual statements totalled £2.061bn for 1990–1999, £1.769bn for 2000–2009, £1.823bn for 2010–2019 and over £300m for 2020–2024, and that most dividends paid up to TWUHL had gone further up the structure to equity investors or to service debt. His figures are an objector's summary of the published accounts as quoted in the judgment; the accounts they were compiled from are not in the archive.","source_ids":["src-048"],"entity_ids":["twul","twuhl"],"premise_claim_ids":["c-div-history-1990-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In evidence to the High Court in the 2025 restructuring plan case that the court described as unchallenged, Charlie Maynard MP said that the dividends recorded in TWUL's annual statements totalled £2.061bn for 1990–1999, £1.769bn for 2000–2009, £1.823bn for 2010–2019 and over £300m for 2020–2024, and that most dividends paid up to TWUHL had gone further up the structure to equity investors or to service debt. His figures are an objector's summary of the published accounts as quoted in the judgment; the accounts they were compiled from are not in the archive."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-55ffa8b4acd64c6ba5b64f3f","record":{"id":"display-claim-55ffa8b4acd64c6ba5b64f3f","kind":"analysis","text":"He contrasted the transfer of the appointed company and its group to the private sector debt-free in 1989 with principal debt of about £19bn at 28 November 2024, plus hedging with a mark-to-market liability of £1.68bn, against underlying EBITDA of £1.2bn for the year to 31 March 2024, and, citing a Macquarie note of August 2023, put the debt-to-EBITDA ratio at 6.5x when RWE sold the company and 10x in 2017; the court made no findings on these ratios. The plan company's (TWUHL's) evidence attributed the group's difficulties to \"operational and regulatory factors\". Leech J observed that the plan company's evidence showed no real acceptance that the group's difficulties resulted from financial mismanagement by shareholders and directors rather than changes in Ofwat policy, but, while concerned at the lack of introspection, said that it was not for the court on a sanction application to attribute blame; the Court of Appeal, noting Mr Maynard's unchallenged evidence on dividends, leverage and debt-to-EBITDA levels, agreed.","source_ids":["src-048","src-054"],"entity_ids":["twul"],"premise_claim_ids":["c-div-debt-history"],"qualification":"","response":"","outcome":""},"reading":"Analysis: He contrasted the transfer of the appointed company and its group to the private sector debt-free in 1989 with principal debt of about £19bn at 28 November 2024, plus hedging with a mark-to-market liability of £1.68bn, against underlying EBITDA of £1.2bn for the year to 31 March 2024, and, citing a Macquarie note of August 2023, put the debt-to-EBITDA ratio at 6.5x when RWE sold the company and 10x in 2017; the court made no findings on these ratios. The plan company's (TWUHL's) evidence attributed the group's difficulties to \"operational and regulatory factors\". Leech J observed that the plan company's evidence showed no real acceptance that the group's difficulties resulted from financial mismanagement by shareholders and directors rather than changes in Ofwat policy, but, while concerned at the lack of introspection, said that it was not for the court on a sanction application to attribute blame; the Court of Appeal, noting Mr Maynard's unchallenged evidence on dividends, leverage and debt-to-EBITDA levels, agreed."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-4a6090d266273fee8bd09ebe","record":{"id":"display-claim-4a6090d266273fee8bd09ebe","kind":"analysis","text":"TWUL paid interim dividends of £231.4m in 2012/13 (2011/12: £279.5m). Kemble Water Holdings' accounts trace their use: £92.0m went to the ultimate shareholders as dividends and Kemble Water Eurobond interest (2011/12: £200.0m), £60.0m paid interest on the debt of Kemble Water Finance and Thames Water (Kemble) Finance, and the rest went in intragroup settlements, including group relief payments by which Thames Water Limited reduced its debt to TWUL and £39.4m received by TWUHL to pay interest it owed TWUL.","source_ids":["src-078"],"entity_ids":["twul","kwh","kwe","kwf","twkf","twl","twuhl"],"premise_claim_ids":["c-div-2012-13"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL paid interim dividends of £231.4m in 2012/13 (2011/12: £279.5m). Kemble Water Holdings' accounts trace their use: £92.0m went to the ultimate shareholders as dividends and Kemble Water Eurobond interest (2011/12: £200.0m), £60.0m paid interest on the debt of Kemble Water Finance and Thames Water (Kemble) Finance, and the rest went in intragroup settlements, including group relief payments by which Thames Water Limited reduced its debt to TWUL and £39.4m received by TWUHL to pay interest it owed TWUL."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cb17438d6474277a57edf4ef","record":{"id":"display-claim-cb17438d6474277a57edf4ef","kind":"analysis","text":"In written evidence to a Commons committee dated 15 August 2023, Thames Water said that over the previous six years TWUL had paid an internal dividend averaging £47.7 million a year (a 1.49% yield) to TWUHL solely to service the debt and group costs of other Kemble companies, that for the sixth year running Kemble Water Holdings' external shareholders had received no income, and that since the start of the 2020–25 price control shareholders had injected £880 million, sourced from holding-company debt and equity. Kemble Water Holdings paid its external shareholders no dividends or shareholder-loan interest in 2022/23; it received £29.0 million of dividends from subsidiaries (2021/22: £187.0 million) and had paid £186.6 million of group relief in 2021/22.","source_ids":["src-056","src-036"],"entity_ids":["twul","twuhl","kwh"],"premise_claim_ids":["c-div-company-evidence-2023","c-div-kwh-2022-23"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In written evidence to a Commons committee dated 15 August 2023, Thames Water said that over the previous six years TWUL had paid an internal dividend averaging £47.7 million a year (a 1.49% yield) to TWUHL solely to service the debt and group costs of other Kemble companies, that for the sixth year running Kemble Water Holdings' external shareholders had received no income, and that since the start of the 2020–25 price control shareholders had injected £880 million, sourced from holding-company debt and equity. Kemble Water Holdings paid its external shareholders no dividends or shareholder-loan interest in 2022/23; it received £29.0 million of dividends from subsidiaries (2021/22: £187.0 million) and had paid £186.6 million of group relief in 2021/22."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-00650a324a13bc933d37d11b","record":{"id":"display-claim-00650a324a13bc933d37d11b","kind":"analysis","text":"New money travelled the other way in March 2023. The £500.0 million net proceeds of the convertible loan notes Kemble Water Holdings issued to its shareholders on 29 March 2023 went to Kemble Water Eurobond, which invested £476.8 million in Kemble Water Finance's equity and settled £23.2 million of group relief; Kemble Water Finance paid £500.0 million of interest on its £3.1 billion loan from Kemble Water Eurobond, which reinvested it as equity; Kemble Water Finance invested £500.0 million in Thames Water Limited, which invested it in TWUHL; and TWUHL used it to repay £500.0 million of intercompany loans to TWUL (£444.3 million of principal and £55.7 million of interest).","source_ids":["src-036"],"entity_ids":["kwh","kwe","kwf","twl","twuhl","twul"],"premise_claim_ids":["c-div-equity-cascade-2023"],"qualification":"","response":"","outcome":""},"reading":"Analysis: New money travelled the other way in March 2023. The £500.0 million net proceeds of the convertible loan notes Kemble Water Holdings issued to its shareholders on 29 March 2023 went to Kemble Water Eurobond, which invested £476.8 million in Kemble Water Finance's equity and settled £23.2 million of group relief; Kemble Water Finance paid £500.0 million of interest on its £3.1 billion loan from Kemble Water Eurobond, which reinvested it as equity; Kemble Water Finance invested £500.0 million in Thames Water Limited, which invested it in TWUHL; and TWUHL used it to repay £500.0 million of intercompany loans to TWUL (£444.3 million of principal and £55.7 million of interest)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-d16fb7826c7c3687b04f1b50","record":{"id":"display-claim-d16fb7826c7c3687b04f1b50","kind":"analysis","text":"In October 2023 TWUL paid £37.5 million of dividends to TWUHL, which passed them via Thames Water Limited to Kemble Water Finance; Kemble Water Finance kept the money to service its own external debt and that of Thames Water (Kemble) Finance. TWUL told Ofwat that the payment would cover Kemble's debt service only to the end of January 2024 and would not let Kemble pay its shareholders. On 27 March 2024 TWUL's board approved further interim dividends of £158.3 million, which Ofwat records as funding a £27.1 million pension top-up under the Internal Inflation Mechanism, paid by Kemble Water Eurobond on TWUL's behalf, and the surrender of TWUL's 2023 tax losses to other Kemble companies, settled by Kemble Water Eurobond and Thames Water Limited (£131.3 million).","source_ids":["src-028","src-055"],"entity_ids":["twul","twuhl","twl","kwf","twkf","kwh","ofwat","kwe","twuf"],"premise_claim_ids":["c-div-oct-2023","c-div-mar-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In October 2023 TWUL paid £37.5 million of dividends to TWUHL, which passed them via Thames Water Limited to Kemble Water Finance; Kemble Water Finance kept the money to service its own external debt and that of Thames Water (Kemble) Finance. TWUL told Ofwat that the payment would cover Kemble's debt service only to the end of January 2024 and would not let Kemble pay its shareholders. On 27 March 2024 TWUL's board approved further interim dividends of £158.3 million, which Ofwat records as funding a £27.1 million pension top-up under the Internal Inflation Mechanism, paid by Kemble Water Eurobond on TWUL's behalf, and the surrender of TWUL's 2023 tax losses to other Kemble companies, settled by Kemble Water Eurobond and Thames Water Limited (£131.3 million)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-976219d071234c8d615cba69","record":{"id":"display-claim-976219d071234c8d615cba69","kind":"analysis","text":"TWUL's 2024/25 annual report explains that the £27.1 million was matched by an issue of 27.1 million £1 shares to TWUHL and paid straight into the pension schemes under a net settlement deed, and that the £131.2 million dividend (£131.3 million in Ofwat's figures) was netted against £153.6 million of group relief owed by Thames Water Limited, Thames Water Utilities Finance plc and Kemble Water Eurobond and against intercompany loans, so TWUL paid no cash for it. TWUL's dividends to TWUHL thus came to £195.8 million for the year to 31 March 2024 — nothing to Kemble Water Holdings' external shareholders, £37.5 million for Kemble Water Finance's debt service and £27.1 million and £131.2 million net settled against other intercompany items — and nil for 2024/25.","source_ids":["src-055","src-028"],"entity_ids":["twul","kwe","twl","twuhl","twuf","ofwat","kwh","kwf"],"premise_claim_ids":["c-div-mar-2024","c-div-fy24-breakdown"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL's 2024/25 annual report explains that the £27.1 million was matched by an issue of 27.1 million £1 shares to TWUHL and paid straight into the pension schemes under a net settlement deed, and that the £131.2 million dividend (£131.3 million in Ofwat's figures) was netted against £153.6 million of group relief owed by Thames Water Limited, Thames Water Utilities Finance plc and Kemble Water Eurobond and against intercompany loans, so TWUL paid no cash for it. TWUL's dividends to TWUHL thus came to £195.8 million for the year to 31 March 2024 — nothing to Kemble Water Holdings' external shareholders, £37.5 million for Kemble Water Finance's debt service and £27.1 million and £131.2 million net settled against other intercompany items — and nil for 2024/25."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-540faba7f3fee1ad6c7354e1","record":{"id":"display-claim-540faba7f3fee1ad6c7354e1","kind":"analysis","text":"Condition P30 of TWUL's licence requires dividends to take account of service delivery for customers and the environment, performance and other obligations. In its decision notice of May 2025 Ofwat found that TWUL contravened it in approving the October 2023 dividends of £37.5 million and the £131.3 million part of the March 2024 dividends linked to the tax-loss surrender, which Ofwat said extracted value from the regulated company; it found no net detriment from the £27.1 million pension element. During the investigation TWUL maintained that its board had considered all its legal and regulatory obligations and that the October 2023 dividend was paid solely to fund Kemble Water Finance's interest so as to keep alive the prospect of new equity; answering the draft decision, it argued that Ofwat had misinterpreted and misapplied the condition, substituted its own judgement for the board's and inferred a breach from a lack of evidence, an unacceptable reversal of the burden of proof. Ofwat set the penalty at 0.75% of relevant turnover, £18.2 million, down from a 1.0% starting point because this was its first intervention under the new condition, and issued the penalty notice on 28 May 2025 after proposing it in December 2024. It made no enforcement order because TWUL had entered cash lock-up after its April 2024 rating downgrade, which requires Ofwat's approval before any dividend, and had updated its dividend policy; it confirmed that the tax losses surrendered had been held over into the 2029 price review (PR29) to offset future tax allowances. The payment schedule agreed in August 2025 for this and the wastewater penalty is set out on the sewage page.","source_ids":["src-055","src-028","src-048"],"entity_ids":["twul","ofwat","twuhl","kwf","kwe","twl"],"premise_claim_ids":["c-div-ofwat-p30"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Condition P30 of TWUL's licence requires dividends to take account of service delivery for customers and the environment, performance and other obligations. In its decision notice of May 2025 Ofwat found that TWUL contravened it in approving the October 2023 dividends of £37.5 million and the £131.3 million part of the March 2024 dividends linked to the tax-loss surrender, which Ofwat said extracted value from the regulated company; it found no net detriment from the £27.1 million pension element. During the investigation TWUL maintained that its board had considered all its legal and regulatory obligations and that the October 2023 dividend was paid solely to fund Kemble Water Finance's interest so as to keep alive the prospect of new equity; answering the draft decision, it argued that Ofwat had misinterpreted and misapplied the condition, substituted its own judgement for the board's and inferred a breach from a lack of evidence, an unacceptable reversal of the burden of proof. Ofwat set the penalty at 0.75% of relevant turnover, £18.2 million, down from a 1.0% starting point because this was its first intervention under the new condition, and issued the penalty notice on 28 May 2025 after proposing it in December 2024. It made no enforcement order because TWUL had entered cash lock-up after its April 2024 rating downgrade, which requires Ofwat's approval before any dividend, and had updated its dividend policy; it confirmed that the tax losses surrendered had been held over into the 2029 price review (PR29) to offset future tax allowances. The payment schedule agreed in August 2025 for this and the wastewater penalty is set out on the sewage page."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-ca371a4362f355eda69e9844","record":{"id":"display-claim-ca371a4362f355eda69e9844","kind":"analysis","text":"TWUL paid no dividends in 2024/25 or 2025/26, nor in the six months to 30 September 2025, and nothing reached Kemble Water Holdings' external shareholders: the cash lock-ups triggered by the downgrades below investment grade in 2024 bar dividends under both the licence and the securitisation documents. TWUL's 2024/25 results state that the group paid no corporation tax in cash to HMRC, though it pays or receives amounts for group relief, mainly because of capital allowances, deductions for borrowing costs and group relief from interest in holding companies; in 2024/25 TWUL and Thames Water Utilities Finance plc stopped paying for group relief.","source_ids":["src-040","src-047","src-118"],"entity_ids":["twul","twuhl","kwh","twuf"],"premise_claim_ids":["c-div-lockup","c-div-tax"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL paid no dividends in 2024/25 or 2025/26, nor in the six months to 30 September 2025, and nothing reached Kemble Water Holdings' external shareholders: the cash lock-ups triggered by the downgrades below investment grade in 2024 bar dividends under both the licence and the securitisation documents. TWUL's 2024/25 results state that the group paid no corporation tax in cash to HMRC, though it pays or receives amounts for group relief, mainly because of capital allowances, deductions for borrowing costs and group relief from interest in holding companies; in 2024/25 TWUL and Thames Water Utilities Finance plc stopped paying for group relief."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-b471e58fed8799df25958847","record":{"id":"display-claim-b471e58fed8799df25958847","kind":"analysis","text":"TWUHL, TWUL's immediate parent, owed TWUL £1,249.1 million of principal at 31 March 2025 under two unsecured loans at SONIA plus 0.6266%: £735.7 million, originally repayable on 30 August 2037 and extended on 25 February 2025 to 30 August 2039, and £513.4 million no longer repayable on demand during the stable platform period (then to 22 March 2027). TWUL accrued £70.0 million of interest on them in 2024/25, with £140.4 million outstanding. TWUL has written the loans down in full: in 2024/25 it added an expected credit loss provision of £1,270.6 million (2023/24: £118.9 million), cutting the net balance to nil (2024: £1,200.6 million), having modelled no scenario in which its dividends would let TWUHL repay, since it forecast no dividends in 2025–30; a further £30.5 million of interest accrued in the six months to 30 September 2025 was fully provided for, and after the creditors published their recapitalisation plan TWUL classed the loans as credit-impaired and expected them to be written off.","source_ids":["src-028","src-047"],"entity_ids":["twuhl","twul"],"premise_claim_ids":["c-div-twuhl-loans","c-div-twuhl-impairment"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUHL, TWUL's immediate parent, owed TWUL £1,249.1 million of principal at 31 March 2025 under two unsecured loans at SONIA plus 0.6266%: £735.7 million, originally repayable on 30 August 2037 and extended on 25 February 2025 to 30 August 2039, and £513.4 million no longer repayable on demand during the stable platform period (then to 22 March 2027). TWUL accrued £70.0 million of interest on them in 2024/25, with £140.4 million outstanding. TWUL has written the loans down in full: in 2024/25 it added an expected credit loss provision of £1,270.6 million (2023/24: £118.9 million), cutting the net balance to nil (2024: £1,200.6 million), having modelled no scenario in which its dividends would let TWUHL repay, since it forecast no dividends in 2025–30; a further £30.5 million of interest accrued in the six months to 30 September 2025 was fully provided for, and after the creditors published their recapitalisation plan TWUL classed the loans as credit-impaired and expected them to be written off."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-1ba0267d77bd9dd88cbc9f3c","record":{"id":"display-claim-1ba0267d77bd9dd88cbc9f3c","kind":"analysis","text":"That provision dominated TWUL's £1,776 million of exceptional costs for 2024/25, alongside £122 million of provisions for Ofwat fines, £151 million of restructuring costs, £198 million of consent fees for the restructuring plan and £33 million of turnaround and transformation spending; the company said that apart from the turnaround spending these costs would not be borne by customers.","source_ids":["src-118"],"entity_ids":["twul","twuhl","ofwat"],"premise_claim_ids":["c-misc-exceptional-fy25"],"qualification":"","response":"","outcome":""},"reading":"Analysis: That provision dominated TWUL's £1,776 million of exceptional costs for 2024/25, alongside £122 million of provisions for Ofwat fines, £151 million of restructuring costs, £198 million of consent fees for the restructuring plan and £33 million of turnaround and transformation spending; the company said that apart from the turnaround spending these costs would not be borne by customers."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-c796fe4c5b5f186e7eebbc56","record":{"id":"display-claim-c796fe4c5b5f186e7eebbc56","kind":"analysis","text":"TWUHL in turn owes its own parent. Its accounts at 31 March 2026 show £2,282.2 million of principal and £1,571.9 million of interest owed to Thames Water Limited, and £1,249.1 million plus £199.0 million of interest owed to TWUL. The largest item, £1,980.1 million owed to Thames Water Limited, is unpaid deferred consideration for TWUHL's purchase of TWUL, at 10% interest, repayable at TWUHL's discretion by 2056, extended on 25 February 2025 to 2058; the rest are loans of £220.1 million, £50.0 million, £30.0 million and £2.0 million at 5.40–5.47%, and TWUHL repaid none of the deferred consideration or interest in 2024/25 or 2025/26. The High Court's February 2025 judgment describes this subordinated debt as principally a loan totalling £4.25 billion, with £1.98 billion of principal and £1.25 billion of unpaid interest outstanding and maturing on 21 June 2056, plus four loans totalling £331 million payable on demand, one defined in the plan as a £249,800,000 5.47% loan of 29 April 2019 amended on 1 December 2023.","source_ids":["src-040","src-048","src-064"],"entity_ids":["twuhl","twl","twul","kwh"],"premise_claim_ids":["c-div-twuhl-owes-twl","c-div-subordinated-debt"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUHL in turn owes its own parent. Its accounts at 31 March 2026 show £2,282.2 million of principal and £1,571.9 million of interest owed to Thames Water Limited, and £1,249.1 million plus £199.0 million of interest owed to TWUL. The largest item, £1,980.1 million owed to Thames Water Limited, is unpaid deferred consideration for TWUHL's purchase of TWUL, at 10% interest, repayable at TWUHL's discretion by 2056, extended on 25 February 2025 to 2058; the rest are loans of £220.1 million, £50.0 million, £30.0 million and £2.0 million at 5.40–5.47%, and TWUHL repaid none of the deferred consideration or interest in 2024/25 or 2025/26. The High Court's February 2025 judgment describes this subordinated debt as principally a loan totalling £4.25 billion, with £1.98 billion of principal and £1.25 billion of unpaid interest outstanding and maturing on 21 June 2056, plus four loans totalling £331 million payable on demand, one defined in the plan as a £249,800,000 5.47% loan of 29 April 2019 amended on 1 December 2023."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-3966234c3206354c4e7ac536","record":{"id":"display-claim-3966234c3206354c4e7ac536","kind":"analysis","text":"During the stable platform period, which ends on a successful recapitalisation or at the group's earliest debt maturity (then 22 March 2027), neither TWUL nor Thames Water Limited can demand repayment of these loans or their interest from TWUHL; in TWUHL's group accounts the unsecured amounts owed to Thames Water Limited totalled £3,854.2 million at 31 March 2026 (2025: £3,638.4 million). TWUHL's 2025/26 related-party note shows £215.8 million of services provided to the group by Thames Water Limited (2024/25: £215.5 million), while the group provided £0.8 million of services to Kemble Water Holdings, £0.3 million to Kemble Water Finance and smaller amounts to other Kemble companies; TWUL says it provides support and payroll services to Kemble companies under arm's-length agreements and recharges them.","source_ids":["src-040","src-047"],"entity_ids":["twuhl","twul","twl","kwh","kwf","kwe"],"premise_claim_ids":["c-div-sub-loans-standstill","c-div-twl-recharge"],"qualification":"","response":"","outcome":""},"reading":"Analysis: During the stable platform period, which ends on a successful recapitalisation or at the group's earliest debt maturity (then 22 March 2027), neither TWUL nor Thames Water Limited can demand repayment of these loans or their interest from TWUHL; in TWUHL's group accounts the unsecured amounts owed to Thames Water Limited totalled £3,854.2 million at 31 March 2026 (2025: £3,638.4 million). TWUHL's 2025/26 related-party note shows £215.8 million of services provided to the group by Thames Water Limited (2024/25: £215.5 million), while the group provided £0.8 million of services to Kemble Water Holdings, £0.3 million to Kemble Water Finance and smaller amounts to other Kemble companies; TWUL says it provides support and payroll services to Kemble companies under arm's-length agreements and recharges them."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-51b5aae674eaf1855cb9fd61","record":{"id":"display-claim-51b5aae674eaf1855cb9fd61","kind":"analysis","text":"Thames Water Utilities Limited (TWUL) is the water and sewerage undertaker appointed under section 6 of the Water Industry Act 1991 under a licence of appointment issued by the Environment Secretary. The Drinking Water Inspectorate identifies it by its registered number 02366661, and its core activities are regulated by the Water Services Regulation Authority (Ofwat), the Drinking Water Inspectorate and the Environment Agency.","source_ids":["src-014","src-048"],"entity_ids":["twul","ofwat","dwi","ea","defra"],"premise_claim_ids":["c-id-twul-undertaker"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water Utilities Limited (TWUL) is the water and sewerage undertaker appointed under section 6 of the Water Industry Act 1991 under a licence of appointment issued by the Environment Secretary. The Drinking Water Inspectorate identifies it by its registered number 02366661, and its core activities are regulated by the Water Services Regulation Authority (Ofwat), the Drinking Water Inspectorate and the Environment Agency."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-deddadfe1f94f981033f3dae","record":{"id":"display-claim-deddadfe1f94f981033f3dae","kind":"analysis","text":"In its review of Kemble's purchase of Thames Water, Ofwat said that the company's price limits for 2005–10 would stay as set at the 2004 review and that the outputs of the legally binding undertaking Thames Water had given on 3 July 2006, for missing its leakage target in 2005–06, would remain in place under the new owners.","source_ids":["src-012"],"entity_ids":["twul","ofwat","kwh"],"premise_claim_ids":["c-reg-leakage-2006"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In its review of Kemble's purchase of Thames Water, Ofwat said that the company's price limits for 2005–10 would stay as set at the 2004 review and that the outputs of the legally binding undertaking Thames Water had given on 3 July 2006, for missing its leakage target in 2005–06, would remain in place under the new owners."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-e30eaa884a4ae8f5a2dadea2","record":{"id":"display-claim-e30eaa884a4ae8f5a2dadea2","kind":"analysis","text":"Thames Water's 2016–17 annual report, published on 14 June 2017, showed that it had again missed its leakage commitment, incurring the maximum automatic penalty of £8.55 million for that target, borne by the company rather than customers, and Ofwat opened investigation OFW-0017071. Ofwat found breaches of section 37 of the Water Industry Act 1991, the duty to maintain an efficient and economical water supply system, and of Condition F paragraph 6A.1 of the instrument of appointment on adequate resources and systems of planning and control, largely because of how the company designed and ran its leakage-reduction contracts; its board had insufficient oversight of leakage, and the company underestimated its underperformance when assuring Ofwat that it was meeting its statutory obligations. On 7 June 2018 Thames Water agreed a package worth £120 million — £65 million paid back to customers on top of £55 million of automatic penalties for missed leakage and security-of-supply commitments, which it brought forward, about £15 per customer over two years. In light of it Ofwat imposed a penalty of £1 on 8 August 2018 and published Thames Water's undertaking under section 19 of the Act, committing it to restore leakage to the promised 606 megalitres a day (Ml/d) by 2019–20, plan a further 15% reduction by 2025, publish monthly audited progress reports, pay no executive or senior management bonus tied to 2018–19 and 2019–20 leakage performance unless it met its commitments, and review the governance of the boards of TWUL and Kemble Water Holdings.","source_ids":["src-079","src-080"],"entity_ids":["twul","ofwat","kwh"],"premise_claim_ids":["c-reg-leakage-2018"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water's 2016–17 annual report, published on 14 June 2017, showed that it had again missed its leakage commitment, incurring the maximum automatic penalty of £8.55 million for that target, borne by the company rather than customers, and Ofwat opened investigation OFW-0017071. Ofwat found breaches of section 37 of the Water Industry Act 1991, the duty to maintain an efficient and economical water supply system, and of Condition F paragraph 6A.1 of the instrument of appointment on adequate resources and systems of planning and control, largely because of how the company designed and ran its leakage-reduction contracts; its board had insufficient oversight of leakage, and the company underestimated its underperformance when assuring Ofwat that it was meeting its statutory obligations. On 7 June 2018 Thames Water agreed a package worth £120 million — £65 million paid back to customers on top of £55 million of automatic penalties for missed leakage and security-of-supply commitments, which it brought forward, about £15 per customer over two years. In light of it Ofwat imposed a penalty of £1 on 8 August 2018 and published Thames Water's undertaking under section 19 of the Act, committing it to restore leakage to the promised 606 megalitres a day (Ml/d) by 2019–20, plan a further 15% reduction by 2025, publish monthly audited progress reports, pay no executive or senior management bonus tied to 2018–19 and 2019–20 leakage performance unless it met its commitments, and review the governance of the boards of TWUL and Kemble Water Holdings."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-616803c67ac1c1db415afc98","record":{"id":"display-claim-616803c67ac1c1db415afc98","kind":"analysis","text":"Condition P26 of TWUL's licence requires it, or an associated company issuing debt for it, to hold at all times two investment-grade issuer credit ratings from different agencies; the downgrades by Moody's on 24 July 2024 and S&P on 31 July 2024 put it in breach. In August 2024 Ofwat accepted undertakings under section 19(1) of the Water Industry Act instead of an enforcement order: TWUL committed to develop a new business plan, to use all reasonable endeavours to raise substantial equity on a timetable and milestones agreed with Ofwat, to appoint two further experienced independent non-executive directors and to appoint an independent monitor of its compliance with the undertakings and of its progress towards restoring investment-grade ratings. TWUL's 2024/25 annual report presents these as commitments it made with Ofwat after the downgrades, aimed at restoring the two ratings. L.E.K. Consulting was appointed monitor in October 2024, and Aidan de Brunner and Neil Robson joined the board as the two independent directors. At the restructuring plan sanction hearing in February 2025 it was common ground that TWUL was not meeting Ofwat's expectations on costs or financing and no longer held investment-grade ratings, in breach of its licence.","source_ids":["src-048","src-028"],"entity_ids":["twul","ofwat","lek","aidan-de-brunner","neil-robson"],"premise_claim_ids":["c-reg-p26-undertakings"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Condition P26 of TWUL's licence requires it, or an associated company issuing debt for it, to hold at all times two investment-grade issuer credit ratings from different agencies; the downgrades by Moody's on 24 July 2024 and S&P on 31 July 2024 put it in breach. In August 2024 Ofwat accepted undertakings under section 19(1) of the Water Industry Act instead of an enforcement order: TWUL committed to develop a new business plan, to use all reasonable endeavours to raise substantial equity on a timetable and milestones agreed with Ofwat, to appoint two further experienced independent non-executive directors and to appoint an independent monitor of its compliance with the undertakings and of its progress towards restoring investment-grade ratings. TWUL's 2024/25 annual report presents these as commitments it made with Ofwat after the downgrades, aimed at restoring the two ratings. L.E.K. Consulting was appointed monitor in October 2024, and Aidan de Brunner and Neil Robson joined the board as the two independent directors. At the restructuring plan sanction hearing in February 2025 it was common ground that TWUL was not meeting Ofwat's expectations on costs or financing and no longer held investment-grade ratings, in breach of its licence."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-e6e891eefb2bf8a4798b2530","record":{"id":"display-claim-e6e891eefb2bf8a4798b2530","kind":"analysis","text":"With its draft determination of 11 July 2024, Ofwat placed Thames Water in a Turnaround Oversight Regime because of concerns about its performance. The regime required a delivery action plan to expand delivery capacity, with regular progress reports reviewed by an independent third-party assurance provider, a full re-evaluation of the company's transformation plans and a financial resilience plan, and Ofwat said it was considering an independent monitor with full access to company information. To leave the regime the company would have to show sustained improvement in operational performance and in its capability to deliver the investment programme, and better medium-term financial resilience, which Ofwat said could mean a limit on its debt, its separation into two or more water companies, or a public listing to raise equity.","source_ids":["src-048","src-084"],"entity_ids":["twul","ofwat"],"premise_claim_ids":["c-reg-turnaround"],"qualification":"","response":"","outcome":""},"reading":"Analysis: With its draft determination of 11 July 2024, Ofwat placed Thames Water in a Turnaround Oversight Regime because of concerns about its performance. The regime required a delivery action plan to expand delivery capacity, with regular progress reports reviewed by an independent third-party assurance provider, a full re-evaluation of the company's transformation plans and a financial resilience plan, and Ofwat said it was considering an independent monitor with full access to company information. To leave the regime the company would have to show sustained improvement in operational performance and in its capability to deliver the investment programme, and better medium-term financial resilience, which Ofwat said could mean a limit on its debt, its separation into two or more water companies, or a public listing to raise equity."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-8546f9108bd27c53a1a417bd","record":{"id":"display-claim-8546f9108bd27c53a1a417bd","kind":"analysis","text":"For the 2025–30 price control (PR24), Ofwat's draft determination of 11 July 2024 allowed TWUL £16.9 billion of total expenditure against the £22.2 billion in its April 2024 business plan, with a wholesale cost of capital of 3.66% on assumed gearing of 55%. TWUL asked for £24.5 billion in its response of 29 August 2024; the final determination of 19 December 2024 allowed £20.5 billion. TWUL judged the final determination neither financeable nor investible and announced on 14 February 2025 a unanimous board decision to ask Ofwat to refer it to the Competition and Markets Authority (CMA); it was one of six companies to do so before the 18 February 2025 deadline, with Anglian, Northumbrian, South East, Southern and Wessex Water.","source_ids":["src-054","src-048","src-047","src-086"],"entity_ids":["twul","ofwat","cma"],"premise_claim_ids":["c-reg-pr24"],"qualification":"","response":"","outcome":""},"reading":"Analysis: For the 2025–30 price control (PR24), Ofwat's draft determination of 11 July 2024 allowed TWUL £16.9 billion of total expenditure against the £22.2 billion in its April 2024 business plan, with a wholesale cost of capital of 3.66% on assumed gearing of 55%. TWUL asked for £24.5 billion in its response of 29 August 2024; the final determination of 19 December 2024 allowed £20.5 billion. TWUL judged the final determination neither financeable nor investible and announced on 14 February 2025 a unanimous board decision to ask Ofwat to refer it to the Competition and Markets Authority (CMA); it was one of six companies to do so before the 18 February 2025 deadline, with Anglian, Northumbrian, South East, Southern and Wessex Water."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-18607063748dfbd60c86fd7f","record":{"id":"display-claim-18607063748dfbd60c86fd7f","kind":"analysis","text":"In witness evidence for the restructuring plan, TWUL's chief financial officer Alastair Cochran said the draft determination would have generated potential penalties of up to £2 billion, and Andrew Fraiser, general counsel of the plan company, TWUL's parent Thames Water Utilities Holdings Limited, called it neither financeable nor investible, saying it funded only half of TWUL's proposed wastewater enhancement spending and set unachievable wastewater targets; the Court of Appeal later recorded the company's evidence that meeting its commitments within the final determination would be \"incredibly challenging\", on top of significant unfunded fines and penalties. These are the company witnesses' assessments, not findings of the court or of Ofwat.","source_ids":["src-048","src-054"],"entity_ids":["twul","ofwat","alastair-cochran","andrew-fraiser","twuhl"],"premise_claim_ids":["c-reg-pr24-evidence"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In witness evidence for the restructuring plan, TWUL's chief financial officer Alastair Cochran said the draft determination would have generated potential penalties of up to £2 billion, and Andrew Fraiser, general counsel of the plan company, TWUL's parent Thames Water Utilities Holdings Limited, called it neither financeable nor investible, saying it funded only half of TWUL's proposed wastewater enhancement spending and set unachievable wastewater targets; the Court of Appeal later recorded the company's evidence that meeting its commitments within the final determination would be \"incredibly challenging\", on top of significant unfunded fines and penalties. These are the company witnesses' assessments, not findings of the court or of Ofwat."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-a346beb81bf269a9f8dc20c1","record":{"id":"display-claim-a346beb81bf269a9f8dc20c1","kind":"analysis","text":"The reference has not been made. On 18 March 2025 TWUL agreed with Ofwat to defer it for up to 18 weeks to explore a market-led recapitalisation; the deferral was extended on 18 July 2025 to 22 October 2025 and on 21 October 2025 without an end date, which Ofwat agreed given TWUL's continuing talks with its creditors. The CMA published provisional determinations for the other five companies on 9 October 2025, with final determinations due by 17 March 2026; if TWUL withdrew its agreement, its redetermination would follow a separate process. TWUL keeps its statement of case ready and says it cannot do everything required for environmental compliance in 2025–30, including the 2025–30 Water Industry National Environment Programme (WINEP8).","source_ids":["src-047","src-086"],"entity_ids":["twul","ofwat","cma"],"premise_claim_ids":["c-reg-cma-deferral"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The reference has not been made. On 18 March 2025 TWUL agreed with Ofwat to defer it for up to 18 weeks to explore a market-led recapitalisation; the deferral was extended on 18 July 2025 to 22 October 2025 and on 21 October 2025 without an end date, which Ofwat agreed given TWUL's continuing talks with its creditors. The CMA published provisional determinations for the other five companies on 9 October 2025, with final determinations due by 17 March 2026; if TWUL withdrew its agreement, its redetermination would follow a separate process. TWUL keeps its statement of case ready and says it cannot do everything required for environmental compliance in 2025–30, including the 2025–30 Water Industry National Environment Programme (WINEP8)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-07249460fcca065cbd9e0766","record":{"id":"display-claim-07249460fcca065cbd9e0766","kind":"analysis","text":"TWUL has 55 regulatory performance commitments measured by Ofwat. It incurred a net performance penalty of £88 million (2017/18 prices) for 2024/25, including end-of-period commitments and customer and developer experience measures, and £344 million over 2020–25. In their annual assessments for 2024–25, published in October 2025, Ofwat rated it 'lagging' and the Environment Agency gave it one star in its Environmental Performance Assessment; TWUL attributes the one star mainly to non-delivery of its 2020–25 environmental programme (WINEP7) and the number of serious pollution incidents, and says a more rounded analysis shows it largely mid-table.","source_ids":["src-028","src-047"],"entity_ids":["twul","ofwat","ea"],"premise_claim_ids":["c-reg-performance"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL has 55 regulatory performance commitments measured by Ofwat. It incurred a net performance penalty of £88 million (2017/18 prices) for 2024/25, including end-of-period commitments and customer and developer experience measures, and £344 million over 2020–25. In their annual assessments for 2024–25, published in October 2025, Ofwat rated it 'lagging' and the Environment Agency gave it one star in its Environmental Performance Assessment; TWUL attributes the one star mainly to non-delivery of its 2020–25 environmental programme (WINEP7) and the number of serious pollution incidents, and says a more rounded analysis shows it largely mid-table."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-58b869d7c6f819adaac50a19","record":{"id":"display-claim-58b869d7c6f819adaac50a19","kind":"analysis","text":"Ofwat's Monitoring Financial Resilience report for 2024–25, published on 5 November 2025, kept Thames in its lowest category, 'Action Required' with active monitoring, in both 2024 and 2025, alongside South East and Southern; the three were in cash lock-up and could not pay dividends without Ofwat's consent, and Ofwat noted the £18.2 million fine of May 2025 for failing to link dividends to performance. Thames Water was also one of six companies that triggered Ofwat's new rule barring performance-related pay for directors for 2024/25, mostly because of category 1 pollution incidents; the rule, a power given by the Water (Special Measures) Act 2025, was introduced in June 2025, and Ofwat reported on 5 November 2025 that all six had complied by paying their directors no annual bonus or other relevant performance-related pay.","source_ids":["src-085"],"entity_ids":["twul","ofwat"],"premise_claim_ids":["c-reg-resilience","c-reg-bonus-ban"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Ofwat's Monitoring Financial Resilience report for 2024–25, published on 5 November 2025, kept Thames in its lowest category, 'Action Required' with active monitoring, in both 2024 and 2025, alongside South East and Southern; the three were in cash lock-up and could not pay dividends without Ofwat's consent, and Ofwat noted the £18.2 million fine of May 2025 for failing to link dividends to performance. Thames Water was also one of six companies that triggered Ofwat's new rule barring performance-related pay for directors for 2024/25, mostly because of category 1 pollution incidents; the rule, a power given by the Water (Special Measures) Act 2025, was introduced in June 2025, and Ofwat reported on 5 November 2025 that all six had complied by paying their directors no annual bonus or other relevant performance-related pay."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-d1aa211cddfb7a23137ee851","record":{"id":"display-claim-d1aa211cddfb7a23137ee851","kind":"analysis","text":"The Drinking Water Inspectorate made final enforcement orders against TWUL in September 2024 on physical security and emergency planning, setting out the steps the company had to take, without a penalty; TWUL's 2024/25 annual report also records steps agreed with the Inspectorate after a loss of supply in Guildford, again without a penalty. On 15 July 2025 the Inspectorate, for the Environment Secretary, served TWUL with notice TMS-2025-00002 under regulation 28(4) of the Water Supply (Water Quality) Regulations 2016, after the company's own report of 21 February 2025 that there was or had been a significant risk of supplying water from the North Cotswolds Supply System that could endanger health or be unwholesome. The notice concerns the risk of lead contamination and sets measures and reporting deadlines into 2029, with a board-signed completion report due by 30 April 2030; failure to comply may lead to enforcement under section 18 of the Water Industry Act 1991.","source_ids":["src-028","src-014"],"entity_ids":["twul","dwi","defra"],"premise_claim_ids":["c-reg-dwi-orders","c-reg-dwi-lead"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The Drinking Water Inspectorate made final enforcement orders against TWUL in September 2024 on physical security and emergency planning, setting out the steps the company had to take, without a penalty; TWUL's 2024/25 annual report also records steps agreed with the Inspectorate after a loss of supply in Guildford, again without a penalty. On 15 July 2025 the Inspectorate, for the Environment Secretary, served TWUL with notice TMS-2025-00002 under regulation 28(4) of the Water Supply (Water Quality) Regulations 2016, after the company's own report of 21 February 2025 that there was or had been a significant risk of supplying water from the North Cotswolds Supply System that could endanger health or be unwholesome. The notice concerns the risk of lead contamination and sets measures and reporting deadlines into 2029, with a board-signed completion report due by 30 April 2030; failure to comply may lead to enforcement under section 18 of the Water Industry Act 1991."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-4223d0ecf84e54177c422708","record":{"id":"display-claim-4223d0ecf84e54177c422708","kind":"analysis","text":"In 2017 Thames Water received what Ofwat calls a record fine of £20.3 million after the Environment Agency prosecuted it for a series of serious pollution incidents in 2012–2014, caused by prolonged discharges of untreated sewage from its treatment works at Aylesbury, Didcot, Henley and Little Marlow and from a large pumping station at Littlemore, Oxford. Ofwat records that the case showed the flow to full treatment being routinely reduced at several works, with part of the flow sent to storm tanks so that the final effluent met permit limits — a practice known as flow clipping.","source_ids":["src-067"],"entity_ids":["twul","ea","ofwat"],"premise_claim_ids":["c-sew-ea-2017-record-fine"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In 2017 Thames Water received what Ofwat calls a record fine of £20.3 million after the Environment Agency prosecuted it for a series of serious pollution incidents in 2012–2014, caused by prolonged discharges of untreated sewage from its treatment works at Aylesbury, Didcot, Henley and Little Marlow and from a large pumping station at Littlemore, Oxford. Ofwat records that the case showed the flow to full treatment being routinely reduced at several works, with part of the flow sent to storm tanks so that the final effluent met permit limits — a practice known as flow clipping."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-7224389d392e621df0ab314e","record":{"id":"display-claim-7224389d392e621df0ab314e","kind":"analysis","text":"At Oxford Crown Court on 21 December 2018 Thames Water was fined £2 million after raw sewage from a pumping station polluted the Idbury and Littlestock brooks at Milton-under-Wychwood, near Chipping Norton, on 8 and 9 August 2015, killing almost 150 fish; the judge found the company \"reckless\", and the court heard that it had disregarded more than 800 high-priority alarms in the six weeks before and that one alarm had been deliberately deactivated. Thames Water had pleaded guilty at an earlier hearing to two charges. The judge later reduced the fine to £1.8 million after directing the remaining £200,000 to three local charities, and the company was ordered to pay full costs of £79,991.57.","source_ids":["src-074"],"entity_ids":["twul","ea"],"premise_claim_ids":["c-sew-ea-2018-evenlode"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At Oxford Crown Court on 21 December 2018 Thames Water was fined £2 million after raw sewage from a pumping station polluted the Idbury and Littlestock brooks at Milton-under-Wychwood, near Chipping Norton, on 8 and 9 August 2015, killing almost 150 fish; the judge found the company \"reckless\", and the court heard that it had disregarded more than 800 high-priority alarms in the six weeks before and that one alarm had been deliberately deactivated. Thames Water had pleaded guilty at an earlier hearing to two charges. The judge later reduced the fine to £1.8 million after directing the remaining £200,000 to three local charities, and the company was ordered to pay full costs of £79,991.57."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-34fd9fc60410e18cae42e267","record":{"id":"display-claim-34fd9fc60410e18cae42e267","kind":"analysis","text":"At Aylesbury Crown Court on 26 February 2021 Thames Water, having pleaded guilty to one count, was fined £2.3 million and ordered to pay the Agency's costs of £87,944 for discharging partially treated effluent from its Henley works into Fawley Court Ditch and Fawley Court Stream without a permit between 21 and 24 April 2016, contrary to regulation 12(1)(b) of the Environmental Permitting (England and Wales) Regulations 2010; the ammonia-rich sewage killed 1,144 fish and other water life, and the court heard that the incident was \"entirely foreseeable\". In a prosecution announced on 19 November 2021, TWUL was fined £4 million with costs of £90,713 for discharging an estimated half a million litres of raw sewage into the Seacourt and Hinksey streams in Oxford on 24 and 25 July 2016, over about 30 hours; the Agency believes up to 3,000 fish died. Its investigation found the high-risk sewer section had not been adequately maintained for at least 16 years, two formal warnings had followed earlier pollution from the same point in February and March 2012, and the court was told that the company disclosed highly relevant documents, including a maintenance manual, only at the eleventh hour.","source_ids":["src-073","src-072"],"entity_ids":["twul","ea"],"premise_claim_ids":["c-sew-ea-2021-henley","c-sew-ea-2021-oxford"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At Aylesbury Crown Court on 26 February 2021 Thames Water, having pleaded guilty to one count, was fined £2.3 million and ordered to pay the Agency's costs of £87,944 for discharging partially treated effluent from its Henley works into Fawley Court Ditch and Fawley Court Stream without a permit between 21 and 24 April 2016, contrary to regulation 12(1)(b) of the Environmental Permitting (England and Wales) Regulations 2010; the ammonia-rich sewage killed 1,144 fish and other water life, and the court heard that the incident was \"entirely foreseeable\". In a prosecution announced on 19 November 2021, TWUL was fined £4 million with costs of £90,713 for discharging an estimated half a million litres of raw sewage into the Seacourt and Hinksey streams in Oxford on 24 and 25 July 2016, over about 30 hours; the Agency believes up to 3,000 fish died. Its investigation found the high-risk sewer section had not been adequately maintained for at least 16 years, two formal warnings had followed earlier pollution from the same point in February and March 2012, and the court was told that the company disclosed highly relevant documents, including a maintenance manual, only at the eleventh hour."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-8cbe7ba44756da50c96d1f5b","record":{"id":"display-claim-8cbe7ba44756da50c96d1f5b","kind":"analysis","text":"Ofwat's 2025 wastewater decision lists further prosecutions: a £380,000 fine at Aylesbury Crown Court in 2016 for polluting the Horsenden Stream in Buckinghamshire; a £4 million fine in May 2021, after a guilty plea, for pollution from the Hogsmill works in the Kingston area between 2016 and 2019; and a £3.3 million fine in July 2023 for \"significant and lengthy\" discharges into Gatwick Stream and the River Mole dating from October 2017. The Agency put the total fines since 2017 at £24.4 million for nine cases in February 2021 and £32.4 million for eleven cases in Oxfordshire, Berkshire and Buckinghamshire in November 2021; Ofwat puts the total since 2017, after the July 2023 fine, at £35.7 million.","source_ids":["src-067","src-072","src-073"],"entity_ids":["twul","ea","ofwat"],"premise_claim_ids":["c-sew-ea-other"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Ofwat's 2025 wastewater decision lists further prosecutions: a £380,000 fine at Aylesbury Crown Court in 2016 for polluting the Horsenden Stream in Buckinghamshire; a £4 million fine in May 2021, after a guilty plea, for pollution from the Hogsmill works in the Kingston area between 2016 and 2019; and a £3.3 million fine in July 2023 for \"significant and lengthy\" discharges into Gatwick Stream and the River Mole dating from October 2017. The Agency put the total fines since 2017 at £24.4 million for nine cases in February 2021 and £32.4 million for eleven cases in Oxfordshire, Berkshire and Buckinghamshire in November 2021; Ofwat puts the total since 2017, after the July 2023 fine, at £35.7 million."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-6b00ed3f70b8320b39be47e1","record":{"id":"display-claim-6b00ed3f70b8320b39be47e1","kind":"analysis","text":"A further prosecution was pending in 2026. Thames Water Utilities Holdings Limited's annual report for the year to 31 March 2026 discloses an Environment Agency prosecution for five pollution incidents across Berkshire, Buckinghamshire, Hampshire and Oxfordshire in which the Agency alleges the highest level of culpability, \"deliberate\"; according to the report, the company has pleaded guilty to the offences but strongly disputes deliberate culpability and will defend that in court. The report relates the group's environmental provisions to TWUL's obligations under its instrument of appointment, the Water Industry Act 1991 and the Environmental Permitting Regulations 2016, says their increase included five historical pollution and rising-main incidents formally joined for prosecution, and warns that a finding of deliberate culpability could raise the risk of similar allegations over other incidents, with an effect it could not yet estimate; provisions for liabilities and charges rose to £555.2 million at 31 March 2026 (2025: £497.4 million), mainly for environmental incidents. The report calls the defendant 'the Company', its term for the holding company, gives no dates or locations beyond the four counties and does not name the court; no court or Agency record of the case is in the archive.","source_ids":["src-040"],"entity_ids":["twul","twuhl","ea"],"premise_claim_ids":["c-sew-ea-pending"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A further prosecution was pending in 2026. Thames Water Utilities Holdings Limited's annual report for the year to 31 March 2026 discloses an Environment Agency prosecution for five pollution incidents across Berkshire, Buckinghamshire, Hampshire and Oxfordshire in which the Agency alleges the highest level of culpability, \"deliberate\"; according to the report, the company has pleaded guilty to the offences but strongly disputes deliberate culpability and will defend that in court. The report relates the group's environmental provisions to TWUL's obligations under its instrument of appointment, the Water Industry Act 1991 and the Environmental Permitting Regulations 2016, says their increase included five historical pollution and rising-main incidents formally joined for prosecution, and warns that a finding of deliberate culpability could raise the risk of similar allegations over other incidents, with an effect it could not yet estimate; provisions for liabilities and charges rose to £555.2 million at 31 March 2026 (2025: £497.4 million), mainly for environmental incidents. The report calls the defendant 'the Company', its term for the holding company, gives no dates or locations beyond the four counties and does not name the court; no court or Agency record of the case is in the archive."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-dfea6eceb1520647c0e1b812","record":{"id":"display-claim-dfea6eceb1520647c0e1b812","kind":"analysis","text":"TWUL reported 470 pollution incidents (categories 1–3) in 2024, up from 350 in 2023, missing its regulatory target and incurring a £21.9 million performance penalty; serious pollutions rose from 14 to 34 and storm discharges from 16,990 to 23,061. For January to September 2025 it reported 292 incidents against 364 a year earlier, and 6,247 spills against 7,564.","source_ids":["src-028","src-047"],"entity_ids":["twul"],"premise_claim_ids":["c-sew-pollution-statistics"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL reported 470 pollution incidents (categories 1–3) in 2024, up from 350 in 2023, missing its regulatory target and incurring a £21.9 million performance penalty; serious pollutions rose from 14 to 34 and storm discharges from 16,990 to 23,061. For January to September 2025 it reported 292 incidents against 364 a year earlier, and 6,247 spills against 7,564."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-48d56301d500b36bbc4081f3","record":{"id":"display-claim-48d56301d500b36bbc4081f3","kind":"analysis","text":"Ofwat and the Environment Agency opened investigations into every water and wastewater company in England and Wales on 18 November 2021. In its final decision of May 2025, after consulting on a draft in August 2024, Ofwat found that Thames Water Utilities Limited (TWUL) had failed to ensure its treatment works performed so that spills happened only in exceptional cases (regulation 4(4) of the Urban Waste Water Treatment (England and Wales) Regulations 1994), had failed to build, run and maintain its sewer networks to the required standard (regulation 4(2) and Schedule 2), had failed in its section 94 duty under the Water Industry Act 1991 to drain its area and deal effectually with the contents of its sewers, and had breached Condition P of its licence. Ofwat found that in 2021 over 70% of the storm overflows at its works spilled 20 or more times and almost 30% more than 60 times; that 157 works, almost two-thirds of those with flow-to-full-treatment permits, failed the operational expectations of their permits; that the company had not identified over 300 unmonitored and often unpermitted storm overflows on its network; that the problems were systemic and dated from at least 2017; and that senior management and the board had inadequate oversight of asset compliance. It made an enforcement order under section 18 and imposed a penalty of 9.0% of the wastewater business's relevant 2023–24 turnover of £1,160.998 million, £104.5 million, regretting that Thames Water had proposed no settlement package that would reduce the need for one.","source_ids":["src-028","src-040","src-067","src-048"],"entity_ids":["twul","ofwat","ea"],"response":"TWUL disputed the decision. Thames Water, with other companies, argued against the draft that Ofwat's position on compliance with the Urban Waste Water Treatment Regulations was unlawful, unreasonable and disproportionate, inconsistent with government policy and with the Environment Agency's permitting practice on which the companies said they had relied, an attempt to impose a new legal standard retrospectively without consultation or guidance, and inconsistent with a price review that in their view had not funded the standards Ofwat now sought. Ofwat records that Thames Water acknowledged its processes and governance could historically have been better, but not that the scale and duration of the problems amounted to a breach of its duties. In its 2024/25 annual report TWUL said it disagreed with the findings and had sought binding undertakings in lieu of a penalty, which ultimately proved impossible; in the restructuring plan proceedings its chief financial officer said it was challenging both proposed Ofwat penalties, which were unfunded and, once any appeal was exhausted, would typically have to be paid within 14 days from its liquid assets.","outcome":"Ofwat issued the enforcement order and the £104.5 million penalty notice on 28 May 2025; TWUL had already provided £104.0 million in its 2024/25 accounts. The order required remediation plans within six months, which TWUL submitted on 28 November 2025, updating them in May 2026 and identifying significant capital costs not fully funded by the PR24 final determination. On 19 June 2025 the government announced that the penalties from the investigation would be ring-fenced for local environmental projects.","premise_claim_ids":["c-sew-ofwat-wastewater"],"qualification":""},"reading":"Analysis: Ofwat and the Environment Agency opened investigations into every water and wastewater company in England and Wales on 18 November 2021. In its final decision of May 2025, after consulting on a draft in August 2024, Ofwat found that Thames Water Utilities Limited (TWUL) had failed to ensure its treatment works performed so that spills happened only in exceptional cases (regulation 4(4) of the Urban Waste Water Treatment (England and Wales) Regulations 1994), had failed to build, run and maintain its sewer networks to the required standard (regulation 4(2) and Schedule 2), had failed in its section 94 duty under the Water Industry Act 1991 to drain its area and deal effectually with the contents of its sewers, and had breached Condition P of its licence. Ofwat found that in 2021 over 70% of the storm overflows at its works spilled 20 or more times and almost 30% more than 60 times; that 157 works, almost two-thirds of those with flow-to-full-treatment permits, failed the operational expectations of their permits; that the company had not identified over 300 unmonitored and often unpermitted storm overflows on its network; that the problems were systemic and dated from at least 2017; and that senior management and the board had inadequate oversight of asset compliance. It made an enforcement order under section 18 and imposed a penalty of 9.0% of the wastewater business's relevant 2023–24 turnover of £1,160.998 million, £104.5 million, regretting that Thames Water had proposed no settlement package that would reduce the need for one."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-722bac80ac7592f8463a6e9e","record":{"id":"display-claim-722bac80ac7592f8463a6e9e","kind":"analysis","text":"On 27 August 2025 TWUL agreed a payment plan with Ofwat for the wastewater penalty and a separate penalty over dividends, both imposed on 28 May 2025: 20% of the combined total (£24.5 million) by 30 September 2025 and the rest on the earliest of 30 days after a second restructuring plan is implemented, 31 March 2030, or 30 days after any exit from special administration. Its super senior creditors approved the plan on 22 September 2025 with over 99% consent, TWUL paid the first instalment that month, and at 30 September 2025 it held provisions of £83.1 million and £14.6 million for the remaining 80% of the wastewater and dividend penalties.","source_ids":["src-040","src-047"],"entity_ids":["twul","ofwat"],"premise_claim_ids":["c-sew-penalty-plan"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 27 August 2025 TWUL agreed a payment plan with Ofwat for the wastewater penalty and a separate penalty over dividends, both imposed on 28 May 2025: 20% of the combined total (£24.5 million) by 30 September 2025 and the rest on the earliest of 30 days after a second restructuring plan is implemented, 31 March 2030, or 30 days after any exit from special administration. Its super senior creditors approved the plan on 22 September 2025 with over 99% consent, TWUL paid the first instalment that month, and at 30 September 2025 it held provisions of £83.1 million and £14.6 million for the remaining 80% of the wastewater and dividend penalties."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-22c9c481ebe4deb537c38d38","record":{"id":"display-claim-22c9c481ebe4deb537c38d38","kind":"analysis","text":"On 11 February 2025 Ofwat served TWUL with a notice under section 203 of the Water Industry Act 1991 seeking documents and information on possible delays in delivering its environmental schemes under the Water Industry National Environment Programme (WINEP) for the 2020–25 asset management period (AMP7) by the dates set in Ofwat's PR19 price review and the effect on the 2025–30 schemes, saying it was concerned that TWUL may have breached Condition P of its licence, section 94 of the Act and regulations 4 and 5 of the Urban Waste Water Treatment Regulations; second and third notices followed in January and February 2026. Ofwat's powers include an enforcement order, enforceable undertakings or a penalty of up to 10% of the relevant regulated turnover. TWUL replied on 14 March 2025 and in February and March 2026, and at its 2025/26 accounts said the outcome and any financial consequences were not yet conclusive; Ofwat had made no finding of breach, and the investigation was continuing at the evidence cutoff.","source_ids":["src-028","src-040"],"entity_ids":["twul","ofwat"],"premise_claim_ids":["c-sew-winep-investigation"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 11 February 2025 Ofwat served TWUL with a notice under section 203 of the Water Industry Act 1991 seeking documents and information on possible delays in delivering its environmental schemes under the Water Industry National Environment Programme (WINEP) for the 2020–25 asset management period (AMP7) by the dates set in Ofwat's PR19 price review and the effect on the 2025–30 schemes, saying it was concerned that TWUL may have breached Condition P of its licence, section 94 of the Act and regulations 4 and 5 of the Urban Waste Water Treatment Regulations; second and third notices followed in January and February 2026. Ofwat's powers include an enforcement order, enforceable undertakings or a penalty of up to 10% of the relevant regulated turnover. TWUL replied on 14 March 2025 and in February and March 2026, and at its 2025/26 accounts said the outcome and any financial consequences were not yet conclusive; Ofwat had made no finding of breach, and the investigation was continuing at the evidence cutoff."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-d24491618d9b92ae964e6298","record":{"id":"display-claim-d24491618d9b92ae964e6298","kind":"analysis","text":"TWUL's accounts disclose that it did not finish all its WINEP7 schemes, or the works needed to comply with the Industrial Emissions Directive, by the end of 2020–25, so new environmental permits took effect before the works needed to meet them, leaving sites at risk of operating outside permit conditions — a criminal offence punishable by conviction and an unlimited fine. The Environment Agency did not accept TWUL's earlier IED remediation plan (the Best Endeavours Plan), and TWUL has since submitted a New Direction Plan. Separately, the Agency is investigating TWUL under the Environmental Permitting (England and Wales) Regulations 2016, as part of its nationwide Operation Standard inquiry into water companies, over whether storm sewage discharges complied with permits; TWUL is supplying the information requested. These are risk disclosures in TWUL's own accounts: its 2025/26 accounts state that the Agency had taken no formal enforcement action on the delayed schemes and that its investigation was continuing, and the archive records no prosecution on these matters.","source_ids":["src-040","src-047","src-028"],"entity_ids":["twul","ea"],"premise_claim_ids":["c-sew-permits-risk"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL's accounts disclose that it did not finish all its WINEP7 schemes, or the works needed to comply with the Industrial Emissions Directive, by the end of 2020–25, so new environmental permits took effect before the works needed to meet them, leaving sites at risk of operating outside permit conditions — a criminal offence punishable by conviction and an unlimited fine. The Environment Agency did not accept TWUL's earlier IED remediation plan (the Best Endeavours Plan), and TWUL has since submitted a New Direction Plan. Separately, the Agency is investigating TWUL under the Environmental Permitting (England and Wales) Regulations 2016, as part of its nationwide Operation Standard inquiry into water companies, over whether storm sewage discharges complied with permits; TWUL is supplying the information requested. These are risk disclosures in TWUL's own accounts: its 2025/26 accounts state that the Agency had taken no formal enforcement action on the delayed schemes and that its investigation was continuing, and the archive records no prosecution on these matters."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-2e7d6713cee58cbe260044aa","record":{"id":"display-claim-2e7d6713cee58cbe260044aa","kind":"analysis","text":"Professor Carolyn Roberts, as proposed class representative, brought collective proceedings in the Competition Appeal Tribunal against six water companies, including TWUL together with Kemble Water Holdings, alleging that each abused a dominant position by giving the Environment Agency and Ofwat misleading information on the pollution incidents relevant to its performance commitments in Ofwat's PR14 and PR19 price reviews, so that Ofwat allowed higher prices than accurate reporting would have. She estimated damages in the household claim against the Thames Water group at £159 million and on 20 December 2024 indicated a similar non-household claim of £44–56 million including interest, which had not been issued or served when TWUL's 2024/25 accounts were approved. The companies argued that remedies for the alleged abuse were not free-standing but depended entirely on the price control regime and Ofwat's reporting conditions, and so were excluded by section 18(8) of the Water Industry Act 1991. The tribunal dismissed the claim on 7 March 2025 ([2025] CAT 17) on that ground and refused permission to appeal on 20 May 2025. The Court of Appeal granted permission on 26 June 2025 and on 5 March 2026 dismissed the appeal by a majority ([2026] EWCA Civ 222), holding that contravention of a licence condition was an essential ingredient of the claimed abuse; Lord Justice Zacaroli dissented. Permission to appeal to the Supreme Court was granted in June 2026, and no hearing had been listed. The courts have decided only whether section 18(8) bars the claim; the misreporting allegations have not been tested on their merits.","source_ids":["src-028","src-066","src-040"],"entity_ids":["twul","kwh","ofwat","ea","carolyn-roberts"],"premise_claim_ids":["c-sew-cat-claim"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Professor Carolyn Roberts, as proposed class representative, brought collective proceedings in the Competition Appeal Tribunal against six water companies, including TWUL together with Kemble Water Holdings, alleging that each abused a dominant position by giving the Environment Agency and Ofwat misleading information on the pollution incidents relevant to its performance commitments in Ofwat's PR14 and PR19 price reviews, so that Ofwat allowed higher prices than accurate reporting would have. She estimated damages in the household claim against the Thames Water group at £159 million and on 20 December 2024 indicated a similar non-household claim of £44–56 million including interest, which had not been issued or served when TWUL's 2024/25 accounts were approved. The companies argued that remedies for the alleged abuse were not free-standing but depended entirely on the price control regime and Ofwat's reporting conditions, and so were excluded by section 18(8) of the Water Industry Act 1991. The tribunal dismissed the claim on 7 March 2025 ([2025] CAT 17) on that ground and refused permission to appeal on 20 May 2025. The Court of Appeal granted permission on 26 June 2025 and on 5 March 2026 dismissed the appeal by a majority ([2026] EWCA Civ 222), holding that contravention of a licence condition was an essential ingredient of the claimed abuse; Lord Justice Zacaroli dissented. Permission to appeal to the Supreme Court was granted in June 2026, and no hearing had been listed. The courts have decided only whether section 18(8) bars the claim; the misreporting allegations have not been tested on their merits."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-68ef1b254e9017f5cec59c3c","record":{"id":"display-claim-68ef1b254e9017f5cec59c3c","kind":"analysis","text":"Separately, claims against TWUL under the Environmental Information Regulations 2004 over property searches ended on 3 October 2024, when the High Court made a Tomlin order dismissing further proceedings between the claimants and the company.","source_ids":["src-028"],"entity_ids":["twul"],"premise_claim_ids":["c-sew-eir-claims"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Separately, claims against TWUL under the Environmental Information Regulations 2004 over property searches ended on 3 October 2024, when the High Court made a Tomlin order dismissing further proceedings between the claimants and the company."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-6c63be8e646ee4365110e662","record":{"id":"display-claim-6c63be8e646ee4365110e662","kind":"analysis","text":"In March 2023 the group's ultimate shareholders provided £500 million of new equity and agreed to provide £750 million more in March 2024 subject to conditions, which they declined to provide, considering the conditions unmet. Advised by Rothschild & Co, Thames Water Utilities Limited (TWUL) announced on 9 July 2024, after Ofwat's draft determination, that it would approach potential investors and creditors to raise equity. On 12 July 2024 a deterioration in forecast financial ratios caused a trigger event under the financing documents, after which the group could take on no new debt beyond drawings, extensions and rollovers of existing facilities. On 20 September 2024 TWUL reported liquidity of £1.57 billion at 31 August 2024 — £1.15 billion of cash, £0.38 billion of it held in required reserves, and £0.42 billion of undrawn Class A and Class B facilities — plus £0.55 billion of reserve liquidity facilities usable only in a standstill, and said that without creditor consent its available cash would run out at the end of December 2024.","source_ids":["src-048","src-119"],"entity_ids":["twul","twuhl","kwh"],"premise_claim_ids":["c-rp1-liquidity-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In March 2023 the group's ultimate shareholders provided £500 million of new equity and agreed to provide £750 million more in March 2024 subject to conditions, which they declined to provide, considering the conditions unmet. Advised by Rothschild & Co, Thames Water Utilities Limited (TWUL) announced on 9 July 2024, after Ofwat's draft determination, that it would approach potential investors and creditors to raise equity. On 12 July 2024 a deterioration in forecast financial ratios caused a trigger event under the financing documents, after which the group could take on no new debt beyond drawings, extensions and rollovers of existing facilities. On 20 September 2024 TWUL reported liquidity of £1.57 billion at 31 August 2024 — £1.15 billion of cash, £0.38 billion of it held in required reserves, and £0.42 billion of undrawn Class A and Class B facilities — plus £0.55 billion of reserve liquidity facilities usable only in a standstill, and said that without creditor consent its available cash would run out at the end of December 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-f5b21aeb6ad305aac3c91d4e","record":{"id":"display-claim-f5b21aeb6ad305aac3c91d4e","kind":"analysis","text":"The earliest maturing Class A debt was TWUL's US$285 million Class A senior notes (the US PPNs), due on 22 March 2025, with £209 million of principal and £15 million of interest payable on 24 March 2025. Non-payment would be an Event of Default starting a Standstill Period, in which NatWest Markets plc, as Standstill Cash Manager, would take over the group's bank accounts and could pay some operating and capital spending but not enhancement capital expenditure.","source_ids":["src-048","src-020"],"entity_ids":["twul","natwest-markets"],"premise_claim_ids":["c-rp1-us-ppn"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The earliest maturing Class A debt was TWUL's US$285 million Class A senior notes (the US PPNs), due on 22 March 2025, with £209 million of principal and £15 million of interest payable on 24 March 2025. Non-payment would be an Event of Default starting a Standstill Period, in which NatWest Markets plc, as Standstill Cash Manager, would take over the group's bank accounts and could pay some operating and capital spending but not enhancement capital expenditure."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-bacab1d86be390da1c9f4685","record":{"id":"display-claim-bacab1d86be390da1c9f4685","kind":"analysis","text":"Talks between the group, Jefferies and Akin Gump (advisers to the ad hoc group of Class A creditors) and members of a separate Class A group produced the October STID Proposals (proposals under the Security Trust and Intercreditor Deed, or STID), a Transaction Support Agreement and a Class A Backstop Agreement underwriting new money, all dated 25 October 2024. Class A waivers released over £400 million of restricted cash, extending the liquidity runway from December 2024 to March 2025, and let the group start the plan. Hedge providers and Class A and Class B holders who acceded were entitled to consent fees of 0.75% (by 11 November 2024) or 0.5%, payable as non-interest-bearing notes, loans or deferred fees at the end of the stable platform period. By 10 December 2024 the agreement had been signed by 90% of Class A creditors by principal and make-whole amounts and 91.09% by the balance of Class A debt, but by only 7.4% of Class B creditors.","source_ids":["src-048","src-119"],"entity_ids":["twul","twuhl","class-a-ahg","class-b-ahg"],"premise_claim_ids":["c-rp1-tsa"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Talks between the group, Jefferies and Akin Gump (advisers to the ad hoc group of Class A creditors) and members of a separate Class A group produced the October STID Proposals (proposals under the Security Trust and Intercreditor Deed, or STID), a Transaction Support Agreement and a Class A Backstop Agreement underwriting new money, all dated 25 October 2024. Class A waivers released over £400 million of restricted cash, extending the liquidity runway from December 2024 to March 2025, and let the group start the plan. Hedge providers and Class A and Class B holders who acceded were entitled to consent fees of 0.75% (by 11 November 2024) or 0.5%, payable as non-interest-bearing notes, loans or deferred fees at the end of the stable platform period. By 10 December 2024 the agreement had been signed by 90% of Class A creditors by principal and make-whole amounts and 91.09% by the balance of Class A debt, but by only 7.4% of Class B creditors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-e28a1d933b687f16182f7e95","record":{"id":"display-claim-e28a1d933b687f16182f7e95","kind":"analysis","text":"The ad hoc group of Class B creditors, advised by Quinn Emanuel, sent an alternative interim financing proposal on 22 October 2024 and, on 7 November 2024, a Class B Backstop Agreement between the plan company (TWUL's parent, Thames Water Utilities Holdings Limited, or TWUHL), TWUL, Thames Water Utilities Finance plc (TWUF) and backstop parties, with Kroll Issuer Services as lock-up agent, to provide all the new money. Around 17 October 2024 Jefferies and Akin Gump had stopped acting for Class A members who also held Class B debt, having identified a conflict of interest. Polus Capital Management, a Class B group member, held £77 million of Class A and £206 million of Class B debt, and Covalis Capital, which submitted an indicative equity bid on 5 December 2024, was a Class B backstop party. On 24 January 2025 the Class B group's solicitors issued a claim, in the name of Westonbirt Fund LP, for an alternative creditors' plan (the B Plan), the Class B group then holding 75% of the Class B debt; the same day TWUL launched a fallback STID proposal (the Reinstated Plan) in case the plan company's plan was not sanctioned.","source_ids":["src-048"],"entity_ids":["class-b-ahg","twuhl","twul","twuf","class-a-ahg","kroll-issuer"],"premise_claim_ids":["c-rp1-class-b-proposals"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The ad hoc group of Class B creditors, advised by Quinn Emanuel, sent an alternative interim financing proposal on 22 October 2024 and, on 7 November 2024, a Class B Backstop Agreement between the plan company (TWUL's parent, Thames Water Utilities Holdings Limited, or TWUHL), TWUL, Thames Water Utilities Finance plc (TWUF) and backstop parties, with Kroll Issuer Services as lock-up agent, to provide all the new money. Around 17 October 2024 Jefferies and Akin Gump had stopped acting for Class A members who also held Class B debt, having identified a conflict of interest. Polus Capital Management, a Class B group member, held £77 million of Class A and £206 million of Class B debt, and Covalis Capital, which submitted an indicative equity bid on 5 December 2024, was a Class B backstop party. On 24 January 2025 the Class B group's solicitors issued a claim, in the name of Westonbirt Fund LP, for an alternative creditors' plan (the B Plan), the Class B group then holding 75% of the Class B debt; the same day TWUL launched a fallback STID proposal (the Reinstated Plan) in case the plan company's plan was not sanctioned."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-199c7373266cbbe58c23b704","record":{"id":"display-claim-199c7373266cbbe58c23b704","kind":"analysis","text":"In evidence for the B Plan, the Class B group's solicitor compared the two offers: the Class A-backed plan gave £1.5 billion committed and £1.5 billion uncommitted for 2.5 years at 9.75% interest with a 3.0% original issue discount and a 3.5% backstop fee, total fees and interest of £327 million and a cost of debt of 22.5%; the Class B alternative offered £3.0 billion committed for one year (extendable to 15 months on an appeal to the Competition and Markets Authority) at 8.00% with a 2.0% discount, £169 million of fees and interest and a cost of debt of 11.5%. The figures are the Class B group's own comparison for a plan that was not sanctioned.","source_ids":["src-048"],"entity_ids":["class-b-ahg","class-a-ahg","twuhl","twul"],"premise_claim_ids":["c-rp1-funding-comparison"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In evidence for the B Plan, the Class B group's solicitor compared the two offers: the Class A-backed plan gave £1.5 billion committed and £1.5 billion uncommitted for 2.5 years at 9.75% interest with a 3.0% original issue discount and a 3.5% backstop fee, total fees and interest of £327 million and a cost of debt of 22.5%; the Class B alternative offered £3.0 billion committed for one year (extendable to 15 months on an appeal to the Competition and Markets Authority) at 8.00% with a 2.0% discount, £169 million of fees and interest and a cost of debt of 11.5%. The figures are the Class B group's own comparison for a plan that was not sanctioned."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-33957519aca38a884fda5d03","record":{"id":"display-claim-33957519aca38a884fda5d03","kind":"analysis","text":"On 10 December 2024 TWUHL applied under Part 26A of the Companies Act 2006 to convene meetings of its finance creditors on a plan to provide bridge funding pending a more substantial restructuring. On 17 December 2024 Trower J ordered seven meetings ([2024] EWHC 3310 (Ch)), finding that TWUHL faced financial difficulties affecting its ability to continue as a going concern that the bridge finance was meant to mitigate; the class comparator was a special administration of TWUL with ordinary administration of the other group companies, and he stressed he was not considering the plan's merits or fairness. On 21 January 2025 he refused permission for expert economic evidence on competition law ([2025] EWHC 84 (Ch)).","source_ids":["src-119","src-048","src-064"],"entity_ids":["twuhl","twul"],"premise_claim_ids":["c-rp1-convening"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 10 December 2024 TWUHL applied under Part 26A of the Companies Act 2006 to convene meetings of its finance creditors on a plan to provide bridge funding pending a more substantial restructuring. On 17 December 2024 Trower J ordered seven meetings ([2024] EWHC 3310 (Ch)), finding that TWUHL faced financial difficulties affecting its ability to continue as a going concern that the bridge finance was meant to mitigate; the class comparator was a special administration of TWUL with ordinary administration of the other group companies, and he stressed he was not considering the plan's merits or fairness. On 21 January 2025 he refused permission for expert economic evidence on competition law ([2025] EWHC 84 (Ch))."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-b9530976c5c5de5fcce7bd92","record":{"id":"display-claim-b9530976c5c5de5fcce7bd92","kind":"analysis","text":"The plan covered £550 million of undrawn liquidity facilities; Class A debt of about £14.747 billion at the end of March 2024, in more than 60 issues, all borrowed or issued by TWUL or Thames Water Utilities Finance plc; about £1.366 billion of Class B debt from the same two companies; interest-rate and index-linked hedging with a mark-to-market value of about £1.7 billion and currency hedges; and about £3.4 billion of subordinated loans owed by TWUHL to its parent Thames Water Limited. TWUHL, a holding company with no employees and no material assets beyond its shares in its subsidiary, guarantees TWUL's and TWUF's obligations, TWUL and TWUF guarantee each other's, and TWUHL has a deed of contribution with them for the secured debt; total external non-hedging debt was about £19 billion at 28 November 2024.","source_ids":["src-119","src-048","src-054"],"entity_ids":["twuhl","twul","twuf","twl"],"premise_claim_ids":["c-rp1-plan-debt"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The plan covered £550 million of undrawn liquidity facilities; Class A debt of about £14.747 billion at the end of March 2024, in more than 60 issues, all borrowed or issued by TWUL or Thames Water Utilities Finance plc; about £1.366 billion of Class B debt from the same two companies; interest-rate and index-linked hedging with a mark-to-market value of about £1.7 billion and currency hedges; and about £3.4 billion of subordinated loans owed by TWUHL to its parent Thames Water Limited. TWUHL, a holding company with no employees and no material assets beyond its shares in its subsidiary, guarantees TWUL's and TWUF's obligations, TWUL and TWUF guarantee each other's, and TWUHL has a deed of contribution with them for the secured debt; total external non-hedging debt was about £19 billion at 28 November 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-452de58e1765fa813e2ab10a","record":{"id":"display-claim-452de58e1765fa813e2ab10a","kind":"analysis","text":"The plan, the Interim Platform Transaction, extended the final maturities and scheduled amortisation of the Class A, Class B and subordinated debt by two years, so that the earliest extended maturity falls in March 2027, cancelled all undrawn commitments and temporarily suspended a number of covenants until that maturity. It provided £1.5 billion of super senior funding with room for £1.5 billion more: a new TWUL subsidiary, Thames Water Super Senior Issuer plc, issues bonds and a term loan maturing two and a half years after first funding, at a 3% discount (a price of 97%) and 9.75% cash interest paid semi-annually, sharing the existing security, guaranteed by TWUL and TWUHL with a cross-guarantee from TWUF, open pro rata to all Class A and Class B holders and ranking ahead of all existing plan debt except certain hedging. TWUL borrows the proceeds under a loan agreement with the issuer and Kroll Trustee Services Ltd as security trustee, on a monthly schedule from £293 million in February 2025 to £112 million in August 2025.","source_ids":["src-048","src-054","src-040","src-028"],"entity_ids":["twuhl","twul","twuf","twssi","kroll-trustee","twl"],"premise_claim_ids":["c-rp1-terms"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The plan, the Interim Platform Transaction, extended the final maturities and scheduled amortisation of the Class A, Class B and subordinated debt by two years, so that the earliest extended maturity falls in March 2027, cancelled all undrawn commitments and temporarily suspended a number of covenants until that maturity. It provided £1.5 billion of super senior funding with room for £1.5 billion more: a new TWUL subsidiary, Thames Water Super Senior Issuer plc, issues bonds and a term loan maturing two and a half years after first funding, at a 3% discount (a price of 97%) and 9.75% cash interest paid semi-annually, sharing the existing security, guaranteed by TWUL and TWUHL with a cross-guarantee from TWUF, open pro rata to all Class A and Class B holders and ranking ahead of all existing plan debt except certain hedging. TWUL borrows the proceeds under a loan agreement with the issuer and Kroll Trustee Services Ltd as security trustee, on a monthly schedule from £293 million in February 2025 to £112 million in August 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-b92a74b30a1c2a644faed8ff","record":{"id":"display-claim-b92a74b30a1c2a644faed8ff","kind":"analysis","text":"The last two tranches of the initial loan, £462 million due on 31 July and 31 August 2025, and the £1.5 billion accordion were payable only if the June Release Condition was met by 30 June 2025: a lock-up agreement for a recapitalisation through a restructuring plan, signed by holders of at least two-thirds of the super senior funding and of the Class A debt. TWUL may request accordion increases on no more than two occasions of up to £750 million each. Each obligor must keep at least two independent non-executive directors with restructuring experience — Aidan de Brunner and Neil Robson at the restructuring date — whose replacement, and that of TWUL's chief restructuring officer, needs the super senior security trustee's consent, and a request for a CMA redetermination of the final determination needs a majority of TWUL's directors and each of these nominated directors.","source_ids":["src-048","src-054"],"entity_ids":["twul","twuhl","twuf","twssi","aidan-de-brunner","neil-robson","kroll-trustee"],"premise_claim_ids":["c-rp1-control-terms"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The last two tranches of the initial loan, £462 million due on 31 July and 31 August 2025, and the £1.5 billion accordion were payable only if the June Release Condition was met by 30 June 2025: a lock-up agreement for a recapitalisation through a restructuring plan, signed by holders of at least two-thirds of the super senior funding and of the Class A debt. TWUL may request accordion increases on no more than two occasions of up to £750 million each. Each obligor must keep at least two independent non-executive directors with restructuring experience — Aidan de Brunner and Neil Robson at the restructuring date — whose replacement, and that of TWUL's chief restructuring officer, needs the super senior security trustee's consent, and a request for a CMA redetermination of the final determination needs a majority of TWUL's directors and each of these nominated directors."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-fc9ccba105faa3d250967462","record":{"id":"display-claim-fc9ccba105faa3d250967462","kind":"analysis","text":"At the meetings on 21 January 2025 the plan won 100% of those voting in the liquidity facility, interest-rate and index-linked hedge and currency hedge classes, 98.06% of the Class A make-whole class and 98.99% of the other Class A creditors; 15.5% of Class B creditors voted for and 84.49% against, and Thames Water Limited, TWUHL's parent and the only member of the subordinated class, voted against, so TWUHL asked the court to impose a cross-class cram down. Leech J heard the sanction application on 31 January and 3–7 February 2025. The ad hoc Class A group and a group of bank creditors supported the plan; the Class B group, Thames Water Limited and Charlie Maynard MP, representing the public interest and customers, opposed it, and the pension scheme trustees wrote to the court on 4 February 2025. The court held that Mr Maynard, who said he had the support of 25 MPs and 34 campaign and recreational groups and later of members of the House of Lords and 43 parish councils or councillors, landowners and businesses, had standing, and granted him a prospective costs order.","source_ids":["src-048"],"entity_ids":["twuhl","twl","class-a-ahg","class-b-ahg","charlie-maynard","andrew-fraiser","alastair-cochran","twul"],"premise_claim_ids":["c-rp1-votes","c-rp1-hearing"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At the meetings on 21 January 2025 the plan won 100% of those voting in the liquidity facility, interest-rate and index-linked hedge and currency hedge classes, 98.06% of the Class A make-whole class and 98.99% of the other Class A creditors; 15.5% of Class B creditors voted for and 84.49% against, and Thames Water Limited, TWUHL's parent and the only member of the subordinated class, voted against, so TWUHL asked the court to impose a cross-class cram down. Leech J heard the sanction application on 31 January and 3–7 February 2025. The ad hoc Class A group and a group of bank creditors supported the plan; the Class B group, Thames Water Limited and Charlie Maynard MP, representing the public interest and customers, opposed it, and the pension scheme trustees wrote to the court on 4 February 2025. The court held that Mr Maynard, who said he had the support of 25 MPs and 34 campaign and recreational groups and later of members of the House of Lords and 43 parish councils or councillors, landowners and businesses, had standing, and granted him a prospective costs order."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-8344a4aa7c2b646af817ba67","record":{"id":"display-claim-8344a4aa7c2b646af817ba67","kind":"analysis","text":"The plan company's evidence came mainly from Andrew Fraiser, general counsel and company secretary, who joined in March 2024, and Alastair Cochran, TWUL's chief financial officer since September 2021 and not a TWUHL director. The judge said it was not for the court to attribute blame for the group's position, but that he would have been more confident with some evidence of introspection about how the group got there — no criticism of the two witnesses personally. In a letter of 28 January 2025, copied to the court, Ofwat's general counsel said Ofwat would not attend, had found no change of Ultimate Controller in the finance documents, had consented only to the elements needing its consent and did not object to either the company's or the alternative plan; if TWUL's board concluded it could not pay its debts and asked Ofwat to petition for special administration, Ofwat would likely apply for special administration on the ground of inability to pay debts under section 24(2)(c) of the Water Industry Act 1991 with the Environment Secretary's consent, would likely accept the board's view if other funding was exhausted, and could apply promptly under its contingency planning.","source_ids":["src-048"],"entity_ids":["twuhl","twl","class-a-ahg","class-b-ahg","charlie-maynard","andrew-fraiser","alastair-cochran","twul","ofwat","defra"],"premise_claim_ids":["c-rp1-hearing","c-reg-ofwat-court-letter"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The plan company's evidence came mainly from Andrew Fraiser, general counsel and company secretary, who joined in March 2024, and Alastair Cochran, TWUL's chief financial officer since September 2021 and not a TWUHL director. The judge said it was not for the court to attribute blame for the group's position, but that he would have been more confident with some evidence of introspection about how the group got there — no criticism of the two witnesses personally. In a letter of 28 January 2025, copied to the court, Ofwat's general counsel said Ofwat would not attend, had found no change of Ultimate Controller in the finance documents, had consented only to the elements needing its consent and did not object to either the company's or the alternative plan; if TWUL's board concluded it could not pay its debts and asked Ofwat to petition for special administration, Ofwat would likely apply for special administration on the ground of inability to pay debts under section 24(2)(c) of the Water Industry Act 1991 with the Environment Secretary's consent, would likely accept the board's view if other funding was exhausted, and could apply promptly under its contingency planning."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cbf0220b4e65ce561efaf4ae","record":{"id":"display-claim-cbf0220b4e65ce561efaf4ae","kind":"analysis","text":"The Class B group first argued that the plan company was breaching Conditions P2, P6 and P10 of TWUL's licence, then withdrew that objection. Its main case was that the Class A Control Terms, and particularly the June Release Condition proposed by the Class A group, gave the Class A creditors control of the recapitalisation and the bidding for it, in breach of the Chapter I prohibition of the Competition Act 1998 — an unlawful means conspiracy it likened to bid-rigging — to the Class B creditors' detriment; it also objected to the width of the releases for directors and advisers in clause 16 and argued that deferring the £200.4 million principal of the US PPNs would have sufficed. After the evidence closed, Covalis Capital wrote on 6 February 2025 that reports it had seen appeared to raise questions about who might control or materially influence Thames Water. Mr Maynard focused on cost: £443 million of the first tranche would return to plan creditors as interest and costs, against £65.93 million if the government provided the same funding in a special administration. The Class A group's financial adviser answered that, as the economic owners of the group, the Class A creditors should have controls over the equity raise and \"a seat at the table\". Leech J found no evidence for the bid-rigging allegation and was not satisfied that any Class A Control Term was unfair or unreasonable; the objections were rejected.","source_ids":["src-048","src-054"],"entity_ids":["class-b-ahg","class-a-ahg","twuhl","twul","charlie-maynard","defra"],"premise_claim_ids":["c-rp1-objections"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The Class B group first argued that the plan company was breaching Conditions P2, P6 and P10 of TWUL's licence, then withdrew that objection. Its main case was that the Class A Control Terms, and particularly the June Release Condition proposed by the Class A group, gave the Class A creditors control of the recapitalisation and the bidding for it, in breach of the Chapter I prohibition of the Competition Act 1998 — an unlawful means conspiracy it likened to bid-rigging — to the Class B creditors' detriment; it also objected to the width of the releases for directors and advisers in clause 16 and argued that deferring the £200.4 million principal of the US PPNs would have sufficed. After the evidence closed, Covalis Capital wrote on 6 February 2025 that reports it had seen appeared to raise questions about who might control or materially influence Thames Water. Mr Maynard focused on cost: £443 million of the first tranche would return to plan creditors as interest and costs, against £65.93 million if the government provided the same funding in a special administration. The Class A group's financial adviser answered that, as the economic owners of the group, the Class A creditors should have controls over the equity raise and \"a seat at the table\". Leech J found no evidence for the bid-rigging allegation and was not satisfied that any Class A Control Term was unfair or unreasonable; the objections were rejected."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-e51b7000bd770c2d18afd5a5","record":{"id":"display-claim-e51b7000bd770c2d18afd5a5","kind":"analysis","text":"The court accepted the plan company's valuation expert, who put TWUL's enterprise value at a mid-point of £14.729 billion (range £13.674–15.844 billion), cross-checked against the trading prices of its debt, and rejected the Class B expert's £21.496 billion; it found the group's enterprise value likely to be £16.707 billion at 30 September 2025 and £18.756 billion at 31 July 2026. TWUL's Class A bonds traded below face value, and only one £250 million Class B bond was publicly traded, the other £744 million of Class B instruments being untraded. On that valuation, value would break in the Class A principal claims in a special administration, the Class B creditors would receive nothing, compared with £0.4 billion of cash interest under the plan, and Thames Water Limited's subordinated debt nothing, so neither would be worse off under the plan.","source_ids":["src-048","src-054"],"entity_ids":["twul","twuhl","twl","class-b-ahg"],"premise_claim_ids":["c-rp1-valuation"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The court accepted the plan company's valuation expert, who put TWUL's enterprise value at a mid-point of £14.729 billion (range £13.674–15.844 billion), cross-checked against the trading prices of its debt, and rejected the Class B expert's £21.496 billion; it found the group's enterprise value likely to be £16.707 billion at 30 September 2025 and £18.756 billion at 31 July 2026. TWUL's Class A bonds traded below face value, and only one £250 million Class B bond was publicly traded, the other £744 million of Class B instruments being untraded. On that valuation, value would break in the Class A principal claims in a special administration, the Class B creditors would receive nothing, compared with £0.4 billion of cash interest under the plan, and Thames Water Limited's subordinated debt nothing, so neither would be worse off under the plan."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-79f58a134ec6fd862bb53b51","record":{"id":"display-claim-79f58a134ec6fd862bb53b51","kind":"analysis","text":"In his judgment ([2025] EWHC 338 (Ch)) Leech J found that if the plan were refused TWUL's directors would most likely ask Ofwat and the Environment Secretary to seek a special administration order and TWUL would enter special administration on or before 24 March 2025; that, not the B Plan, was the relevant alternative. The plan was not unfair to the Class B creditors and did not infringe the Chapter I prohibition: without the June Release Condition, issuing a claim for a second plan would itself be an Event of Default, and releasing restricted cash or waiving defaults already needed a Class A majority. He accepted that the Class A creditors could exert some control over a second plan, found no evidence of bid-rigging, and warned that the court would not sanction a later plan if they manipulated the bidding, for example by pressing for a low credit bid to keep the Class B creditors out of the money. The clause 16 releases were not a blot on the plan, no breach of duty by the directors having been alleged. Taking account of the public interest in uninterrupted vital public services, he sanctioned the plan, and the order under section 901F was made on 21 February 2025.","source_ids":["src-048","src-064","src-028"],"entity_ids":["twuhl","twul","class-a-ahg","class-b-ahg","ofwat","defra","charlie-maynard"],"premise_claim_ids":["c-rp1-findings"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In his judgment ([2025] EWHC 338 (Ch)) Leech J found that if the plan were refused TWUL's directors would most likely ask Ofwat and the Environment Secretary to seek a special administration order and TWUL would enter special administration on or before 24 March 2025; that, not the B Plan, was the relevant alternative. The plan was not unfair to the Class B creditors and did not infringe the Chapter I prohibition: without the June Release Condition, issuing a claim for a second plan would itself be an Event of Default, and releasing restricted cash or waiving defaults already needed a Class A majority. He accepted that the Class A creditors could exert some control over a second plan, found no evidence of bid-rigging, and warned that the court would not sanction a later plan if they manipulated the bidding, for example by pressing for a low credit bid to keep the Class B creditors out of the money. The clause 16 releases were not a blot on the plan, no breach of duty by the directors having been alleged. Taking account of the public interest in uninterrupted vital public services, he sanctioned the plan, and the order under section 901F was made on 21 February 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-48518d504ee6d011fd9899d8","record":{"id":"display-claim-48518d504ee6d011fd9899d8","kind":"analysis","text":"The judge called the costs of finance and adviser fees very high, \"eye-watering\": well over 50% of the £1.388 billion of scheduled loans in the first six months would go back to the creditors who advanced them. The funding was issued at a 3% discount (£45 million) with a 3.5% backstop fee (£52.5 million) and 9.75% interest, and TWUL's chief financial officer accepted that about £800 million of the £1.388 billion would go on finance, debt service and professional fees — £445 million of finance costs, up to £245 million of existing interest and about £210 million of professional fees — leaving under £600 million for the gap between operating cash flow and investment, and that the penalties Ofwat then proposed were unfunded. The judge rejected the company's estimate that a special administration would cost £3.35–4.01 billion but accepted that its costs would likely equal or exceed those of this plan and a second one, found it likely that the Class A creditors would take a significant haircut in the second plan and so bear the price of the new debt, and sanctioned the plan on that basis.","source_ids":["src-048","src-054"],"entity_ids":["twuhl","twul","class-a-ahg","alastair-cochran"],"premise_claim_ids":["c-rp1-costs"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The judge called the costs of finance and adviser fees very high, \"eye-watering\": well over 50% of the £1.388 billion of scheduled loans in the first six months would go back to the creditors who advanced them. The funding was issued at a 3% discount (£45 million) with a 3.5% backstop fee (£52.5 million) and 9.75% interest, and TWUL's chief financial officer accepted that about £800 million of the £1.388 billion would go on finance, debt service and professional fees — £445 million of finance costs, up to £245 million of existing interest and about £210 million of professional fees — leaving under £600 million for the gap between operating cash flow and investment, and that the penalties Ofwat then proposed were unfunded. The judge rejected the company's estimate that a special administration would cost £3.35–4.01 billion but accepted that its costs would likely equal or exceed those of this plan and a second one, found it likely that the Class A creditors would take a significant haircut in the second plan and so bear the price of the new debt, and sanctioned the plan on that basis."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-0e9ac0201056204fff4c135e","record":{"id":"display-claim-0e9ac0201056204fff4c135e","kind":"analysis","text":"The Class A group's financial adviser told the court that the Class A creditors — more than 100 institutions — were the \"economic owners of the business\", a characterisation in evidence rather than a finding about control; Ofwat concluded in September 2025 that no creditor or creditor group could exert material influence over TWUL amounting to Ultimate Control. The judge accepted that restructuring TWUL's balance sheet to attract an investor able to restore an investment-grade rating carried a significant risk that some Class A and Class B debt would be written off, for which the adviser gave figures of £6 billion to £10 billion, and that a recapitalisation would likely trigger the licence's change of control provisions and need Ofwat's consent.","source_ids":["src-048","src-043"],"entity_ids":["class-a-ahg","twul","ofwat"],"premise_claim_ids":["c-rp1-class-a-view"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The Class A group's financial adviser told the court that the Class A creditors — more than 100 institutions — were the \"economic owners of the business\", a characterisation in evidence rather than a finding about control; Ofwat concluded in September 2025 that no creditor or creditor group could exert material influence over TWUL amounting to Ultimate Control. The judge accepted that restructuring TWUL's balance sheet to attract an investor able to restore an investment-grade rating carried a significant risk that some Class A and Class B debt would be written off, for which the adviser gave figures of £6 billion to £10 billion, and that a recapitalisation would likely trigger the licence's change of control provisions and need Ofwat's consent."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-cae3df1350d27bb69eedcd68","record":{"id":"display-claim-cae3df1350d27bb69eedcd68","kind":"analysis","text":"Kington S.à r.l. (on behalf of the Class B group), Thames Water Limited and Charlie Maynard MP appealed. The Court of Appeal (the Chancellor of the High Court, Sir Julian Flaux, Lord Justice Zacaroli and Sir Nicholas Patten) heard the appeals on 11–13 March 2025 and dismissed them on 17 March 2025 with one amendment: the releases and covenant not to sue in clauses 16.1.2 and 16.1.3 were to exclude claims that a special administrator of TWUL or an insolvency office-holder of TWUHL might later bring against directors or advisers, because both companies would remain insolvent after the interim plan. It gave reasons on 15 April 2025 ([2025] EWCA Civ 475). Mr Maynard's application for permission to appeal further was refused by the Court of Appeal and, on 30 July 2025, by the Supreme Court, ending any further appeal.","source_ids":["src-054","src-040","src-028"],"entity_ids":["kington","class-b-ahg","twl","charlie-maynard","twuhl","class-a-ahg","twul"],"premise_claim_ids":["c-rp1-appeal"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kington S.à r.l. (on behalf of the Class B group), Thames Water Limited and Charlie Maynard MP appealed. The Court of Appeal (the Chancellor of the High Court, Sir Julian Flaux, Lord Justice Zacaroli and Sir Nicholas Patten) heard the appeals on 11–13 March 2025 and dismissed them on 17 March 2025 with one amendment: the releases and covenant not to sue in clauses 16.1.2 and 16.1.3 were to exclude claims that a special administrator of TWUL or an insolvency office-holder of TWUHL might later bring against directors or advisers, because both companies would remain insolvent after the interim plan. It gave reasons on 15 April 2025 ([2025] EWCA Civ 475). Mr Maynard's application for permission to appeal further was refused by the Court of Appeal and, on 30 July 2025, by the Supreme Court, ending any further appeal."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-9e5f71f5ac2fbdede1a561d9","record":{"id":"display-claim-9e5f71f5ac2fbdede1a561d9","kind":"analysis","text":"The plan took effect on 25 February 2025: every debt maturity moved out by two years and all revolving credit facilities were cancelled or converted to term loans, the original maturities returning if, among other things, the group regains two investment-grade ratings. Lenders received zero-coupon consent fee debt with a face value of £123.6 million. TWUL and TWUHL created charges that day, registered in March 2025, and TWUHL filed the plan with the registrar on 6 March 2025. Because the plan was under appeal, the super senior conditions precedent were unmet and creditors waived them three times, permitting drawings of £350 million in March and £365 million in April 2025; £715 million was drawn in April and May 2025 and lent to TWUL. Under a turnover agreement with Class A lenders covering a successful appeal, TWUL paid a £32.0 million fee into escrow on 15 April 2025, and £32.2 million with interest came back on 4 August 2025 after the Supreme Court refused permission. TWUL kept drawing from Thames Water Super Senior Issuer in 2025 and January 2026, and from March to July 2026 on the first £823 million accordion tranche, about £2.25 billion of principal in all by TWUHL's 2025/26 accounts.","source_ids":["src-028","src-023","src-038","src-040"],"entity_ids":["twul","twuhl","twssi","class-a-ahg"],"premise_claim_ids":["c-rp1-implementation"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The plan took effect on 25 February 2025: every debt maturity moved out by two years and all revolving credit facilities were cancelled or converted to term loans, the original maturities returning if, among other things, the group regains two investment-grade ratings. Lenders received zero-coupon consent fee debt with a face value of £123.6 million. TWUL and TWUHL created charges that day, registered in March 2025, and TWUHL filed the plan with the registrar on 6 March 2025. Because the plan was under appeal, the super senior conditions precedent were unmet and creditors waived them three times, permitting drawings of £350 million in March and £365 million in April 2025; £715 million was drawn in April and May 2025 and lent to TWUL. Under a turnover agreement with Class A lenders covering a successful appeal, TWUL paid a £32.0 million fee into escrow on 15 April 2025, and £32.2 million with interest came back on 4 August 2025 after the Supreme Court refused permission. TWUL kept drawing from Thames Water Super Senior Issuer in 2025 and January 2026, and from March to July 2026 on the first £823 million accordion tranche, about £2.25 billion of principal in all by TWUHL's 2025/26 accounts."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-fe6f38c2b15a85966a2164b9","record":{"id":"display-claim-fe6f38c2b15a85966a2164b9","kind":"analysis","text":"In July 2023 the group announced that the Kemble shareholders had agreed to provide £750 million of new equity in the then regulatory period (AMP7), the first £500 million tranche expected by 31 March 2024, and acknowledged that around £2.5 billion more might be needed in the medium term. The money was conditional, among other things, on a business plan underpinning a more focused three-year turnaround with appropriate regulatory arrangements. On 28 March 2024 the group and the shareholders announced that, on Ofwat's feedback at that time, the arrangements expected for 2025–30 made the business plan for the 2025–30 price control (PR24) uninvestable, so the conditions were unmet and the first £500 million was not provided.","source_ids":["src-028"],"entity_ids":["twul","kwh"],"premise_claim_ids":["c-rec-kemble-equity-2023"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In July 2023 the group announced that the Kemble shareholders had agreed to provide £750 million of new equity in the then regulatory period (AMP7), the first £500 million tranche expected by 31 March 2024, and acknowledged that around £2.5 billion more might be needed in the medium term. The money was conditional, among other things, on a business plan underpinning a more focused three-year turnaround with appropriate regulatory arrangements. On 28 March 2024 the group and the shareholders announced that, on Ofwat's feedback at that time, the arrangements expected for 2025–30 made the business plan for the 2025–30 price control (PR24) uninvestable, so the conditions were unmet and the first £500 million was not provided."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-65a10825d07c07eab5b16ae3","record":{"id":"display-claim-65a10825d07c07eab5b16ae3","kind":"analysis","text":"The equity raise begun in summer 2024 drew five non-binding proposals on 5 December 2024, and Rothschild & Co told the plan company, Thames Water Utilities Holdings Limited, that 19 parties had been admitted to its Phase 1B on 19 December 2024. Six parties submitted revised non-binding proposals on 10 February 2025, and Ofwat met each of them. On 31 March 2025 Thames Water Utilities Limited (TWUL) chose KKR as preferred partner for Phase 2 diligence, but after ten weeks KKR said in writing on 2 June 2025 that it was not in a position to proceed, and its status lapsed; TWUL's senior creditors had meanwhile been preparing an alternative proposal.","source_ids":["src-047","src-028","src-048"],"entity_ids":["twul","ofwat"],"premise_claim_ids":["c-rec-equity-process"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The equity raise begun in summer 2024 drew five non-binding proposals on 5 December 2024, and Rothschild & Co told the plan company, Thames Water Utilities Holdings Limited, that 19 parties had been admitted to its Phase 1B on 19 December 2024. Six parties submitted revised non-binding proposals on 10 February 2025, and Ofwat met each of them. On 31 March 2025 Thames Water Utilities Limited (TWUL) chose KKR as preferred partner for Phase 2 diligence, but after ten weeks KKR said in writing on 2 June 2025 that it was not in a position to proceed, and its status lapsed; TWUL's senior creditors had meanwhile been preparing an alternative proposal."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-f744dfa7c0f7eecd13f22d0e","record":{"id":"display-claim-f744dfa7c0f7eecd13f22d0e","kind":"analysis","text":"On 2 October 2025 London & Valley Water, a large consortium of TWUL's Class A creditors, announced that it had submitted to the company and Ofwat a proposal for the turnaround, transformation and recapitalisation of Thames Water without recourse to taxpayers. Talks between TWUL, the consortium, Ofwat and other regulators continued through 2026: the company issued a recapitalisation update on 16 March 2026, and the consortium made its best and final offer on 6 March 2026. A public-interest website tracking the case summarised the consortium's statement of 21 July 2026 as describing around 100 institutions holding more than £17 billion of senior debt that proposed to inject £10 billion of new capital, write off £9.6 billion of debt and take ownership, the registered shareholders losing their investment, and reported that the July version added a ministerial golden share, an independent monitor with boardroom access, local-authority representation in a new supervisory structure, a ten-year bar on dividends and an expanded social tariff. That summary is a third party's: the consortium's own statement is not in the archive. No decision had been taken by the evidence cutoff: on 16 October 2026 TWUL stated that its board, Ofwat, other regulators and relevant investment committees had made no decision to accept and take forward any proposal from the consortium.","source_ids":["src-047","src-068","src-082","src-116"],"entity_ids":["lvw","twul","ofwat","defra","kwh"],"premise_claim_ids":["c-rec-lvw","c-rec-lvw-reported-terms"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 2 October 2025 London & Valley Water, a large consortium of TWUL's Class A creditors, announced that it had submitted to the company and Ofwat a proposal for the turnaround, transformation and recapitalisation of Thames Water without recourse to taxpayers. Talks between TWUL, the consortium, Ofwat and other regulators continued through 2026: the company issued a recapitalisation update on 16 March 2026, and the consortium made its best and final offer on 6 March 2026. A public-interest website tracking the case summarised the consortium's statement of 21 July 2026 as describing around 100 institutions holding more than £17 billion of senior debt that proposed to inject £10 billion of new capital, write off £9.6 billion of debt and take ownership, the registered shareholders losing their investment, and reported that the July version added a ministerial golden share, an independent monitor with boardroom access, local-authority representation in a new supervisory structure, a ten-year bar on dividends and an expanded social tariff. That summary is a third party's: the consortium's own statement is not in the archive. No decision had been taken by the evidence cutoff: on 16 October 2026 TWUL stated that its board, Ofwat, other regulators and relevant investment committees had made no decision to accept and take forward any proposal from the consortium."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-61a7e05615aac516ae043a18","record":{"id":"display-claim-61a7e05615aac516ae043a18","kind":"analysis","text":"On 16 June 2026 the Department for Environment, Food and Rural Affairs published a letter from the Environment Secretary, Emma Reynolds, to Ofwat giving her preliminary views on the best and final offer, which she said did not predetermine Ofwat's decision and were not a government direction. She wrote that the proposal expected consumers to fund an unprecedented level of regulatory adjustments — including prioritising asset health over capital improvements, switching off parts of the penalty regime and amending risk-sharing — that she was not yet convinced it protected consumers sufficiently, that it requested reduced performance standards, and that deferring many investments by up to a decade would delay environmental improvements, particularly wastewater treatment linked to statutory requirements, and projects important to drinking water safety and supply; the letter was copied to the consortium and Thames Water.","source_ids":["src-071"],"entity_ids":["defra","ofwat","lvw","twul"],"premise_claim_ids":["c-reg-defra-letter"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 16 June 2026 the Department for Environment, Food and Rural Affairs published a letter from the Environment Secretary, Emma Reynolds, to Ofwat giving her preliminary views on the best and final offer, which she said did not predetermine Ofwat's decision and were not a government direction. She wrote that the proposal expected consumers to fund an unprecedented level of regulatory adjustments — including prioritising asset health over capital improvements, switching off parts of the penalty regime and amending risk-sharing — that she was not yet convinced it protected consumers sufficiently, that it requested reduced performance standards, and that deferring many investments by up to a decade would delay environmental improvements, particularly wastewater treatment linked to statutory requirements, and projects important to drinking water safety and supply; the letter was copied to the consortium and Thames Water."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-d8dde76d9bdc803db7fcf467","record":{"id":"display-claim-d8dde76d9bdc803db7fcf467","kind":"analysis","text":"In a report published on 18 September 2026, the Commons Environment, Food and Rural Affairs Committee urged the government either to put Thames Water into special administration or to consider emergency legislation taking control of its financial affairs until more appropriate owners are found, and called for new regulation to increase oversight of failing water companies and clearer conditions for special administration based on poor performance. It recommended rejecting the consortium's proposals, saying it believed the consortium's priority was to extract immediate value rather than steer the company to long-term success, and noted the lack of public information about its more than 100 members. It observed that the creditors, recognised as the company's economic owners since the shareholders walked away, had not been defined as Ultimate Controllers, recommended that Ultimate Controller safeguards and suitability checks apply to creditors in that position, said the company would likely accrue over £900 million of penalties over the next five years and opposed the relief from fines (forbearance) the consortium had proposed. These are the committee's recommendations, not a decision of the government or Ofwat.","source_ids":["src-120"],"entity_ids":["twul","lvw","ofwat","defra"],"premise_claim_ids":["c-rec-efra"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In a report published on 18 September 2026, the Commons Environment, Food and Rural Affairs Committee urged the government either to put Thames Water into special administration or to consider emergency legislation taking control of its financial affairs until more appropriate owners are found, and called for new regulation to increase oversight of failing water companies and clearer conditions for special administration based on poor performance. It recommended rejecting the consortium's proposals, saying it believed the consortium's priority was to extract immediate value rather than steer the company to long-term success, and noted the lack of public information about its more than 100 members. It observed that the creditors, recognised as the company's economic owners since the shareholders walked away, had not been defined as Ultimate Controllers, recommended that Ultimate Controller safeguards and suitability checks apply to creditors in that position, said the company would likely accrue over £900 million of penalties over the next five years and opposed the relief from fines (forbearance) the consortium had proposed. These are the committee's recommendations, not a decision of the government or Ofwat."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-48756c46dfcf620ced247178","record":{"id":"display-claim-48756c46dfcf620ced247178","kind":"analysis","text":"TWUL drew on its intercompany facility from Thames Water Super Senior Issuer plc from April 2025, with further tranches in May, July, August and November 2025, reaching about £1,193 million of principal from the initial committed tranche. When the October 2024 Transaction Support Agreement was terminated on 29 June 2025, backstop fees of 3.5% of the principal became payable. A consent request of 10 November 2025, approved on 24 November, moved the drawing deadline from 31 July to 28 November 2025 and allowed a further £321 million, and the issuer on-lent £311 million net the next day. At 30 September 2025 group liquidity was £861.7 million, including £539 million held in the issuer and available to TWUL only with creditor consent.","source_ids":["src-047","src-040"],"entity_ids":["twul","twssi"],"premise_claim_ids":["c-rec-liquidity-2025"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL drew on its intercompany facility from Thames Water Super Senior Issuer plc from April 2025, with further tranches in May, July, August and November 2025, reaching about £1,193 million of principal from the initial committed tranche. When the October 2024 Transaction Support Agreement was terminated on 29 June 2025, backstop fees of 3.5% of the principal became payable. A consent request of 10 November 2025, approved on 24 November, moved the drawing deadline from 31 July to 28 November 2025 and allowed a further £321 million, and the issuer on-lent £311 million net the next day. At 30 September 2025 group liquidity was £861.7 million, including £539 million held in the issuer and available to TWUL only with creditor consent."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-6d6b106ea02efb96001396ad","record":{"id":"display-claim-6d6b106ea02efb96001396ad","kind":"analysis","text":"By 31 March 2026 the issuer had drawn £1,427 million of the initial facility (£1,332 million net to TWUL), with £73 million available only once the accordion was fully committed and used. The first £823.5 million accordion tranche was fully subscribed in February 2026; the issuer drew £410 million of it by 31 March and £414 million on 10 June 2026, on-lending the net proceeds between March and July, and TWUL drew the final committed tranche of £213 million on 14 July 2026. Group liquidity was £1,038 million at 31 March 2026 and £588 million at 30 June 2026. Creditors holding over £13 billion (82%) of the Class A debt and over £1.6 billion (73%) of the super senior debt gave a letter of support, not legally enforceable, for further drawings, maturity extensions and a longer stable platform period, which began on 25 February 2025 and runs to March 2027 while a Trigger Event continues and covenant testing is suspended. Drawings from 31 July 2026 required a lock-up agreement for a recapitalisation signed by at least two-thirds of the Class A and super senior creditors, unless waived or extended by at least 50% of the super senior creditors, who had approved every waiver so far.","source_ids":["src-040","src-077"],"entity_ids":["twul","twssi"],"premise_claim_ids":["c-rec-liquidity-2026"],"qualification":"","response":"","outcome":""},"reading":"Analysis: By 31 March 2026 the issuer had drawn £1,427 million of the initial facility (£1,332 million net to TWUL), with £73 million available only once the accordion was fully committed and used. The first £823.5 million accordion tranche was fully subscribed in February 2026; the issuer drew £410 million of it by 31 March and £414 million on 10 June 2026, on-lending the net proceeds between March and July, and TWUL drew the final committed tranche of £213 million on 14 July 2026. Group liquidity was £1,038 million at 31 March 2026 and £588 million at 30 June 2026. Creditors holding over £13 billion (82%) of the Class A debt and over £1.6 billion (73%) of the super senior debt gave a letter of support, not legally enforceable, for further drawings, maturity extensions and a longer stable platform period, which began on 25 February 2025 and runs to March 2027 while a Trigger Event continues and covenant testing is suspended. Drawings from 31 July 2026 required a lock-up agreement for a recapitalisation signed by at least two-thirds of the Class A and super senior creditors, unless waived or extended by at least 50% of the super senior creditors, who had approved every waiver so far."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-54b474fdc5a7399616ec0f5e","record":{"id":"display-claim-54b474fdc5a7399616ec0f5e","kind":"analysis","text":"By 15 October 2026 TWUL had drawn £2.65 billion of the £3 billion then available (the plan's £1.5 billion plus £1.5 billion of accordion commitments), expected to last until the end of 2026 or early 2027, before any recapitalisation could complete. It forecast needing more money from early December 2026 and £2.4 billion to provide liquidity to the end of October 2027, which would need the consent of at least 75% of its Class A and 75% of its super senior creditors, and proposed raising the facility by £2.4 billion to £5.4 billion in tranches through a new issuer, Thames Water Super Senior Upsize Issuer, extending liquidity into autumn 2027. The sixteenth consent requests and proposals under the Security Trust and Intercreditor Deed (STID), launched that day after fifteen earlier rounds had been approved, sought to free £350 million of the new commitments, to extend the June Release Condition to 30 November 2026 for a further £350 million drawing in November, and to amend the documents for the upsize; TWUL also said that if a second restructuring plan was not launched by 1 October 2026 it expected to launch a scheme of arrangement or further plan to reschedule debt due before 30 September 2027.","source_ids":["src-040","src-068","src-069"],"entity_ids":["twul","twssi","twss-upsize"],"premise_claim_ids":["c-rec-upsize"],"qualification":"","response":"","outcome":""},"reading":"Analysis: By 15 October 2026 TWUL had drawn £2.65 billion of the £3 billion then available (the plan's £1.5 billion plus £1.5 billion of accordion commitments), expected to last until the end of 2026 or early 2027, before any recapitalisation could complete. It forecast needing more money from early December 2026 and £2.4 billion to provide liquidity to the end of October 2027, which would need the consent of at least 75% of its Class A and 75% of its super senior creditors, and proposed raising the facility by £2.4 billion to £5.4 billion in tranches through a new issuer, Thames Water Super Senior Upsize Issuer, extending liquidity into autumn 2027. The sixteenth consent requests and proposals under the Security Trust and Intercreditor Deed (STID), launched that day after fifteen earlier rounds had been approved, sought to free £350 million of the new commitments, to extend the June Release Condition to 30 November 2026 for a further £350 million drawing in November, and to amend the documents for the upsize; TWUL also said that if a second restructuring plan was not launched by 1 October 2026 it expected to launch a scheme of arrangement or further plan to reschedule debt due before 30 September 2027."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-443f346a0a665dad8a8a6e8c","record":{"id":"display-claim-443f346a0a665dad8a8a6e8c","kind":"analysis","text":"On 16 October 2026 TWUL entered into a legally binding transaction support agreement with certain Class A creditors and Class B creditors holding more than 60% of the Class B debt, including the Class B ad hoc group. It sets the Class B treatment in a future recapitalisation supported by holders of at least 66.66% of the Class A and super senior debt and expected to be implemented by a second restructuring plan: all of the roughly £1 billion of Class B debt would be written off for post-restructuring equity giving a recovery of about 5.9%, the right to take part in £150 million of new equity and 5.9% participation in certain new debt or preferred equity tiers, with fees and costs payable only from the proceeds of a recapitalisation and not from customer funds. Because a second plan might not be in place before some senior debt matures and the stable platform period ends in March 2027, TWUHL intends a further interim transaction to extend them; the consenting Class B creditors agreed to support it and the recapitalisation, provided the Class B terms are included and Ofwat launches a public consultation on the recapitalisation by 30 December 2027. TWUL intends to keep paying Class A and Class B interest in full in cash until any recapitalisation completes. The agreement does not oblige the group to propose a recapitalisation on the consortium's or any other terms; the rest was still under discussion and the Class B terms might not be implemented.","source_ids":["src-082","src-070"],"entity_ids":["twul","class-b-ahg","class-a-ahg","twuhl","ofwat","lvw"],"premise_claim_ids":["c-rec-class-b-tsa"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 16 October 2026 TWUL entered into a legally binding transaction support agreement with certain Class A creditors and Class B creditors holding more than 60% of the Class B debt, including the Class B ad hoc group. It sets the Class B treatment in a future recapitalisation supported by holders of at least 66.66% of the Class A and super senior debt and expected to be implemented by a second restructuring plan: all of the roughly £1 billion of Class B debt would be written off for post-restructuring equity giving a recovery of about 5.9%, the right to take part in £150 million of new equity and 5.9% participation in certain new debt or preferred equity tiers, with fees and costs payable only from the proceeds of a recapitalisation and not from customer funds. Because a second plan might not be in place before some senior debt matures and the stable platform period ends in March 2027, TWUHL intends a further interim transaction to extend them; the consenting Class B creditors agreed to support it and the recapitalisation, provided the Class B terms are included and Ofwat launches a public consultation on the recapitalisation by 30 December 2027. TWUL intends to keep paying Class A and Class B interest in full in cash until any recapitalisation completes. The agreement does not oblige the group to propose a recapitalisation on the consortium's or any other terms; the rest was still under discussion and the Class B terms might not be implemented."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-3b3c0735a29705782ffe24ff","record":{"id":"display-claim-3b3c0735a29705782ffe24ff","kind":"analysis","text":"For the year to 31 March 2025 the TWUL group reported revenue of £2,738.2 million and a loss before tax of £1,646.6 million, after a £1,270.6 million expected credit loss on its loans to TWUHL. Statutory net debt rose to £16,794 million (2024: £15,247 million) on gross debt of £17,100.4 million; on the covenant basis net debt was £17,725 million and senior gearing 84.4%, and the senior post-maintenance interest cover ratio of 1.09x was below the 1.1x Trigger Event level, though covenant compliance was suspended. Cash dividends were £64.6 million in 2023/24 and nil in 2024/25.","source_ids":["src-118"],"entity_ids":["twul","twuhl"],"premise_claim_ids":["c-rec-results-fy25"],"qualification":"","response":"","outcome":""},"reading":"Analysis: For the year to 31 March 2025 the TWUL group reported revenue of £2,738.2 million and a loss before tax of £1,646.6 million, after a £1,270.6 million expected credit loss on its loans to TWUHL. Statutory net debt rose to £16,794 million (2024: £15,247 million) on gross debt of £17,100.4 million; on the covenant basis net debt was £17,725 million and senior gearing 84.4%, and the senior post-maintenance interest cover ratio of 1.09x was below the 1.1x Trigger Event level, though covenant compliance was suspended. Cash dividends were £64.6 million in 2023/24 and nil in 2024/25."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-b6ebca89897fb0169f6a3c3c","record":{"id":"display-claim-b6ebca89897fb0169f6a3c3c","kind":"analysis","text":"For the six months to 30 September 2025 the group reported revenue of £1,951.3 million (2024: £1,393.0 million) and profit after tax of £327.7 million (2024: a loss of £189.7 million). Exceptional items of £149 million included £57 million of adviser fees for the equity raise, the appeal to the Competition and Markets Authority and the restructuring, a £31 million expected credit loss on interest receivable from TWUHL and £42 million of exceptional financing costs. New borrowing of £1,331.4 million net of fees came entirely from super senior drawings, with no debt repaid; borrowings stood at £18,182.1 million non-current, derivative liabilities at £1,589.6 million and net assets at £590.0 million, or negative £123.0 million excluding Bazalgette Tunnel items; statutory net debt was £17,626.9 million (2024: £15,798.1 million), covenant net debt £19,337 million (£18,798 million counting cash held in the issuer) and senior gearing 85.9%.","source_ids":["src-047"],"entity_ids":["twul","twuhl","twssi"],"premise_claim_ids":["c-rec-results-h1-26"],"qualification":"","response":"","outcome":""},"reading":"Analysis: For the six months to 30 September 2025 the group reported revenue of £1,951.3 million (2024: £1,393.0 million) and profit after tax of £327.7 million (2024: a loss of £189.7 million). Exceptional items of £149 million included £57 million of adviser fees for the equity raise, the appeal to the Competition and Markets Authority and the restructuring, a £31 million expected credit loss on interest receivable from TWUHL and £42 million of exceptional financing costs. New borrowing of £1,331.4 million net of fees came entirely from super senior drawings, with no debt repaid; borrowings stood at £18,182.1 million non-current, derivative liabilities at £1,589.6 million and net assets at £590.0 million, or negative £123.0 million excluding Bazalgette Tunnel items; statutory net debt was £17,626.9 million (2024: £15,798.1 million), covenant net debt £19,337 million (£18,798 million counting cash held in the issuer) and senior gearing 85.9%."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-277bdf582acadabdb4ddc6c8","record":{"id":"display-claim-277bdf582acadabdb4ddc6c8","kind":"analysis","text":"For the year to 31 March 2026 the group reported revenue of £3,757 million (2025: £2,738 million) and profit after tax of £113 million, £204 million on an underlying basis (2025: a loss of £1,514 million). Capital investment reached a record £2,680 million (2025: £2,225 million), the net cash outflow before debt funding rose to £1,130 million, statutory net debt rose to £18,516 million (2025: £16,794 million), gearing to about 86% (84%), and the regulatory capital value grew to £22,725 million.","source_ids":["src-077"],"entity_ids":["twul"],"premise_claim_ids":["c-rec-results-fy26"],"qualification":"","response":"","outcome":""},"reading":"Analysis: For the year to 31 March 2026 the group reported revenue of £3,757 million (2025: £2,738 million) and profit after tax of £113 million, £204 million on an underlying basis (2025: a loss of £1,514 million). Capital investment reached a record £2,680 million (2025: £2,225 million), the net cash outflow before debt funding rose to £1,130 million, statutory net debt rose to £18,516 million (2025: £16,794 million), gearing to about 86% (84%), and the regulatory capital value grew to £22,725 million."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-60c00c96ac9342a8549a1c09","record":{"id":"display-claim-60c00c96ac9342a8549a1c09","kind":"analysis","text":"TWUL's directors report a material uncertainty over whether the group can deliver a recapitalisation through a court-approved restructuring; if that fails, or if TWUL cannot obtain the consents and commitments needed for enough funding, a possible consequence — \"severe but plausible\", in the 2025/26 accounts — would be special administration of TWUL under the Water Industry Act 1991. The Environment Secretary, or Ofwat with the Secretary of State's consent, may petition the court for a special administration order if the company cannot pay its debts or breaches its licence obligations seriously enough to make it inappropriate for it to keep its appointment.","source_ids":["src-028","src-040"],"entity_ids":["twul","defra","ofwat"],"premise_claim_ids":["c-rec-going-concern"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL's directors report a material uncertainty over whether the group can deliver a recapitalisation through a court-approved restructuring; if that fails, or if TWUL cannot obtain the consents and commitments needed for enough funding, a possible consequence — \"severe but plausible\", in the 2025/26 accounts — would be special administration of TWUL under the Water Industry Act 1991. The Environment Secretary, or Ofwat with the Secretary of State's consent, may petition the court for a special administration order if the company cannot pay its debts or breaches its licence obligations seriously enough to make it inappropriate for it to keep its appointment."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-0fdff917139111964b0e8e58","record":{"id":"display-claim-0fdff917139111964b0e8e58","kind":"analysis","text":"Contingency planning was reported early. Newspaper reports in April and May 2024 stated that ministers were preparing a plan, codenamed Project Timber and overseen by the Department for Environment, Food and Rural Affairs and the Treasury, under which special administration would turn the company into a publicly owned arm's-length body, and that Ofwat was reportedly working on rescue plans, codenamed Project Telford, that could see the regional monopoly dismantled and sold to neighbouring suppliers; no government or Ofwat document in the archive describes these plans. The government's explanatory memorandum to the 2024 special administration regulations, quoted in the February 2025 judgment, says that the government prepares for all eventualities to keep vital public services running and that special administration has a high bar and is a tool for when other options are exhausted. At the evidence cutoff Thames Water had not been placed in special administration: the Commons committee had urged the government in September 2026 to do so or to legislate, and TWUL's 2025/26 accounts describe it as a severe but plausible consequence if the company cannot secure the funding it needs.","source_ids":["src-060","src-048","src-120","src-040"],"entity_ids":["twul","defra","hmt","ofwat"],"premise_claim_ids":["c-misc-contingency-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Contingency planning was reported early. Newspaper reports in April and May 2024 stated that ministers were preparing a plan, codenamed Project Timber and overseen by the Department for Environment, Food and Rural Affairs and the Treasury, under which special administration would turn the company into a publicly owned arm's-length body, and that Ofwat was reportedly working on rescue plans, codenamed Project Telford, that could see the regional monopoly dismantled and sold to neighbouring suppliers; no government or Ofwat document in the archive describes these plans. The government's explanatory memorandum to the 2024 special administration regulations, quoted in the February 2025 judgment, says that the government prepares for all eventualities to keep vital public services running and that special administration has a high bar and is a tool for when other options are exhausted. At the evidence cutoff Thames Water had not been placed in special administration: the Commons committee had urged the government in September 2026 to do so or to legislate, and TWUL's 2025/26 accounts describe it as a severe but plausible consequence if the company cannot secure the funding it needs."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-56cc8ebf4c95656038c400bb","record":{"id":"display-claim-56cc8ebf4c95656038c400bb","kind":"analysis","text":"Companies House lists thirteen current officers of Thames Water Utilities Limited (TWUL) — twelve directors and a company secretary — among 160 officer records, 147 of them resignations. The directors and their appointment dates are Ian Pearson (1 September 2014), Nick Land (6 February 2017), Catherine Lynn (28 November 2018), Sir Adrian Montague (10 July 2023), Chris Weston (8 January 2024), Aidan de Brunner (1 September 2024), Neil Robson (2 October 2024), Julian Gething (22 January 2025), Adam Banks, Andrew McNaughton and Nirmal Kotecha (all 28 March 2025) and Steve Buck (7 April 2025); Andrew Fraiser has been company secretary since 27 March 2024. According to the company, the board consists of the chair, Sir Adrian Montague, the chief executive, Chris Weston, the chief financial officer, Steve Buck, and eight independent non-executive directors — Land, Lynn, Pearson, de Brunner, Robson, Banks, McNaughton and Kotecha — with Julian Gething as chief restructuring officer; the fixed terms of the independent directors appointed in 2024 and 2025 run to 2027 and 2028, whereas shareholder-appointed directors had no fixed end date.","source_ids":["src-008","src-016","src-028"],"entity_ids":["twul","ian-pearson","nick-land","catherine-lynn","adrian-montague","chris-weston","aidan-de-brunner","neil-robson","julian-gething","adam-banks","andrew-mcnaughton","nirmal-kotecha","steve-buck","andrew-fraiser"],"premise_claim_ids":["c-board-current","c-board-roles"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Companies House lists thirteen current officers of Thames Water Utilities Limited (TWUL) — twelve directors and a company secretary — among 160 officer records, 147 of them resignations. The directors and their appointment dates are Ian Pearson (1 September 2014), Nick Land (6 February 2017), Catherine Lynn (28 November 2018), Sir Adrian Montague (10 July 2023), Chris Weston (8 January 2024), Aidan de Brunner (1 September 2024), Neil Robson (2 October 2024), Julian Gething (22 January 2025), Adam Banks, Andrew McNaughton and Nirmal Kotecha (all 28 March 2025) and Steve Buck (7 April 2025); Andrew Fraiser has been company secretary since 27 March 2024. According to the company, the board consists of the chair, Sir Adrian Montague, the chief executive, Chris Weston, the chief financial officer, Steve Buck, and eight independent non-executive directors — Land, Lynn, Pearson, de Brunner, Robson, Banks, McNaughton and Kotecha — with Julian Gething as chief restructuring officer; the fixed terms of the independent directors appointed in 2024 and 2025 run to 2027 and 2028, whereas shareholder-appointed directors had no fixed end date."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-3f428435991167985f1c23bd","record":{"id":"display-claim-3f428435991167985f1c23bd","kind":"analysis","text":"Ian Pearson, an independent director since 1 September 2014, was a Labour member of the House of Commons from 15 December 1994 to 6 May 2010, for Dudley West and then Dudley South. The UK Parliament's record lists his government posts: assistant whip and Lord Commissioner of HM Treasury (2001–2003), Parliamentary Under-Secretary at the Northern Ireland Office (2002–2005), Minister of State for Trade (2005–2006), Minister of State for Climate Change and the Environment at the Department for Environment, Food and Rural Affairs (5 May 2006 to 28 June 2007), Minister of State for Science and Innovation (2007–2008), Parliamentary Under-Secretary at the Department for Business, Enterprise and Regulatory Reform (2008–2009) and Economic Secretary to the Treasury (5 October 2008 to 6 May 2010).","source_ids":["src-008","src-094"],"entity_ids":["ian-pearson","twul","defra","hmt"],"premise_claim_ids":["c-board-pearson"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Ian Pearson, an independent director since 1 September 2014, was a Labour member of the House of Commons from 15 December 1994 to 6 May 2010, for Dudley West and then Dudley South. The UK Parliament's record lists his government posts: assistant whip and Lord Commissioner of HM Treasury (2001–2003), Parliamentary Under-Secretary at the Northern Ireland Office (2002–2005), Minister of State for Trade (2005–2006), Minister of State for Climate Change and the Environment at the Department for Environment, Food and Rural Affairs (5 May 2006 to 28 June 2007), Minister of State for Science and Innovation (2007–2008), Parliamentary Under-Secretary at the Department for Business, Enterprise and Regulatory Reform (2008–2009) and Economic Secretary to the Treasury (5 October 2008 to 6 May 2010)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-0c7763879853cf13983ace78","record":{"id":"display-claim-0c7763879853cf13983ace78","kind":"analysis","text":"The last directors representing shareholders left in 2024: Michael McNicholas, who represented the Ontario Municipal Employees Retirement System (OMERS), on 16 May 2024, and John Holland-Kaye, who represented the Universities Superannuation Scheme (USS) and had joined on 1 April 2023, on 31 December 2024; by December 2024 all the shareholder-appointed directors had resigned, after the conditions of the shareholders' support letter for £500 million of new equity were not met. Mr McNicholas, on TWUL's board since 1 July 2019, had also been a director of Thames Water Utilities Holdings Limited (TWUHL), Thames Water Limited, Kemble Water Finance, Kemble Water Eurobond and Kemble Water Holdings from 4 April 2019 to 23 March 2023. The independent directors Jill Shedden (from 1 October 2018) and Hannah Nixon (from 14 January 2021) left on 30 September 2024 and 3 March 2025, and the chief financial officer Alastair Cochran, who attended 26 of the 28 board meetings in 2024/25, left the board on 27 March 2025, succeeded by Steve Buck on 7 April 2025.","source_ids":["src-028","src-023","src-050","src-041","src-008"],"entity_ids":["twul","michael-mcnicholas","john-holland-kaye","jill-shedden","hannah-nixon","alastair-cochran","steve-buck","omers","uss","twuhl","twl","kwf","kwe","kwh"],"premise_claim_ids":["c-board-departures"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The last directors representing shareholders left in 2024: Michael McNicholas, who represented the Ontario Municipal Employees Retirement System (OMERS), on 16 May 2024, and John Holland-Kaye, who represented the Universities Superannuation Scheme (USS) and had joined on 1 April 2023, on 31 December 2024; by December 2024 all the shareholder-appointed directors had resigned, after the conditions of the shareholders' support letter for £500 million of new equity were not met. Mr McNicholas, on TWUL's board since 1 July 2019, had also been a director of Thames Water Utilities Holdings Limited (TWUHL), Thames Water Limited, Kemble Water Finance, Kemble Water Eurobond and Kemble Water Holdings from 4 April 2019 to 23 March 2023. The independent directors Jill Shedden (from 1 October 2018) and Hannah Nixon (from 14 January 2021) left on 30 September 2024 and 3 March 2025, and the chief financial officer Alastair Cochran, who attended 26 of the 28 board meetings in 2024/25, left the board on 27 March 2025, succeeded by Steve Buck on 7 April 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-308af45ca4f102b525c3afbe","record":{"id":"display-claim-308af45ca4f102b525c3afbe","kind":"analysis","text":"A newspaper reported on 17 May 2024 that OMERS had written off its entire investment in Thames Water and, the day before, withdrawn its board representative when Mr McNicholas, a managing director at OMERS Infrastructure, stepped down; it reported that OMERS Farmoor Singapore, holding roughly a fifth of the company, had marked its assets down from £700 million at the end of 2022 to £321 million at the end of 2023, with a filing anticipating a full write-down of the investment and an outstanding loan. Another newspaper reported the same day that OMERS's annual report fully wrote down its 31.7% stake in Thames Water's parent, valued at £700 million at the end of 2022 and £990 million at the end of 2021. An OMERS Infrastructure spokesperson told the first newspaper that shareholders had concluded Ofwat was not prepared to provide the regulatory support needed for an investable business plan, so no shareholder provided further funding and OMERS's investment had been written off. These figures and the quotation are as the newspapers reported them; OMERS's annual report and the vehicle's filing are not in the archive. TWUL's 2024/25 annual report confirms that Mr McNicholas, who represented OMERS, resigned on 16 May 2024.","source_ids":["src-083","src-060","src-028"],"entity_ids":["omers","omers-farmoor-sg","michael-mcnicholas","twul","ofwat","kwh"],"premise_claim_ids":["c-board-omers-exit"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A newspaper reported on 17 May 2024 that OMERS had written off its entire investment in Thames Water and, the day before, withdrawn its board representative when Mr McNicholas, a managing director at OMERS Infrastructure, stepped down; it reported that OMERS Farmoor Singapore, holding roughly a fifth of the company, had marked its assets down from £700 million at the end of 2022 to £321 million at the end of 2023, with a filing anticipating a full write-down of the investment and an outstanding loan. Another newspaper reported the same day that OMERS's annual report fully wrote down its 31.7% stake in Thames Water's parent, valued at £700 million at the end of 2022 and £990 million at the end of 2021. An OMERS Infrastructure spokesperson told the first newspaper that shareholders had concluded Ofwat was not prepared to provide the regulatory support needed for an investable business plan, so no shareholder provided further funding and OMERS's investment had been written off. These figures and the quotation are as the newspapers reported them; OMERS's annual report and the vehicle's filing are not in the archive. TWUL's 2024/25 annual report confirms that Mr McNicholas, who represented OMERS, resigned on 16 May 2024."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-936a44a87e99c9278016be94","record":{"id":"display-claim-936a44a87e99c9278016be94","kind":"analysis","text":"TWUL's directors also sit on the other obligor companies' boards. Nick Land joined Thames Water Utilities Finance plc (TWUF) on 22 May 2024 and, with Chris Weston and Ian Pearson, TWUHL on 18 June 2024, the day two shareholder nominees left it; Aidan de Brunner and Neil Robson joined TWUHL and TWUF on 14 November 2024, Julian Gething joined both on 22 January 2025, and Land, de Brunner, Robson and Gething became directors of Thames Water Super Senior Issuer plc on 25 February 2025. TWUF's 2020/21 accounts record three directors in office that year, none with significant contracts with the company beyond service contracts, and a going-concern assessment relying on a letter of support from its parent TWUL.","source_ids":["src-038","src-027","src-099","src-100","src-034","src-049"],"entity_ids":["twul","twuhl","twuf","twssi","nick-land","chris-weston","ian-pearson","aidan-de-brunner","neil-robson","julian-gething"],"premise_claim_ids":["c-board-group-boards","c-board-twuf-2021"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL's directors also sit on the other obligor companies' boards. Nick Land joined Thames Water Utilities Finance plc (TWUF) on 22 May 2024 and, with Chris Weston and Ian Pearson, TWUHL on 18 June 2024, the day two shareholder nominees left it; Aidan de Brunner and Neil Robson joined TWUHL and TWUF on 14 November 2024, Julian Gething joined both on 22 January 2025, and Land, de Brunner, Robson and Gething became directors of Thames Water Super Senior Issuer plc on 25 February 2025. TWUF's 2020/21 accounts record three directors in office that year, none with significant contracts with the company beyond service contracts, and a going-concern assessment relying on a letter of support from its parent TWUL."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-b80eb2d3b8a39af5f81b3908","record":{"id":"display-claim-b80eb2d3b8a39af5f81b3908","kind":"analysis","text":"Sir Adrian Montague was also a director of Kemble Water Holdings from 10 July 2023 to 17 February 2024 while chair of TWUL. The shareholders replaced several of their nominees on the Kemble Water Holdings board on 15 January and 8 March 2024, and the company secretary and another nominee left on 27 March 2024. The nominees then left the Kemble boards: at Kemble Water Holdings six resigned on 20 May 2024 and seven more on 8 and 9 July 2024, Nicholas Pike and Paul O'Donnell were appointed on 8 July and Martin Cooke on 9 July, and on 12 July 2024 the company filed a resolution altering its articles with new articles; it now has three directors — Cooke, O'Donnell and Pike — and no secretary, among 135 officer records. Pike and O'Donnell had joined Kemble Water Finance and Thames Water (Kemble) Finance on 20 May 2024, the day the nominees left those boards; Kemble Water Eurobond's board changed on the same dates as Kemble Water Holdings', and Pike and O'Donnell were also directors of TWUHL from 8 July to 19 November 2024. Norose Company Secretarial Services Limited became secretary of Kemble Water Eurobond and Thames Water (Kemble) Finance on 5 April 2024, when Kemble Water Finance's previous secretary's appointment ended.","source_ids":["src-061","src-010","src-021","src-013","src-022","src-037","src-039","src-038"],"entity_ids":["kwh","adrian-montague","twul","kwf","kwe","twkf","twuhl","nicholas-pike","paul-odonnell","martin-cooke","norose"],"premise_claim_ids":["c-board-kemble-2023-24","c-board-kemble-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Sir Adrian Montague was also a director of Kemble Water Holdings from 10 July 2023 to 17 February 2024 while chair of TWUL. The shareholders replaced several of their nominees on the Kemble Water Holdings board on 15 January and 8 March 2024, and the company secretary and another nominee left on 27 March 2024. The nominees then left the Kemble boards: at Kemble Water Holdings six resigned on 20 May 2024 and seven more on 8 and 9 July 2024, Nicholas Pike and Paul O'Donnell were appointed on 8 July and Martin Cooke on 9 July, and on 12 July 2024 the company filed a resolution altering its articles with new articles; it now has three directors — Cooke, O'Donnell and Pike — and no secretary, among 135 officer records. Pike and O'Donnell had joined Kemble Water Finance and Thames Water (Kemble) Finance on 20 May 2024, the day the nominees left those boards; Kemble Water Eurobond's board changed on the same dates as Kemble Water Holdings', and Pike and O'Donnell were also directors of TWUHL from 8 July to 19 November 2024. Norose Company Secretarial Services Limited became secretary of Kemble Water Eurobond and Thames Water (Kemble) Finance on 5 April 2024, when Kemble Water Finance's previous secretary's appointment ended."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-35c3b4c8e5de5c01e5702b0a","record":{"id":"display-claim-35c3b4c8e5de5c01e5702b0a","kind":"analysis","text":"Sir Peter Mason chaired both TWUL and Kemble Water Holdings: he signed, as chairman, Thames Water's modern slavery statement for the year to 31 March 2017 and Kemble Water Holdings' supporting statement, and was quoted as Thames Water's chairman in the investor consortium's announcement of 14 March 2017. He was a director of TWUL, Thames Water Limited, Kemble Water Holdings, Kemble Water Finance and Kemble Water Eurobond from 1 December 2006, when Kemble's purchase completed, and of TWUHL from 21 June 2007, until 25 January 2018, and of the intermediate companies Kemble Water Structure, Kemble Water Investments, Thames Water Holdings, Kemble Water Limited and Kemble Water Liberty from 1 December 2006 to 19 March 2014; his other directorships in the register include BAE Systems plc (2003–2013), AMEC Foster Wheeler Limited (1996–2006) and AGS Airports Limited (2014–2021).","source_ids":["src-015","src-065","src-113"],"entity_ids":["peter-mason","twul","kwh","twl","kwf","kwe","twuhl","kw-structure","kwi","twhl","kwl","kw-liberty","bae-systems","amec-fw","ags-airports"],"premise_claim_ids":["c-board-mason"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Sir Peter Mason chaired both TWUL and Kemble Water Holdings: he signed, as chairman, Thames Water's modern slavery statement for the year to 31 March 2017 and Kemble Water Holdings' supporting statement, and was quoted as Thames Water's chairman in the investor consortium's announcement of 14 March 2017. He was a director of TWUL, Thames Water Limited, Kemble Water Holdings, Kemble Water Finance and Kemble Water Eurobond from 1 December 2006, when Kemble's purchase completed, and of TWUHL from 21 June 2007, until 25 January 2018, and of the intermediate companies Kemble Water Structure, Kemble Water Investments, Thames Water Holdings, Kemble Water Limited and Kemble Water Liberty from 1 December 2006 to 19 March 2014; his other directorships in the register include BAE Systems plc (2003–2013), AMEC Foster Wheeler Limited (1996–2006) and AGS Airports Limited (2014–2021)."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-628e23e4e75e44c228827137","record":{"id":"display-claim-628e23e4e75e44c228827137","kind":"analysis","text":"Earlier directors in the register include William Alexander (appointed before 24 July 1992, left 16 November 2005), also a director of Thames Water Limited from 1 April 1994 and of TWUF from 1992 to 2002; Craig Anderson (20 September 2001 to 31 January 2005), also of TWUF (2002–2005); Richard Aylard (21 January 2005 to 1 December 2006), whose only other directorships in the register were of water and sanitation charities; Peter Antolik, appointed on 1 December 2006, the day Kemble's purchase completed, until 14 February 2008, later a director of South Staffordshire Water PLC (2018–2025) and Arjun Infrastructure Partners Limited (2019–2026); and Luis Fernando Arana Abraira, a director of TWUL and Kemble Water Holdings in three periods between 2008 and 2012.","source_ids":["src-008","src-013","src-109","src-114","src-115","src-103"],"entity_ids":["twul","william-alexander","craig-anderson","richard-aylard","peter-antolik","luis-arana","twl","twuf","kwh","south-staffs-water","arjun"],"premise_claim_ids":["c-board-former"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Earlier directors in the register include William Alexander (appointed before 24 July 1992, left 16 November 2005), also a director of Thames Water Limited from 1 April 1994 and of TWUF from 1992 to 2002; Craig Anderson (20 September 2001 to 31 January 2005), also of TWUF (2002–2005); Richard Aylard (21 January 2005 to 1 December 2006), whose only other directorships in the register were of water and sanitation charities; Peter Antolik, appointed on 1 December 2006, the day Kemble's purchase completed, until 14 February 2008, later a director of South Staffordshire Water PLC (2018–2025) and Arjun Infrastructure Partners Limited (2019–2026); and Luis Fernando Arana Abraira, a director of TWUL and Kemble Water Holdings in three periods between 2008 and 2012."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-0446945a599a1e003b234654","record":{"id":"display-claim-0446945a599a1e003b234654","kind":"analysis","text":"Separate Companies House records in the same full names and month and year of birth as TWUL's directors show Chris Weston as a director of Centrica plc from 1 July 2009 to 30 December 2014 and of British Gas companies, and Steve Buck as a director of Anglian Water Services Limited and other Anglian Water companies from 1 August 2019 to 22 November 2023; the register does not itself link those records to the TWUL appointments, so the match rests on the identical names and birth month and year. Sir Adrian Montague's record shows directorships of Cadent Gas Limited (24 July 2017 to 31 January 2026) and Aviva plc (14 January 2013 to 31 May 2020). Julian Gething has been a member of AlixPartners UK LLP since 4 September 2023; Andrew Fraiser's record shows only his appointment as TWUL's secretary; and Alastair Cochran has been a director of Arqiva Limited and other Arqiva companies since 13 October 2025.","source_ids":["src-024","src-025","src-027","src-026","src-097","src-121"],"entity_ids":["chris-weston","steve-buck","adrian-montague","julian-gething","alixpartners","andrew-fraiser","alastair-cochran","twul","centrica","british-gas","anglian-water","cadent","aviva","arqiva"],"premise_claim_ids":["c-board-exec-backgrounds"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Separate Companies House records in the same full names and month and year of birth as TWUL's directors show Chris Weston as a director of Centrica plc from 1 July 2009 to 30 December 2014 and of British Gas companies, and Steve Buck as a director of Anglian Water Services Limited and other Anglian Water companies from 1 August 2019 to 22 November 2023; the register does not itself link those records to the TWUL appointments, so the match rests on the identical names and birth month and year. Sir Adrian Montague's record shows directorships of Cadent Gas Limited (24 July 2017 to 31 January 2026) and Aviva plc (14 January 2013 to 31 May 2020). Julian Gething has been a member of AlixPartners UK LLP since 4 September 2023; Andrew Fraiser's record shows only his appointment as TWUL's secretary; and Alastair Cochran has been a director of Arqiva Limited and other Arqiva companies since 13 October 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-8658a0abf053732977db8365","record":{"id":"display-claim-8658a0abf053732977db8365","kind":"analysis","text":"The independent directors' other current appointments in the register include, for Catherine Lynn, London Southend Airport Company Limited (since 21 May 2024) and associated airport companies; for Adam Banks, Vitality UK Holdings Limited and other Vitality companies (since 30 June 2026), having been a director of TSB Banking Group plc and TSB Bank plc from 8 February 2021 to 30 April 2026; for Aidan de Brunner, Videndum plc (since 31 July 2025) and Crest Nicholson Holdings plc (since 1 October 2026); for Neil Robson, Amphora Intermediate II Limited (since 25 September 2024); for Nirmal Kotecha, Inframonik Advisory Limited (since 7 May 2024), Major Projects Association (since 26 November 2018) and Allora Infrastructure Limited (since 20 February 2026); and for Andrew McNaughton, Sheffield Forgemasters Engineering Limited (since 27 July 2023), Speedy Hire plc (since 1 July 2026), British Steel Limited (since 16 July 2026) and Mott MacDonald Group Limited (since 1 September 2026). Nick Land's record shows only Thames Water group appointments; a separate record in his full name shows a directorship of IHS Holding Limited since 26 January 2022.","source_ids":["src-035","src-099","src-100","src-098","src-093","src-034","src-101","src-102"],"entity_ids":["catherine-lynn","adam-banks","aidan-de-brunner","neil-robson","nirmal-kotecha","andrew-mcnaughton","nick-land","twul","london-southend-airport","vitality-uk","tsb-banking-group","videndum","crest-nicholson","amphora","inframonik","mpa","allora","sheffield-forgemasters","speedy-hire","british-steel","mott-macdonald","ihs-holding"],"premise_claim_ids":["c-board-ined-mandates"],"qualification":"","response":"","outcome":""},"reading":"Analysis: The independent directors' other current appointments in the register include, for Catherine Lynn, London Southend Airport Company Limited (since 21 May 2024) and associated airport companies; for Adam Banks, Vitality UK Holdings Limited and other Vitality companies (since 30 June 2026), having been a director of TSB Banking Group plc and TSB Bank plc from 8 February 2021 to 30 April 2026; for Aidan de Brunner, Videndum plc (since 31 July 2025) and Crest Nicholson Holdings plc (since 1 October 2026); for Neil Robson, Amphora Intermediate II Limited (since 25 September 2024); for Nirmal Kotecha, Inframonik Advisory Limited (since 7 May 2024), Major Projects Association (since 26 November 2018) and Allora Infrastructure Limited (since 20 February 2026); and for Andrew McNaughton, Sheffield Forgemasters Engineering Limited (since 27 July 2023), Speedy Hire plc (since 1 July 2026), British Steel Limited (since 16 July 2026) and Mott MacDonald Group Limited (since 1 September 2026). Nick Land's record shows only Thames Water group appointments; a separate record in his full name shows a directorship of IHS Holding Limited since 26 January 2022."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-e2b35de8b78d7a03bab06225","record":{"id":"display-claim-e2b35de8b78d7a03bab06225","kind":"analysis","text":"Former directors' records show Hannah Nixon as a director of The Financial Reporting Council Limited (since 24 June 2021), Worldpay (UK) Limited (since 16 June 2023) and Retail Energy Code Company Limited (since 1 April 2025); Jill Shedden of Spirit Energy Limited (since 1 August 2023); and Michael McNicholas of Scotia Gas Networks Limited and other SGN companies from 28 June 2019 to 23 March 2022. A separate record for John William Holland-Kaye shows a directorship of Heathrow Airport Holdings Limited from 1 July 2014 to 18 October 2023, while his TWUL appointment is recorded as William John Holland-Kaye; the register does not link the two records, which share the surname, given names and month and year of birth.","source_ids":["src-123","src-041","src-042","src-050","src-122"],"entity_ids":["hannah-nixon","jill-shedden","michael-mcnicholas","john-holland-kaye","twul","frc","worldpay","recco","spirit-energy","scotia-gas","heathrow"],"premise_claim_ids":["c-board-former-mandates"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Former directors' records show Hannah Nixon as a director of The Financial Reporting Council Limited (since 24 June 2021), Worldpay (UK) Limited (since 16 June 2023) and Retail Energy Code Company Limited (since 1 April 2025); Jill Shedden of Spirit Energy Limited (since 1 August 2023); and Michael McNicholas of Scotia Gas Networks Limited and other SGN companies from 28 June 2019 to 23 March 2022. A separate record for John William Holland-Kaye shows a directorship of Heathrow Airport Holdings Limited from 1 July 2014 to 18 October 2023, while his TWUL appointment is recorded as William John Holland-Kaye; the register does not link the two records, which share the surname, given names and month and year of birth."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-d3189dba633c902653fc1d92","record":{"id":"display-claim-d3189dba633c902653fc1d92","kind":"analysis","text":"TWUL's related-party notes list payments outside the Kemble group to firms connected with its directors. AlixPartners UK LLP, of which the chief restructuring officer Julian Gething is a member, provided services worth £16,343,000 in 2024/25 and £18,469,000 in 2025/26, including £4,209,000 in the six months to 30 September 2025 (nil a year earlier); in that half-year Inframonik Advisory Limited and Major Projects Association, of which Nirmal Kotecha is a director, provided services of £18,000 and £10,000. The 2024/25 note also lists Cadent Gas Limited (£32,000), of which Sir Adrian Montague was then a director, and SGN Commercial Services Limited (£5,839,000), and the 2025/26 note lists Arqiva Limited (£25,872,000), of which the former chief financial officer Alastair Cochran became a director in October 2025.","source_ids":["src-028","src-040","src-047","src-026"],"entity_ids":["twul","alixpartners","julian-gething","nirmal-kotecha","adrian-montague","inframonik","mpa","cadent","arqiva","alastair-cochran","twuhl"],"premise_claim_ids":["c-board-related-parties"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUL's related-party notes list payments outside the Kemble group to firms connected with its directors. AlixPartners UK LLP, of which the chief restructuring officer Julian Gething is a member, provided services worth £16,343,000 in 2024/25 and £18,469,000 in 2025/26, including £4,209,000 in the six months to 30 September 2025 (nil a year earlier); in that half-year Inframonik Advisory Limited and Major Projects Association, of which Nirmal Kotecha is a director, provided services of £18,000 and £10,000. The 2024/25 note also lists Cadent Gas Limited (£32,000), of which Sir Adrian Montague was then a director, and SGN Commercial Services Limited (£5,839,000), and the 2025/26 note lists Arqiva Limited (£25,872,000), of which the former chief financial officer Alastair Cochran became a director in October 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-3b0f34956fde1be967e9b5ec","record":{"id":"display-claim-3b0f34956fde1be967e9b5ec","kind":"analysis","text":"A newspaper reported in January 2025, citing another newspaper, that Thames Water had told Ofwat, in a report of its regulatory strategy committee, that it would raise executives' base salaries if bonuses were restricted, and that the chief executive Chris Weston had defended bonuses worth £770,000 awarded to him and the chief financial officer — including £195,000 to him for his first three months, in early 2024 — as necessary to offer competitive pay packages; the payments drew public criticism from the GMB union and campaigners. The amounts and the committee report are as the newspaper reported them; the 2023/24 remuneration report that would record the payments is not in the archive. According to TWUL's 2024/25 annual report, Ofwat confirmed in October 2024 that customers must not pay for any performance-related pay for 2023/24, and Ofwat's new rule barred bonuses to Thames Water's directors for 2024/25.","source_ids":["src-108","src-028"],"entity_ids":["twul","chris-weston","ofwat"],"premise_claim_ids":["c-board-bonuses"],"qualification":"","response":"","outcome":""},"reading":"Analysis: A newspaper reported in January 2025, citing another newspaper, that Thames Water had told Ofwat, in a report of its regulatory strategy committee, that it would raise executives' base salaries if bonuses were restricted, and that the chief executive Chris Weston had defended bonuses worth £770,000 awarded to him and the chief financial officer — including £195,000 to him for his first three months, in early 2024 — as necessary to offer competitive pay packages; the payments drew public criticism from the GMB union and campaigners. The amounts and the committee report are as the newspaper reported them; the 2023/24 remuneration report that would record the payments is not in the archive. According to TWUL's 2024/25 annual report, Ofwat confirmed in October 2024 that customers must not pay for any performance-related pay for 2023/24, and Ofwat's new rule barred bonuses to Thames Water's directors for 2024/25."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-e465cc6d4aab9d569d1e5da5","record":{"id":"display-claim-e465cc6d4aab9d569d1e5da5","kind":"analysis","text":"Kemble Water Holdings Limited (05819262) was set up in 2006 for the investors who bought Thames Water to hold their shares. Through Kemble Water Limited, which it wholly owned, it completed the purchase of Thames Water Holdings Plc on 1 December 2006. Kemble Water Holdings, at the top of the chain of companies above TWUL, is the person with significant control of Kemble Water Eurobond Plc. It has no registered person with significant control of its own: since 1 June 2017 its register has stated that it has no registrable person or relevant legal entity. Its confirmation statement made up to 25 September 2024 records 1,991,600,000 ordinary shares of £1 held by eleven registered holders, from Aquila GP Inc. to Terrace IRR GP Inc, the largest being OMERS Farmoor SGP LP (435,906,071) and Church Water Investment Limited (392,546,862); its 2025 and 2026 statements were filed with no updates.","source_ids":["src-007","src-012","src-005","src-006","src-011","src-021"],"entity_ids":["kwh","kwe","kwf","twl","twuhl","twuf","twssi","twul","kwl","tw-holdings-plc","ofwat","aquila","britel","church-water","cicero","infinity","omers-farmoor-sgp","omers-farmoor-2","omers-farmoor-3","qic-im","pfzw","terrace"],"premise_claim_ids":["c-own-group-roles","c-hist-2006-acquisition","c-own-psc-kwe","c-own-psc-kwh","c-own-cs01-2024","c-own-cs01-unchanged"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Holdings Limited (05819262) was set up in 2006 for the investors who bought Thames Water to hold their shares. Through Kemble Water Limited, which it wholly owned, it completed the purchase of Thames Water Holdings Plc on 1 December 2006. Kemble Water Holdings, at the top of the chain of companies above TWUL, is the person with significant control of Kemble Water Eurobond Plc. It has no registered person with significant control of its own: since 1 June 2017 its register has stated that it has no registrable person or relevant legal entity. Its confirmation statement made up to 25 September 2024 records 1,991,600,000 ordinary shares of £1 held by eleven registered holders, from Aquila GP Inc. to Terrace IRR GP Inc, the largest being OMERS Farmoor SGP LP (435,906,071) and Church Water Investment Limited (392,546,862); its 2025 and 2026 statements were filed with no updates."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-5f3a2f44bacd56611772de62","record":{"id":"display-claim-5f3a2f44bacd56611772de62","kind":"analysis","text":"Kemble Water Holdings gave its licence undertaking to Thames Water on 14 August 2007 as the highest-level UK corporate owner, and the undertaking stayed in place when Macquarie, then also an Ultimate Controller, sold its shareholding. In September 2025 Ofwat still counted Kemble Water Holdings, as the UK holding company, among TWUL's Ultimate Controllers together with six other entities, including Infinity Investments S.A., Cicero Investment Corporation and Church Water Investment Limited, because the ownership structure and governance arrangements, including a shareholders' agreement, leave them in a position to materially influence TWUL's policy and affairs whether or not they exercise those rights. The licence defines an Ultimate Controller as a person in a position to control or materially influence the company's policy or affairs in Ofwat's reasonable determination; the classification describes ability, not how the shareholders currently act.","source_ids":["src-044","src-043"],"entity_ids":["kwh","twul","mira","ofwat","infinity","bcimc-wcbaf","cicero","omers-ieh","britel-funds","church-water"],"premise_claim_ids":["c-hist-undertakings-dates","c-own-ultimate-controllers-2025"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Holdings gave its licence undertaking to Thames Water on 14 August 2007 as the highest-level UK corporate owner, and the undertaking stayed in place when Macquarie, then also an Ultimate Controller, sold its shareholding. In September 2025 Ofwat still counted Kemble Water Holdings, as the UK holding company, among TWUL's Ultimate Controllers together with six other entities, including Infinity Investments S.A., Cicero Investment Corporation and Church Water Investment Limited, because the ownership structure and governance arrangements, including a shareholders' agreement, leave them in a position to materially influence TWUL's policy and affairs whether or not they exercise those rights. The licence defines an Ultimate Controller as a person in a position to control or materially influence the company's policy or affairs in Ofwat's reasonable determination; the classification describes ability, not how the shareholders currently act."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-a1c66cb30127918e6ee5f6f5","record":{"id":"display-claim-a1c66cb30127918e6ee5f6f5","kind":"analysis","text":"Kemble Water Holdings' 2022/23 accounts show £310.4m of 4.830% shareholder loan notes due 2031, owned by the shareholders and carried at £552.8 million after capitalised interest, and £515.0m of 8.000% convertible loan notes due 2028, carried at £493.1 million; on 28 March 2023 it replaced Kemble Water Eurobond as issuer of the shareholder notes, whose principal had grown to £539.8 million, and lent Kemble Water Eurobond the same amount on matching terms, alongside a second loan passing on the March 2023 convertible proceeds at a 10 basis point margin. It paid its external shareholders no dividends or shareholder-loan interest in 2022/23, received £29.0 million of dividends from its subsidiaries (2021/22: £187.0 million) and had paid £186.6 million of group relief in 2021/22.","source_ids":["src-036"],"entity_ids":["kwh","kwe","kwf"],"premise_claim_ids":["c-kem-shareholder-notes","c-kem-intercompany-chain","c-div-kwh-2022-23"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Holdings' 2022/23 accounts show £310.4m of 4.830% shareholder loan notes due 2031, owned by the shareholders and carried at £552.8 million after capitalised interest, and £515.0m of 8.000% convertible loan notes due 2028, carried at £493.1 million; on 28 March 2023 it replaced Kemble Water Eurobond as issuer of the shareholder notes, whose principal had grown to £539.8 million, and lent Kemble Water Eurobond the same amount on matching terms, alongside a second loan passing on the March 2023 convertible proceeds at a 10 basis point margin. It paid its external shareholders no dividends or shareholder-loan interest in 2022/23, received £29.0 million of dividends from its subsidiaries (2021/22: £187.0 million) and had paid £186.6 million of group relief in 2021/22."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-5b08f7250bf406fba2588dda","record":{"id":"display-claim-5b08f7250bf406fba2588dda","kind":"analysis","text":"Its directors described it in the 2022/23 accounts as a holding company with no material direct operations, mainly dependent on TWUL to generate the funds Kemble Water Finance and Thames Water (Kemble) Finance needed, and expected TWUL's dividends to continue while recognising the risk of a cash lock-up and, under a severe downside, forecast non-compliance with the interest cover covenant of a £200 million facility due in July 2025. In those accounts the group's statutory net debt was £16,347 million against a regulatory capital value of £18,945 million, with covenant gearing of 84% against a 95.0% maximum. Kemble Water Holdings then extended its accounting period ending 31 March 2024 to 30 September 2024 (form AA01 of 25 September 2024); its filing history through September 2026 shows no later accounts and no administrator or liquidator, and its registered office moved on 18 November 2025 from Clearwater Court, Reading, to 3 More London Riverside, London.","source_ids":["src-036","src-010","src-021"],"entity_ids":["kwh","twul","kwf","twkf","twuf"],"premise_claim_ids":["c-kem-dependence-2023","c-misc-kwh-2022-23","c-kem-filings-kwh"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Its directors described it in the 2022/23 accounts as a holding company with no material direct operations, mainly dependent on TWUL to generate the funds Kemble Water Finance and Thames Water (Kemble) Finance needed, and expected TWUL's dividends to continue while recognising the risk of a cash lock-up and, under a severe downside, forecast non-compliance with the interest cover covenant of a £200 million facility due in July 2025. In those accounts the group's statutory net debt was £16,347 million against a regulatory capital value of £18,945 million, with covenant gearing of 84% against a 95.0% maximum. Kemble Water Holdings then extended its accounting period ending 31 March 2024 to 30 September 2024 (form AA01 of 25 September 2024); its filing history through September 2026 shows no later accounts and no administrator or liquidator, and its registered office moved on 18 November 2025 from Clearwater Court, Reading, to 3 More London Riverside, London."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-7f933f2593323ac509182be8","record":{"id":"display-claim-7f933f2593323ac509182be8","kind":"analysis","text":"Sir Adrian Montague sat on its board from 10 July 2023 to 17 February 2024 while chair of TWUL. The shareholders replaced several nominee directors on 15 January and 8 March 2024, and the secretary and another nominee left on 27 March 2024. Six nominees resigned on 20 May 2024 and seven more on 8 and 9 July 2024; Nicholas Pike and Paul O'Donnell were appointed on 8 July and Martin Cooke on 9 July, and on 12 July 2024 the company filed new articles of association. Its board now consists of those three directors, with no secretary.","source_ids":["src-061","src-010","src-021","src-013","src-022","src-037","src-039","src-038"],"entity_ids":["kwh","adrian-montague","twul","kwf","kwe","twkf","twuhl","nicholas-pike","paul-odonnell","martin-cooke","norose"],"premise_claim_ids":["c-board-kemble-2023-24","c-board-kemble-2024"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Sir Adrian Montague sat on its board from 10 July 2023 to 17 February 2024 while chair of TWUL. The shareholders replaced several nominee directors on 15 January and 8 March 2024, and the secretary and another nominee left on 27 March 2024. Six nominees resigned on 20 May 2024 and seven more on 8 and 9 July 2024; Nicholas Pike and Paul O'Donnell were appointed on 8 July and Martin Cooke on 9 July, and on 12 July 2024 the company filed new articles of association. Its board now consists of those three directors, with no secretary."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-9bab06c9c56668ae1a7bb5fc","record":{"id":"display-claim-9bab06c9c56668ae1a7bb5fc","kind":"analysis","text":"Kemble Water Holdings is named with TWUL in Professor Carolyn Roberts's proposed collective claim in the Competition Appeal Tribunal, which alleges that six water companies abused dominant positions by giving the Environment Agency and Ofwat misleading information on pollution incidents relevant to their performance commitments; she estimated household damages against the Thames Water group at £159 million and on 20 December 2024 wrote to TWUL and Kemble Water Holdings indicating a non-household claim of £44–56 million, not issued or served by the date of TWUL's 2024/25 accounts. The companies argued that the remedies were not free-standing but depended on the price control and Ofwat's reporting conditions, and so were barred by section 18(8) of the Water Industry Act 1991. The tribunal dismissed the claim on 7 March 2025 as excluded by section 18(8) and refused permission to appeal on 20 May 2025; the Court of Appeal granted permission on 26 June 2025 and dismissed the appeal by a majority on 5 March 2026, holding that contravention of a licence condition was an essential ingredient of the claimed abuse; Lord Justice Zacaroli dissented. The Supreme Court granted permission to appeal in June 2026, with no hearing listed. The courts have decided only whether section 18(8) bars the claim; the misreporting allegations have not been tested on their merits.","source_ids":["src-028","src-066","src-040"],"entity_ids":["twul","kwh","ofwat","ea","carolyn-roberts"],"premise_claim_ids":["c-sew-cat-claim"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Holdings is named with TWUL in Professor Carolyn Roberts's proposed collective claim in the Competition Appeal Tribunal, which alleges that six water companies abused dominant positions by giving the Environment Agency and Ofwat misleading information on pollution incidents relevant to their performance commitments; she estimated household damages against the Thames Water group at £159 million and on 20 December 2024 wrote to TWUL and Kemble Water Holdings indicating a non-household claim of £44–56 million, not issued or served by the date of TWUL's 2024/25 accounts. The companies argued that the remedies were not free-standing but depended on the price control and Ofwat's reporting conditions, and so were barred by section 18(8) of the Water Industry Act 1991. The tribunal dismissed the claim on 7 March 2025 as excluded by section 18(8) and refused permission to appeal on 20 May 2025; the Court of Appeal granted permission on 26 June 2025 and dismissed the appeal by a majority on 5 March 2026, holding that contravention of a licence condition was an essential ingredient of the claimed abuse; Lord Justice Zacaroli dissented. The Supreme Court granted permission to appeal in June 2026, with no hearing listed. The courts have decided only whether section 18(8) bars the claim; the misreporting allegations have not been tested on their merits."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-9351b8966dabd8b75bd7c87d","record":{"id":"display-claim-9351b8966dabd8b75bd7c87d","kind":"analysis","text":"Thames Water Utilities Holdings Limited (TWUHL, 06195202) was incorporated in England and Wales on 30 March 2007 as Hackremco (No. 2467) Limited, with its registered office at Clearwater Court, Reading, and renamed on 20 June 2007. Thames Water Limited is TWUHL's person with significant control, and TWUHL is the only person with significant control of TWUL, in each case with 75% or more of the shares and votes and the right to appoint or remove directors, notified on 6 April 2016. The group says it was set up in 2007 for the whole business securitisation and gives the lenders security over the shares in TWUL. As an obligor it is party to the Security Trust and Intercreditor Deed, guarantees the obligations of TWUL and Thames Water Utilities Finance plc (TWUF) and, since 2025, the borrowings of Thames Water Super Senior Issuer plc.","source_ids":["src-064","src-002","src-001","src-007","src-036","src-028","src-040"],"entity_ids":["twuhl","twl","twul","kwh","kwe","kwf","twuf","twssi"],"premise_claim_ids":["c-id-twuhl-name","c-own-psc-twuhl","c-own-psc-twul","c-own-group-roles","c-wbs-obligors"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Thames Water Utilities Holdings Limited (TWUHL, 06195202) was incorporated in England and Wales on 30 March 2007 as Hackremco (No. 2467) Limited, with its registered office at Clearwater Court, Reading, and renamed on 20 June 2007. Thames Water Limited is TWUHL's person with significant control, and TWUHL is the only person with significant control of TWUL, in each case with 75% or more of the shares and votes and the right to appoint or remove directors, notified on 6 April 2016. The group says it was set up in 2007 for the whole business securitisation and gives the lenders security over the shares in TWUL. As an obligor it is party to the Security Trust and Intercreditor Deed, guarantees the obligations of TWUL and Thames Water Utilities Finance plc (TWUF) and, since 2025, the borrowings of Thames Water Super Senior Issuer plc."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-56bdb7d72acf0fbf4e9adec2","record":{"id":"display-claim-56bdb7d72acf0fbf4e9adec2","kind":"analysis","text":"Since June 2024 TWUL's directors have also sat on TWUHL's board: Nick Land, Chris Weston and Ian Pearson joined its board on 18 June 2024, the day two shareholder nominees left, Aidan de Brunner and Neil Robson on 14 November 2024 and Julian Gething on 22 January 2025.","source_ids":["src-038","src-027","src-099","src-100","src-034"],"entity_ids":["twul","twuhl","twuf","twssi","nick-land","chris-weston","ian-pearson","aidan-de-brunner","neil-robson","julian-gething"],"premise_claim_ids":["c-board-group-boards"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Since June 2024 TWUL's directors have also sat on TWUHL's board: Nick Land, Chris Weston and Ian Pearson joined its board on 18 June 2024, the day two shareholder nominees left, Aidan de Brunner and Neil Robson on 14 November 2024 and Julian Gething on 22 January 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-07d752f52d76aea1ba6032b7","record":{"id":"display-claim-07d752f52d76aea1ba6032b7","kind":"analysis","text":"On 10 December 2024 TWUHL applied under Part 26A of the Companies Act 2006 to convene meetings of its finance creditors, and on 17 December 2024 Trower J found that it faced financial difficulties affecting its ability to continue as a going concern. The plan covered £550 million of undrawn liquidity facilities; about £14.747 billion of Class A and £1.366 billion of Class B debt, all borrowed or issued by TWUL or TWUF; hedging liabilities; and about £3.4 billion of subordinated loans owed by TWUHL to Thames Water Limited; TWUHL itself has no employees and no material assets other than its shares in TWUL, and guarantees TWUL's and TWUF's obligations.","source_ids":["src-119","src-048","src-064","src-054"],"entity_ids":["twuhl","twul","twuf","twl"],"premise_claim_ids":["c-rp1-convening","c-rp1-plan-debt"],"qualification":"","response":"","outcome":""},"reading":"Analysis: On 10 December 2024 TWUHL applied under Part 26A of the Companies Act 2006 to convene meetings of its finance creditors, and on 17 December 2024 Trower J found that it faced financial difficulties affecting its ability to continue as a going concern. The plan covered £550 million of undrawn liquidity facilities; about £14.747 billion of Class A and £1.366 billion of Class B debt, all borrowed or issued by TWUL or TWUF; hedging liabilities; and about £3.4 billion of subordinated loans owed by TWUHL to Thames Water Limited; TWUHL itself has no employees and no material assets other than its shares in TWUL, and guarantees TWUL's and TWUF's obligations."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-0171aaf61b6a3d7922518f51","record":{"id":"display-claim-0171aaf61b6a3d7922518f51","kind":"analysis","text":"In his judgment of 18 February 2025 Leech J found that if the plan were refused TWUL would most likely enter special administration on or before 24 March 2025, held that the plan was not unfair to the Class B creditors and did not infringe the Chapter I prohibition of competition law, and sanctioned it, the order being made on 21 February 2025. The Court of Appeal dismissed the appeals by the Class B group, Thames Water Limited and Charlie Maynard MP on 17 March 2025 but excluded from the plan's releases claims that a special administrator of TWUL or an insolvency office-holder of TWUHL might later bring against directors or advisers, because both companies would remain insolvent after the interim plan; the Supreme Court refused Mr Maynard permission to appeal on 30 July 2025.","source_ids":["src-048","src-064","src-028","src-054","src-040"],"entity_ids":["twuhl","twul","class-a-ahg","class-b-ahg","ofwat","defra","charlie-maynard","kington","twl"],"premise_claim_ids":["c-rp1-findings","c-rp1-appeal"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In his judgment of 18 February 2025 Leech J found that if the plan were refused TWUL would most likely enter special administration on or before 24 March 2025, held that the plan was not unfair to the Class B creditors and did not infringe the Chapter I prohibition of competition law, and sanctioned it, the order being made on 21 February 2025. The Court of Appeal dismissed the appeals by the Class B group, Thames Water Limited and Charlie Maynard MP on 17 March 2025 but excluded from the plan's releases claims that a special administrator of TWUL or an insolvency office-holder of TWUHL might later bring against directors or advisers, because both companies would remain insolvent after the interim plan; the Supreme Court refused Mr Maynard permission to appeal on 30 July 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-c2787b99fdfcb3606a0688b5","record":{"id":"display-claim-c2787b99fdfcb3606a0688b5","kind":"analysis","text":"TWUHL owed TWUL £1,249.1 million of principal at 31 March 2025 under two unsecured loans at the Sterling Overnight Index Average (SONIA) plus 0.6266%, one extended to 30 August 2039 and the other not repayable on demand during the stable platform period, which then ran to the next senior debt maturity on 22 March 2027. TWUL added an expected credit loss provision of £1,270.6 million in 2024/25, reducing the net balance to nil, because it forecast no dividends in 2025–30 with which TWUHL could repay, and expects the loans to be written off.","source_ids":["src-028","src-047"],"entity_ids":["twuhl","twul"],"premise_claim_ids":["c-div-twuhl-loans","c-div-twuhl-impairment"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUHL owed TWUL £1,249.1 million of principal at 31 March 2025 under two unsecured loans at the Sterling Overnight Index Average (SONIA) plus 0.6266%, one extended to 30 August 2039 and the other not repayable on demand during the stable platform period, which then ran to the next senior debt maturity on 22 March 2027. TWUL added an expected credit loss provision of £1,270.6 million in 2024/25, reducing the net balance to nil, because it forecast no dividends in 2025–30 with which TWUHL could repay, and expects the loans to be written off."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-3e845faeaff1261fb5f4ee74","record":{"id":"display-claim-3e845faeaff1261fb5f4ee74","kind":"analysis","text":"TWUHL in turn owes its parent. At 31 March 2026 it owed Thames Water Limited £2,282.2 million of principal and £1,571.9 million of interest, the largest item being £1,980.1 million of unpaid deferred consideration for its purchase of TWUL, at 10% interest and repayable at its discretion by 2058 after an extension on 25 February 2025; it repaid none of it in 2024/25 or 2025/26. Its own balance sheet at that date shows borrowings — its own debts, chiefly to Thames Water Limited — of £953.6 million due within a year and £4,348.7 million after more than a year (2025: nil and £5,028.1 million), no carrying value for its investment in subsidiaries and net liabilities of £5,285.7 million (2025: £5,011.5 million), after a 2025/26 loss of £274.2 million made up almost entirely of finance expenses of £274.9 million.","source_ids":["src-040"],"entity_ids":["twuhl","twl","twul","kwh"],"premise_claim_ids":["c-div-twuhl-owes-twl","c-misc-twuhl-company"],"qualification":"","response":"","outcome":""},"reading":"Analysis: TWUHL in turn owes its parent. At 31 March 2026 it owed Thames Water Limited £2,282.2 million of principal and £1,571.9 million of interest, the largest item being £1,980.1 million of unpaid deferred consideration for its purchase of TWUL, at 10% interest and repayable at its discretion by 2058 after an extension on 25 February 2025; it repaid none of it in 2024/25 or 2025/26. Its own balance sheet at that date shows borrowings — its own debts, chiefly to Thames Water Limited — of £953.6 million due within a year and £4,348.7 million after more than a year (2025: nil and £5,028.1 million), no carrying value for its investment in subsidiaries and net liabilities of £5,285.7 million (2025: £5,011.5 million), after a 2025/26 loss of £274.2 million made up almost entirely of finance expenses of £274.9 million."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-c4be360c37ef032a724d0198","record":{"id":"display-claim-c4be360c37ef032a724d0198","kind":"analysis","text":"Kemble Water Finance Limited (05819317, legal entity identifier (LEI) 2138003A8GC5KL85UR35) was set up to raise debt from external lenders for the 2006 purchase of TWUL, held closer to TWUL than the shareholder debt because external lenders require greater security. Kemble Water Eurobond Plc is its person with significant control, and Kemble Water Finance in turn is the person with significant control of Thames Water Limited and of Thames Water (Kemble) Finance PLC, each with 75% or more of the shares and votes and all notified on 6 April 2016. Its prospectus of 8 January 2021 defines twelve \"Initial Investors\", from Stichting Pensioenfonds Zorg en Welzijn to Wren House Infrastructure Investments Limited, including any successors in title.","source_ids":["src-045","src-007","src-004","src-003","src-032","src-017","src-076"],"entity_ids":["kwf","kwh","kwe","twl","twuhl","twuf","twssi","twul","twkf","pfzw","torfino","aquila","infinity","cicero","britel","omers-farmoor-2","omers-farmoor-3","omers-infra-farmoor","qic-im","church-water","wren-house-inv"],"premise_claim_ids":["c-id-kwf-lei","c-own-group-roles","c-own-psc-kwf","c-own-psc-twl","c-kem-twkf","c-hist-initial-investors-2021"],"qualification":"","response":"","outcome":""},"reading":"Analysis: Kemble Water Finance Limited (05819317, legal entity identifier (LEI) 2138003A8GC5KL85UR35) was set up to raise debt from external lenders for the 2006 purchase of TWUL, held closer to TWUL than the shareholder debt because external lenders require greater security. Kemble Water Eurobond Plc is its person with significant control, and Kemble Water Finance in turn is the person with significant control of Thames Water Limited and of Thames Water (Kemble) Finance PLC, each with 75% or more of the shares and votes and all notified on 6 April 2016. Its prospectus of 8 January 2021 defines twelve \"Initial Investors\", from Stichting Pensioenfonds Zorg en Welzijn to Wren House Infrastructure Investments Limited, including any successors in title."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-166eb6e75a10b7dd7245de8e","record":{"id":"display-claim-166eb6e75a10b7dd7245de8e","kind":"analysis","text":"At 31 March 2023 Kemble Water Finance owed £943.0 million of secured bank loans and private placements, including a £190.0m floating rate loan due 2024, a £149.8m 5.39% loan due 2026 and private placements of £50.0m due 2027 and 2028; the face value of its debt was £949.8 million, and £400.0 million at its subsidiary Thames Water (Kemble) Finance. The two companies have given security by debenture under an intercreditor agreement, with Kemble Water Finance guaranteeing its subsidiary's debt; the 2021 notes are secured on its shares in Thames Water (Kemble) Finance and Thames Water Limited and a floating charge over all its assets. Its prospectus describes it as a holding company without material operations, dependent on payments from its subsidiaries, primarily TWUL, which are separate legal entities with no obligation to pay the notes or make funds available for them.","source_ids":["src-036","src-052","src-053","src-076"],"entity_ids":["kwf","twkf","deutsche-trustee","barclays","twl","twul"],"premise_claim_ids":["c-kem-kwf-loans-2023","c-kem-security","c-kem-kwf-notes-2020","c-kem-no-recourse"],"qualification":"","response":"","outcome":""},"reading":"Analysis: At 31 March 2023 Kemble Water Finance owed £943.0 million of secured bank loans and private placements, including a £190.0m floating rate loan due 2024, a £149.8m 5.39% loan due 2026 and private placements of £50.0m due 2027 and 2028; the face value of its debt was £949.8 million, and £400.0 million at its subsidiary Thames Water (Kemble) Finance. The two companies have given security by debenture under an intercreditor agreement, with Kemble Water Finance guaranteeing its subsidiary's debt; the 2021 notes are secured on its shares in Thames Water (Kemble) Finance and Thames Water Limited and a floating charge over all its assets. Its prospectus describes it as a holding company without material operations, dependent on payments from its subsidiaries, primarily TWUL, which are separate legal entities with no obligation to pay the notes or make funds available for them."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-0ad1dd0bbdace920ed7ed61f","record":{"id":"display-claim-0ad1dd0bbdace920ed7ed61f","kind":"analysis","text":"In October 2023 TWUL's £37.5 million of dividends reached Kemble Water Finance through TWUHL and Thames Water Limited, and Kemble Water Finance kept the money to service its own external debt and that of Thames Water (Kemble) Finance; TWUL told Ofwat the payment would cover Kemble's debt service only to the end of January 2024 and would not let Kemble pay its shareholders.","source_ids":["src-028","src-055"],"entity_ids":["twul","twuhl","twl","kwf","twkf","kwh","ofwat"],"premise_claim_ids":["c-div-oct-2023"],"qualification":"","response":"","outcome":""},"reading":"Analysis: In October 2023 TWUL's £37.5 million of dividends reached Kemble Water Finance through TWUHL and Thames Water Limited, and Kemble Water Finance kept the money to service its own external debt and that of Thames Water (Kemble) Finance; TWUL told Ofwat the payment would cover Kemble's debt service only to the end of January 2024 and would not let Kemble pay its shareholders."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"claims","id":"display-claim-91e154a735d354099b4e2319","record":{"id":"display-claim-91e154a735d354099b4e2319","kind":"analysis","text":"After the shareholders declined in March 2024 to provide £750 million of new equity, members of the Kemble group announced from April 2024 that they would not service their own debt and defaulted on all debt payments, according to the High Court's record of the unchallenged evidence of Thames Water's general counsel; the restructuring plan company, Thames Water Utilities Holdings Limited, describes the Thames Water group as effectively ring-fenced from the Kemble group by TWUL's licence. The Class A creditor group, itself a party to the restructuring, told the Competition and Markets Authority that events of default occurred under Kemble Water Finance's and Thames Water (Kemble) Finance's financing arrangements, defaults that concern the holding companies' own debt, not TWUL's. Kemble Water Finance extended its accounting period to 30 September 2024 and has filed no accounts since; to May 2026 its filing history shows no administrator or liquidator, and its registered office moved to 3 More London Riverside on 18 November 2025.","source_ids":["src-048","src-064","src-020","src-022"],"entity_ids":["kwh","kwf","twkf","twul"],"premise_claim_ids":["c-kem-default-2024","c-kem-default-cma","c-kem-filings-kwf"],"qualification":"","response":"","outcome":""},"reading":"Analysis: After the shareholders declined in March 2024 to provide £750 million of new equity, members of the Kemble group announced from April 2024 that they would not service their own debt and defaulted on all debt payments, according to the High Court's record of the unchallenged evidence of Thames Water's general counsel; the restructuring plan company, Thames Water Utilities Holdings Limited, describes the Thames Water group as effectively ring-fenced from the Kemble group by TWUL's licence. The Class A creditor group, itself a party to the restructuring, told the Competition and Markets Authority that events of default occurred under Kemble Water Finance's and Thames Water (Kemble) Finance's financing arrangements, defaults that concern the holding companies' own debt, not TWUL's. Kemble Water Finance extended its accounting period to 30 September 2024 and has filed no accounts since; to May 2026 its filing history shows no administrator or liquidator, and its registered office moved to 3 More London Riverside on 18 November 2025."}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twul","record":{"id":"twul","name":"Thames Water Utilities Limited","type":"organization","group":"subject","claim_ids":["c-id-twul","c-id-twul-lei","c-id-twul-undertaker","c-id-twul-role","c-id-twul-group","c-own-psc-twul","c-own-psc-twuf","c-own-psc-twssi","c-own-group-roles","c-own-kwh-subsidiaries","c-own-bci-letter","c-own-ultimate-controllers-2025","c-own-shareholders-withdrawn","c-own-creditors-not-controllers","c-own-uc-jan-2025","c-hist-2006-acquisition","c-hist-undertakings-2007","c-hist-undertakings-dates","c-hist-financing-plan-2007","c-hist-licence-2007","c-hist-2017-sale","c-hist-uc-2018","c-hist-licence-2018","c-hist-kemble-chain-2013","c-hist-uss-2021","c-wbs-ringfence","c-wbs-obligors","c-wbs-guaranteed-debt","c-wbs-debt-documents","c-wbs-priority-security","c-wbs-classes","c-wbs-liquidity-facilities","c-wbs-twuf-onlending","c-wbs-twul-owes-twuf","c-wbs-twul-direct-borrowing","c-wbs-twucfl","c-wbs-twuf-bonds","c-wbs-borrowings-2025","c-wbs-borrowings-h1-2026","c-wbs-interest-2025","c-wbs-gearing-2021","c-wbs-twuf-2021","c-wbs-charges","c-wbs-ratings","c-wbs-derivatives","c-wbs-pensions","c-kem-twkf","c-kem-group-borrowings-2023","c-kem-no-recourse","c-kem-dependence-2013","c-kem-dependence-2023","c-kem-default-2024","c-div-history-1990-2024","c-div-debt-history","c-div-2012-13","c-div-company-evidence-2023","c-div-equity-cascade-2023","c-div-oct-2023","c-div-mar-2024","c-div-fy24-breakdown","c-div-ofwat-p30","c-div-lockup","c-div-twuhl-loans","c-div-twuhl-impairment","c-div-twuhl-owes-twl","c-div-sub-loans-standstill","c-div-twl-recharge","c-div-tax","c-reg-leakage-2006","c-reg-leakage-2018","c-reg-p26-undertakings","c-reg-turnaround","c-reg-pr24","c-reg-pr24-evidence","c-reg-cma-deferral","c-reg-ofwat-court-letter","c-reg-performance","c-reg-resilience","c-reg-bonus-ban","c-reg-dwi-orders","c-reg-dwi-lead","c-reg-defra-letter","c-sew-ea-2017-record-fine","c-sew-ea-2018-evenlode","c-sew-ea-2021-henley","c-sew-ea-2021-oxford","c-sew-ea-other","c-sew-ea-pending","c-sew-pollution-statistics","c-sew-ofwat-wastewater","c-sew-penalty-plan","c-sew-winep-investigation","c-sew-permits-risk","c-sew-cat-claim","c-sew-eir-claims","c-rp1-liquidity-2024","c-rp1-us-ppn","c-rp1-tsa","c-rp1-class-b-proposals","c-rp1-funding-comparison","c-rp1-convening","c-rp1-plan-debt","c-rp1-terms","c-rp1-control-terms","c-rp1-hearing","c-rp1-objections","c-rp1-valuation","c-rp1-findings","c-rp1-costs","c-rp1-class-a-view","c-rp1-appeal","c-rp1-implementation","c-rec-kemble-equity-2023","c-rec-equity-process","c-rec-lvw","c-rec-lvw-reported-terms","c-rec-liquidity-2025","c-rec-liquidity-2026","c-rec-upsize","c-rec-class-b-tsa","c-rec-results-fy25","c-rec-results-h1-26","c-rec-results-fy26","c-rec-going-concern","c-rec-efra","c-board-current","c-board-roles","c-board-departures","c-board-omers-exit","c-board-kemble-2023-24","c-board-group-boards","c-board-mason","c-board-former","c-board-exec-backgrounds","c-board-ined-mandates","c-board-former-mandates","c-board-related-parties","c-board-bonuses","c-board-pearson","c-board-twuf-2021","c-misc-filings","c-misc-charges","c-misc-twuf-loans","c-misc-kwh-2022-23","c-misc-kwh-2012-13","c-misc-exceptional-fy25","c-misc-ss-guarantees","c-misc-ss-holdco","c-misc-contingency-2024"],"badges":[{"label":"Environment Agency pollution prosecutions and fines (2016–2023)","claim_ids":["c-sew-ea-2017-record-fine","c-sew-ea-2018-evenlode","c-sew-ea-2021-henley","c-sew-ea-2021-oxford","c-sew-ea-other"],"code":"A1","category":"CRIMINAL_PROCEEDINGS","subject_id":"twul"},{"label":"Ofwat wastewater enforcement order and £104.5m penalty (May 2025)","claim_ids":["c-sew-ofwat-wastewater"],"code":"A2","category":"ENFORCEMENT","subject_id":"twul"},{"label":"Ofwat Condition P30 dividend penalty of £18.2m (May 2025)","claim_ids":["c-div-ofwat-p30"],"code":"A3","category":"ENFORCEMENT","subject_id":"twul"},{"label":"Leakage failures: 2006 undertaking and 2018 investigation with £1 penalty","claim_ids":["c-reg-leakage-2006","c-reg-leakage-2018"],"code":"A4","category":"REGULATORY_ACTION","subject_id":"twul"},{"label":"Credit-rating licence breach and undertakings (2024)","claim_ids":["c-reg-p26-undertakings"],"code":"A5","category":"REGULATORY_ACTION","subject_id":"twul"},{"label":"Ofwat Turnaround Oversight Regime (from July 2024)","claim_ids":["c-reg-turnaround"],"code":"A6","category":"REGULATORY_ACTION","subject_id":"twul"},{"label":"Drinking Water Inspectorate enforcement orders (September 2024)","claim_ids":["c-reg-dwi-orders"],"code":"A7","category":"ENFORCEMENT","subject_id":"twul"},{"label":"Open Ofwat WINEP and Environment Agency permit investigations","claim_ids":["c-sew-winep-investigation","c-sew-permits-risk"],"code":"A8","category":"REGULATORY_ACTION","subject_id":"twul"},{"label":"Performance penalties, pollution incidents and lowest ratings (2024–25)","claim_ids":["c-reg-performance","c-sew-pollution-statistics"],"code":"A9","category":"REGULATORY_ACTION","subject_id":"twul"},{"label":"Lowest Ofwat financial resilience category (2024 and 2025)","claim_ids":["c-reg-resilience"],"code":"A10","category":"REGULATORY_ACTION","subject_id":"twul"},{"label":"Directors’ bonus ban triggered for 2024/25","claim_ids":["c-reg-bonus-ban"],"code":"A11","category":"REGULATORY_ACTION","subject_id":"twul"},{"label":"Collective competition claim over pollution reporting (dismissed; Supreme Court appeal pending)","claim_ids":["c-sew-cat-claim"],"code":"A12","category":"CIVIL_LITIGATION","subject_id":"twul"},{"label":"Court-sanctioned restructuring plan; companies described as insolvent (2025)","claim_ids":["c-rp1-findings","c-rp1-appeal"],"code":"A13","category":"FINANCIAL_DISTRESS","subject_id":"twul"},{"label":"Material uncertainty and possible special administration","claim_ids":["c-rec-going-concern"],"code":"A14","category":"FINANCIAL_DISTRESS","subject_id":"twul"},{"label":"Pending Environment Agency prosecution for five pollution incidents (guilty pleas; deliberate culpability disputed)","claim_ids":["c-sew-ea-pending"],"code":"A16","category":"CRIMINAL_PROCEEDINGS","subject_id":"twul"}],"subtype":"company","jurisdiction":"gb","aliases":["Thames Water","TWUL"],"identifiers":[{"scheme":"lei","value":"213800JKM5UQHFJOTZ25"},{"scheme":"company_register","value":"02366661","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/02366661"],"role":"","period":""},"reading":"Thames Water Utilities Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twuhl","record":{"id":"twuhl","name":"Thames Water Utilities Holdings Limited","type":"organization","group":"group_companies","claim_ids":["c-id-twuhl-name","c-own-psc-twul","c-own-psc-twuhl","c-own-group-roles","c-own-kwh-subsidiaries","c-wbs-obligors","c-wbs-guaranteed-debt","c-wbs-debt-documents","c-wbs-twuf-onlending","c-wbs-twucfl","c-wbs-borrowings-2025","c-wbs-interest-2025","c-wbs-pensions","c-kem-group-borrowings-2023","c-div-history-1990-2024","c-div-2012-13","c-div-company-evidence-2023","c-div-equity-cascade-2023","c-div-oct-2023","c-div-mar-2024","c-div-fy24-breakdown","c-div-ofwat-p30","c-div-lockup","c-div-twuhl-loans","c-div-twuhl-impairment","c-div-twuhl-owes-twl","c-div-subordinated-debt","c-div-sub-loans-standstill","c-div-twl-recharge","c-reg-pr24-evidence","c-reg-ofwat-court-letter","c-sew-ea-pending","c-rp1-liquidity-2024","c-rp1-tsa","c-rp1-class-b-proposals","c-rp1-funding-comparison","c-rp1-convening","c-rp1-plan-debt","c-rp1-terms","c-rp1-control-terms","c-rp1-votes","c-rp1-hearing","c-rp1-objections","c-rp1-valuation","c-rp1-findings","c-rp1-costs","c-rp1-appeal","c-rp1-implementation","c-rec-class-b-tsa","c-rec-results-fy25","c-rec-results-h1-26","c-board-departures","c-board-kemble-2024","c-board-group-boards","c-board-mason","c-board-related-parties","c-misc-twuhl-company","c-misc-exceptional-fy25","c-misc-ss-guarantees"],"badges":[{"label":"Court-sanctioned restructuring plan; companies described as insolvent (2025)","claim_ids":["c-rp1-findings","c-rp1-appeal"],"code":"A13","category":"FINANCIAL_DISTRESS","subject_id":"twuhl"}],"subtype":"company","jurisdiction":"gb","aliases":["TWUHL","Hackremco (No. 2467) Limited"],"identifiers":[{"scheme":"company_register","value":"06195202","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/06195202"],"role":"","period":""},"reading":"Thames Water Utilities Holdings Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twuf","record":{"id":"twuf","name":"Thames Water Utilities Finance plc","type":"organization","group":"group_companies","claim_ids":["c-id-twul-group","c-id-twuf-lei","c-own-psc-twuf","c-own-group-roles","c-own-kwh-subsidiaries","c-hist-kemble-chain-2013","c-wbs-obligors","c-wbs-guaranteed-debt","c-wbs-debt-documents","c-wbs-priority-security","c-wbs-twuf-onlending","c-wbs-twul-owes-twuf","c-wbs-twucfl","c-wbs-twuf-bonds","c-wbs-borrowings-2025","c-wbs-borrowings-h1-2026","c-wbs-gearing-2021","c-wbs-twuf-2021","c-wbs-twuf-cash-2021","c-wbs-twuf-dividends-auditor","c-kem-group-borrowings-2023","c-kem-group-debt-2013","c-div-mar-2024","c-div-tax","c-rp1-class-b-proposals","c-rp1-plan-debt","c-rp1-terms","c-rp1-control-terms","c-board-group-boards","c-board-former","c-board-twuf-2021","c-misc-twuf-loans","c-misc-kwh-2022-23","c-misc-ss-guarantees"],"subtype":"company","jurisdiction":"gb","aliases":["TWUF","Thames Water Utilities Finance Limited"],"identifiers":[{"scheme":"lei","value":"213800ESMPQ4RQ7G8351"},{"scheme":"company_register","value":"02403744","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/02403744"],"role":"","period":""},"reading":"Thames Water Utilities Finance plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twssi","record":{"id":"twssi","name":"Thames Water Super Senior Issuer plc","type":"organization","group":"group_companies","claim_ids":["c-id-twul-group","c-own-psc-twssi","c-own-group-roles","c-wbs-obligors","c-wbs-guaranteed-debt","c-wbs-borrowings-2025","c-wbs-borrowings-h1-2026","c-rp1-terms","c-rp1-control-terms","c-rp1-implementation","c-rec-liquidity-2025","c-rec-liquidity-2026","c-rec-upsize","c-rec-results-h1-26","c-board-group-boards","c-misc-ss-guarantees","c-misc-ss-holdco"],"subtype":"company","jurisdiction":"gb","aliases":["TWSSI"],"identifiers":[{"scheme":"company_register","value":"16110279","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/16110279"],"role":"","period":""},"reading":"Thames Water Super Senior Issuer plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twss-upsize","record":{"id":"twss-upsize","name":"Thames Water Super Senior Upsize Issuer PLC","type":"organization","group":"group_companies","claim_ids":["c-rec-upsize"],"subtype":"company","role":"","period":""},"reading":"Thames Water Super Senior Upsize Issuer PLC (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twucfl","record":{"id":"twucfl","name":"Thames Water Utilities Cayman Finance Limited","type":"organization","group":"group_companies","claim_ids":["c-hist-kemble-chain-2013","c-wbs-twucfl","c-kem-group-debt-2013"],"subtype":"company","role":"","period":""},"reading":"Thames Water Utilities Cayman Finance Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twl","record":{"id":"twl","name":"Thames Water Limited","type":"organization","group":"group_companies","claim_ids":["c-id-twl-names","c-own-psc-twuhl","c-own-psc-twl","c-own-group-roles","c-own-kwh-subsidiaries","c-hist-2006-acquisition","c-hist-kemble-chain-2013","c-wbs-borrowings-2025","c-wbs-twuf-dividends-auditor","c-kem-kwf-notes-2020","c-kem-filings-twl","c-div-2012-13","c-div-equity-cascade-2023","c-div-oct-2023","c-div-mar-2024","c-div-ofwat-p30","c-div-twuhl-owes-twl","c-div-subordinated-debt","c-div-sub-loans-standstill","c-div-twl-recharge","c-rp1-plan-debt","c-rp1-terms","c-rp1-votes","c-rp1-hearing","c-rp1-valuation","c-rp1-appeal","c-board-departures","c-board-mason","c-board-former","c-misc-twuhl-company"],"subtype":"company","jurisdiction":"gb","aliases":["Thames Water Plc","RWE Thames Water Plc"],"identifiers":[{"scheme":"company_register","value":"02366623","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/02366623"],"role":"","period":""},"reading":"Thames Water Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kwf","record":{"id":"kwf","name":"Kemble Water Finance Limited","type":"organization","group":"group_companies","claim_ids":["c-id-kwf-lei","c-own-psc-twl","c-own-psc-kwf","c-own-group-roles","c-own-kwh-subsidiaries","c-hist-kemble-chain-2013","c-hist-initial-investors-2021","c-kem-twkf","c-kem-group-borrowings-2023","c-kem-kwf-loans-2023","c-kem-security","c-kem-kwf-notes-2020","c-kem-no-recourse","c-kem-intercompany-chain","c-kem-dependence-2013","c-kem-group-debt-2013","c-kem-dependence-2023","c-kem-default-2024","c-kem-default-cma","c-kem-default-press","c-kem-filings-kwf","c-div-2012-13","c-div-equity-cascade-2023","c-div-oct-2023","c-div-fy24-breakdown","c-div-ofwat-p30","c-div-twl-recharge","c-board-departures","c-board-kemble-2024","c-board-mason"],"badges":[{"label":"Holding-company debt defaults (April 2024)","claim_ids":["c-kem-default-2024","c-kem-default-cma"],"code":"A15","category":"FINANCIAL_DISTRESS","subject_id":"kwf"}],"subtype":"company","jurisdiction":"gb","aliases":["KWF"],"identifiers":[{"scheme":"lei","value":"2138003A8GC5KL85UR35"},{"scheme":"company_register","value":"05819317","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/05819317"],"role":"","period":""},"reading":"Kemble Water Finance Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kwe","record":{"id":"kwe","name":"Kemble Water Eurobond Plc","type":"organization","group":"group_companies","claim_ids":["c-own-psc-kwf","c-own-psc-kwe","c-own-group-roles","c-own-kwh-subsidiaries","c-hist-kemble-chain-2013","c-hist-kwl-psc","c-kem-shareholder-notes","c-kem-intercompany-chain","c-kem-eurobonds-2013","c-kem-filings-kwe-twkf","c-div-2012-13","c-div-equity-cascade-2023","c-div-mar-2024","c-div-ofwat-p30","c-div-twl-recharge","c-board-departures","c-board-kemble-2024","c-board-mason"],"subtype":"company","jurisdiction":"gb","aliases":["KWE"],"identifiers":[{"scheme":"company_register","value":"05957999","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/05957999"],"role":"","period":""},"reading":"Kemble Water Eurobond Plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kwh","record":{"id":"kwh","name":"Kemble Water Holdings Limited","type":"organization","group":"group_companies","claim_ids":["c-id-twul-role","c-id-twul-group","c-own-psc-kwe","c-own-psc-kwh","c-own-group-roles","c-own-kwh-subsidiaries","c-own-website-shareholders","c-own-cs01-2024","c-own-cs01-unchanged","c-own-share-arithmetic","c-own-omers-cs01-2022","c-own-omers-press-vehicle","c-own-bci-letter","c-own-bci-terrace-link","c-own-britel","c-own-ultimate-controllers-2025","c-own-shareholders-withdrawn","c-hist-2006-acquisition","c-hist-macquarie-2007","c-hist-kwihl-psc","c-hist-undertakings-2007","c-hist-undertakings-dates","c-hist-financing-plan-2007","c-hist-pac-2014","c-hist-2017-sale","c-hist-kemble-chain-2013","c-hist-torfino-terrace","c-hist-initial-investors-2021","c-hist-uss-2021","c-hist-wren-exit","c-hist-wren-arithmetic","c-wbs-ringfence","c-wbs-twul-direct-borrowing","c-wbs-twuf-bonds","c-kem-group-borrowings-2023","c-kem-shareholder-notes","c-kem-intercompany-chain","c-kem-dependence-2013","c-kem-eurobonds-2013","c-kem-group-debt-2013","c-kem-dependence-2023","c-kem-default-2024","c-kem-default-cma","c-kem-filings-kwh","c-div-2012-13","c-div-company-evidence-2023","c-div-kwh-2022-23","c-div-equity-cascade-2023","c-div-oct-2023","c-div-fy24-breakdown","c-div-lockup","c-div-twuhl-owes-twl","c-div-twl-recharge","c-reg-leakage-2006","c-reg-leakage-2018","c-sew-cat-claim","c-rp1-liquidity-2024","c-rec-kemble-equity-2023","c-rec-lvw-reported-terms","c-board-departures","c-board-omers-exit","c-board-kemble-2024","c-board-kemble-2023-24","c-board-mason","c-board-former","c-misc-kwh-2022-23","c-misc-kwh-2012-13"],"badges":[{"label":"Collective competition claim over pollution reporting (dismissed; Supreme Court appeal pending)","claim_ids":["c-sew-cat-claim"],"code":"A12","category":"CIVIL_LITIGATION","subject_id":"kwh"}],"subtype":"company","jurisdiction":"gb","aliases":["KWH","Kemble"],"identifiers":[{"scheme":"company_register","value":"05819262","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/05819262"],"role":"","period":""},"reading":"Kemble Water Holdings Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twkf","record":{"id":"twkf","name":"Thames Water (Kemble) Finance PLC","type":"organization","group":"group_companies","claim_ids":["c-id-twkf-lei","c-own-kwh-subsidiaries","c-hist-kemble-chain-2013","c-kem-twkf","c-kem-twkf-bond","c-kem-security","c-kem-kwf-notes-2020","c-kem-dependence-2013","c-kem-group-debt-2013","c-kem-dependence-2023","c-kem-default-2024","c-kem-default-cma","c-kem-default-press","c-kem-filings-kwe-twkf","c-div-2012-13","c-div-oct-2023","c-board-kemble-2024"],"badges":[{"label":"Holding-company debt defaults (April 2024)","claim_ids":["c-kem-default-2024","c-kem-default-cma"],"code":"A15","category":"FINANCIAL_DISTRESS","subject_id":"twkf"}],"subtype":"company","jurisdiction":"gb","aliases":["TW(K)F","Hackplimco (No. 120) plc"],"identifiers":[{"scheme":"lei","value":"213800S7UU2MQXYJQO60"},{"scheme":"company_register","value":"07516930","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/07516930"],"role":"","period":""},"reading":"Thames Water (Kemble) Finance PLC (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kemble-ventures","record":{"id":"kemble-ventures","name":"Kemble Ventures Holdings Limited","type":"organization","group":"group_companies","claim_ids":["c-own-kwh-subsidiaries"],"subtype":"company","role":"","period":""},"reading":"Kemble Ventures Holdings Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kwi","record":{"id":"kwi","name":"Kemble Water Investments Limited","type":"organization","group":"historical","claim_ids":["c-hist-kemble-chain-2013","c-hist-kwl-psc","c-hist-intermediates-dissolved","c-board-mason"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"05859428","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/05859428"],"role":"","period":""},"reading":"Kemble Water Investments Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kwl","record":{"id":"kwl","name":"Kemble Water Limited","type":"organization","group":"historical","claim_ids":["c-hist-2006-acquisition","c-hist-kemble-chain-2013","c-hist-kwl-psc","c-hist-intermediates-dissolved","c-board-mason"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"05859424","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/05859424"],"role":"","period":""},"reading":"Kemble Water Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kw-structure","record":{"id":"kw-structure","name":"Kemble Water Structure Limited","type":"organization","group":"historical","claim_ids":["c-hist-kemble-chain-2013","c-hist-intermediates-dissolved","c-board-mason"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"05819276","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/05819276"],"role":"","period":""},"reading":"Kemble Water Structure Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kw-liberty","record":{"id":"kw-liberty","name":"Kemble Water Liberty Limited","type":"organization","group":"historical","claim_ids":["c-hist-kemble-chain-2013","c-hist-intermediates-dissolved","c-board-mason"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"05819270","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/05819270"],"role":"","period":""},"reading":"Kemble Water Liberty Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twhl","record":{"id":"twhl","name":"Thames Water Holdings Limited","type":"organization","group":"historical","claim_ids":["c-hist-intermediates-dissolved","c-board-mason"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"05685587","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/05685587"],"role":"","period":""},"reading":"Thames Water Holdings Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"tw-holdings-plc","record":{"id":"tw-holdings-plc","name":"Thames Water Holdings Plc","type":"organization","group":"historical","claim_ids":["c-hist-2006-acquisition","c-hist-intermediates-dissolved"],"subtype":"company","role":"","period":""},"reading":"Thames Water Holdings Plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kwihl","record":{"id":"kwihl","name":"Kemble Water International Holdings Limited","type":"organization","group":"historical","claim_ids":["c-hist-macquarie-2007","c-hist-kwihl-psc","c-hist-pac-2014"],"subtype":"company","jurisdiction":"gg","identifiers":[{"scheme":"other","value":"G0044986","issuer":"Guernsey Registry"}],"role":"","period":""},"reading":"Kemble Water International Holdings Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"omers","record":{"id":"omers","name":"Ontario Municipal Employees Retirement System","type":"organization","group":"other","claim_ids":["c-own-website-shareholders","c-own-share-arithmetic","c-own-omers-press-vehicle","c-hist-2017-sale","c-hist-uc-2018","c-board-departures","c-board-omers-exit"],"subtype":"other","aliases":["OMERS"],"role":"","period":""},"reading":"Ontario Municipal Employees Retirement System (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"omers-farmoor-sgp","record":{"id":"omers-farmoor-sgp","name":"OMERS Farmoor SGP LP","type":"organization","group":"other","claim_ids":["c-own-cs01-2024","c-own-share-arithmetic","c-own-omers-cs01-2022"],"subtype":"company","role":"","period":""},"reading":"OMERS Farmoor SGP LP (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"omers-farmoor-2","record":{"id":"omers-farmoor-2","name":"OMERS Farmoor 2 Holdings B.V.","type":"organization","group":"other","claim_ids":["c-own-cs01-2024","c-own-share-arithmetic","c-own-omers-cs01-2022","c-hist-initial-investors-2021"],"subtype":"company","role":"","period":""},"reading":"OMERS Farmoor 2 Holdings B.V. (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"omers-farmoor-3","record":{"id":"omers-farmoor-3","name":"OMERS Farmoor 3 Holdings B.V.","type":"organization","group":"other","claim_ids":["c-own-cs01-2024","c-own-share-arithmetic","c-own-omers-cs01-2022","c-hist-initial-investors-2021"],"subtype":"company","role":"","period":""},"reading":"OMERS Farmoor 3 Holdings B.V. (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"omers-farmoor-sg","record":{"id":"omers-farmoor-sg","name":"OMERS Farmoor Singapore Pte. Ltd","type":"organization","group":"other","claim_ids":["c-own-omers-cs01-2022","c-own-omers-press-vehicle","c-board-omers-exit"],"subtype":"company","role":"","period":""},"reading":"OMERS Farmoor Singapore Pte. Ltd (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"omers-infra-farmoor","record":{"id":"omers-infra-farmoor","name":"OMERS Infrastructure (Farmoor) Pte Ltd","type":"organization","group":"other","claim_ids":["c-hist-initial-investors-2021"],"subtype":"company","role":"","period":""},"reading":"OMERS Infrastructure (Farmoor) Pte Ltd (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"omers-ieh","record":{"id":"omers-ieh","name":"OMERS Infrastructure European Holdings B.V.","type":"organization","group":"other","claim_ids":["c-own-ultimate-controllers-2025"],"subtype":"company","role":"","period":""},"reading":"OMERS Infrastructure European Holdings B.V. (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"uss","record":{"id":"uss","name":"Universities Superannuation Scheme","type":"organization","group":"other","claim_ids":["c-own-website-shareholders","c-own-share-arithmetic","c-own-uss-ltd","c-hist-uc-2018","c-hist-uss-2021","c-hist-wren-arithmetic","c-board-departures"],"subtype":"other","aliases":["USS"],"role":"","period":""},"reading":"Universities Superannuation Scheme (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"uss-ltd","record":{"id":"uss-ltd","name":"Universities Superannuation Scheme Limited","type":"organization","group":"other","claim_ids":["c-own-l3-psc","c-own-uss-ltd","c-own-church-water-secretary"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"01167127","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Universities Superannuation Scheme Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"uss-secretarial","record":{"id":"uss-secretarial","name":"USS Secretarial Services Limited","type":"organization","group":"other","claim_ids":["c-own-church-water-secretary"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"11749329","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"USS Secretarial Services Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"l3-lp","record":{"id":"l3-lp","name":"L3 Investment Holdings LP","type":"organization","group":"other","claim_ids":["c-own-church-water-psc","c-own-l3-psc"],"subtype":"company","jurisdiction":"gb","role":"","period":""},"reading":"L3 Investment Holdings LP (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"l3-gp","record":{"id":"l3-gp","name":"L3 Investment Holdings Gp Limited","type":"organization","group":"other","claim_ids":["c-own-l3-psc"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"SC521123","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"L3 Investment Holdings Gp Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"church-water","record":{"id":"church-water","name":"Church Water Investment Limited","type":"organization","group":"other","claim_ids":["c-own-cs01-2024","c-own-share-arithmetic","c-own-church-water-psc","c-own-church-water-secretary","c-own-ultimate-controllers-2025","c-hist-initial-investors-2021","c-hist-wren-exit","c-hist-wren-arithmetic"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"10859956","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/10859956"],"role":"","period":""},"reading":"Church Water Investment Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"infinity","record":{"id":"infinity","name":"Infinity Investments SA","type":"organization","group":"other","claim_ids":["c-own-website-shareholders","c-own-cs01-2024","c-own-share-arithmetic","c-own-ultimate-controllers-2025","c-hist-pac-2014","c-hist-uc-2018","c-hist-initial-investors-2021"],"subtype":"company","role":"","period":""},"reading":"Infinity Investments SA (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"bci","record":{"id":"bci","name":"British Columbia Investment Management Corporation","type":"organization","group":"other","claim_ids":["c-own-website-shareholders","c-own-share-arithmetic","c-own-bci-letter","c-own-bci-statute","c-own-bci-terrace-link","c-hist-macquarie-2007"],"subtype":"other","jurisdiction":"ca","aliases":["BCI","bcIMC"],"role":"","period":""},"reading":"British Columbia Investment Management Corporation (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"bcimc-wcbaf","record":{"id":"bcimc-wcbaf","name":"bcIMC WCBAF SIIF101 2006 Investment Corporation","type":"organization","group":"other","claim_ids":["c-own-bci-letter","c-own-bcimc-wcbaf","c-own-ultimate-controllers-2025","c-hist-pac-2014"],"subtype":"company","jurisdiction":"ca","identifiers":[{"scheme":"company_register","value":"12605287","issuer":"Corporations Canada"}],"role":"","period":""},"reading":"bcIMC WCBAF SIIF101 2006 Investment Corporation (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"bcimc-sif101","record":{"id":"bcimc-sif101","name":"bcIMC SIF101 2006 Investment Corporation","type":"organization","group":"other","claim_ids":["c-own-bci-letter","c-hist-pac-2014"],"subtype":"company","role":"","period":""},"reading":"bcIMC SIF101 2006 Investment Corporation (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"bcimc-ic","record":{"id":"bcimc-ic","name":"bcIMC Investment Corporation","type":"organization","group":"other","claim_ids":["c-hist-uc-2018"],"subtype":"company","role":"","period":""},"reading":"bcIMC Investment Corporation (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"terrace","record":{"id":"terrace","name":"Terrace IRR GP Inc.","type":"organization","group":"other","claim_ids":["c-own-cs01-2024","c-own-share-arithmetic","c-own-terrace","c-own-bci-terrace-link","c-hist-torfino-terrace"],"subtype":"company","jurisdiction":"ca","identifiers":[{"scheme":"company_register","value":"12452464","issuer":"Corporations Canada"}],"role":"","period":""},"reading":"Terrace IRR GP Inc. (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"torfino","record":{"id":"torfino","name":"Torfino IMC Corporation Ltd","type":"organization","group":"historical","claim_ids":["c-own-bci-terrace-link","c-hist-torfino-terrace","c-hist-initial-investors-2021"],"subtype":"company","role":"","period":""},"reading":"Torfino IMC Corporation Ltd (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"lincoln-webb","record":{"id":"lincoln-webb","name":"Lincoln Webb","type":"person","group":"other","claim_ids":["c-own-bci-letter","c-own-bci-statute","c-own-terrace","c-own-bcimc-wcbaf","c-own-bci-terrace-link"],"subtype":"person","role":"","period":""},"reading":"Lincoln Webb (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"britel","record":{"id":"britel","name":"BriTel Fund Trustees Limited","type":"organization","group":"other","claim_ids":["c-own-website-shareholders","c-own-cs01-2024","c-own-share-arithmetic","c-own-britel","c-hist-pac-2014","c-hist-uc-2018","c-hist-initial-investors-2021"],"subtype":"company","role":"","period":""},"reading":"BriTel Fund Trustees Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"britel-funds","record":{"id":"britel-funds","name":"BriTel Funds Limited","type":"organization","group":"other","claim_ids":["c-own-ultimate-controllers-2025"],"subtype":"company","role":"","period":""},"reading":"BriTel Funds Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"hermes-gpe","record":{"id":"hermes-gpe","name":"Hermes GPE LLP","type":"organization","group":"other","claim_ids":["c-id-hermes-lei","c-own-website-shareholders","c-own-britel","c-own-hermes-psc"],"subtype":"company","jurisdiction":"gb","aliases":["Hermes GPE"],"identifiers":[{"scheme":"lei","value":"549300OPDMK6XNMN2594"},{"scheme":"company_register","value":"OC348770","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Hermes GPE LLP (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"federated-hermes","record":{"id":"federated-hermes","name":"Federated Hermes Limited","type":"organization","group":"other","claim_ids":["c-own-hermes-psc"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"01661776","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Federated Hermes Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"gpe-partner","record":{"id":"gpe-partner","name":"GPE Partner Limited","type":"organization","group":"other","claim_ids":["c-own-hermes-psc"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"07717749","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"GPE Partner Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"cic","record":{"id":"cic","name":"China Investment Corporation","type":"organization","group":"other","claim_ids":["c-own-website-shareholders","c-own-share-arithmetic"],"subtype":"other","aliases":["CIC"],"role":"","period":""},"reading":"China Investment Corporation (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"cicero","record":{"id":"cicero","name":"Cicero Investment Corporation","type":"organization","group":"other","claim_ids":["c-own-cs01-2024","c-own-share-arithmetic","c-own-ultimate-controllers-2025","c-hist-pac-2014","c-hist-uc-2018","c-hist-initial-investors-2021"],"subtype":"company","role":"","period":""},"reading":"Cicero Investment Corporation (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"qic","record":{"id":"qic","name":"Queensland Investment Corporation","type":"organization","group":"other","claim_ids":["c-own-website-shareholders","c-hist-macquarie-2007"],"subtype":"other","aliases":["QIC"],"role":"","period":""},"reading":"Queensland Investment Corporation (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"qic-im","record":{"id":"qic-im","name":"QIC Infrastructure Management Pty Ltd","type":"organization","group":"other","claim_ids":["c-own-cs01-2024","c-own-share-arithmetic","c-hist-initial-investors-2021"],"subtype":"company","role":"","period":""},"reading":"QIC Infrastructure Management Pty Ltd (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"qic-jersey","record":{"id":"qic-jersey","name":"QIC Diversified Infrastructure (Jersey) Limited","type":"organization","group":"historical","claim_ids":["c-hist-pac-2014"],"subtype":"company","role":"","period":""},"reading":"QIC Diversified Infrastructure (Jersey) Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"aquila","record":{"id":"aquila","name":"Aquila GP Inc.","type":"organization","group":"other","claim_ids":["c-own-website-shareholders","c-own-cs01-2024","c-own-share-arithmetic","c-hist-pac-2014","c-hist-initial-investors-2021"],"subtype":"company","role":"","period":""},"reading":"Aquila GP Inc. (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"pfzw","record":{"id":"pfzw","name":"Stichting Pensioenfonds Zorg en Welzijn","type":"organization","group":"other","claim_ids":["c-own-website-shareholders","c-own-cs01-2024","c-own-share-arithmetic","c-hist-pac-2014","c-hist-initial-investors-2021"],"subtype":"other","aliases":["PFZW"],"role":"","period":""},"reading":"Stichting Pensioenfonds Zorg en Welzijn (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kia","record":{"id":"kia","name":"Kuwait Investment Authority","type":"organization","group":"historical","claim_ids":["c-hist-2017-sale","c-hist-wren-kia"],"subtype":"other","role":"","period":""},"reading":"Kuwait Investment Authority (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"wren-house-mgmt","record":{"id":"wren-house-mgmt","name":"Wren House Infrastructure Management Limited","type":"organization","group":"historical","claim_ids":["c-hist-2017-sale","c-hist-uc-2018","c-hist-uss-2021","c-hist-wren-kia"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"08478917","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Wren House Infrastructure Management Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"wren-house-inv","record":{"id":"wren-house-inv","name":"Wren House Infrastructure Investments Limited","type":"organization","group":"historical","claim_ids":["c-hist-initial-investors-2021","c-hist-wren-exit","c-hist-wren-arithmetic"],"subtype":"company","role":"","period":""},"reading":"Wren House Infrastructure Investments Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"mira","record":{"id":"mira","name":"Macquarie Infrastructure and Real Assets","type":"organization","group":"historical","claim_ids":["c-hist-undertakings-dates","c-hist-2017-sale","c-hist-uc-2018"],"subtype":"company","aliases":["MIRA"],"role":"","period":""},"reading":"Macquarie Infrastructure and Real Assets (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"meif","record":{"id":"meif","name":"Macquarie European Infrastructure Fund LP","type":"organization","group":"historical","claim_ids":["c-hist-macquarie-2007","c-hist-undertakings-2007","c-hist-pac-2014"],"subtype":"company","role":"","period":""},"reading":"Macquarie European Infrastructure Fund LP (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"meif2","record":{"id":"meif2","name":"Macquarie European Infrastructure Fund II","type":"organization","group":"historical","claim_ids":["c-hist-macquarie-2007","c-hist-undertakings-2007"],"subtype":"company","role":"","period":""},"reading":"Macquarie European Infrastructure Fund II (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"meif-lux","record":{"id":"meif-lux","name":"MEIF Luxembourg Holdings S.à r.l.","type":"organization","group":"historical","claim_ids":["c-id-meif-lux","c-hist-undertakings-2007"],"subtype":"company","jurisdiction":"lu","identifiers":[{"scheme":"lei","value":"549300I7KMZ71CCWD353"},{"scheme":"company_register","value":"B97123","issuer":"Luxembourg Business Registers"}],"role":"","period":""},"reading":"MEIF Luxembourg Holdings S.à r.l. (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"meif2-lux","record":{"id":"meif2-lux","name":"MEIF II Luxembourg Holdings S.à r.l.","type":"organization","group":"historical","claim_ids":["c-id-meif2-lux","c-hist-undertakings-2007"],"subtype":"company","jurisdiction":"lu","identifiers":[{"scheme":"lei","value":"5493005140CK3YDUNM76"},{"scheme":"company_register","value":"B117627","issuer":"Luxembourg Business Registers"}],"role":"","period":""},"reading":"MEIF II Luxembourg Holdings S.à r.l. (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"mdif","record":{"id":"mdif","name":"Macquarie Diversified Infrastructure Fund","type":"organization","group":"historical","claim_ids":["c-hist-macquarie-2007"],"subtype":"company","role":"","period":""},"reading":"Macquarie Diversified Infrastructure Fund (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"mfit","record":{"id":"mfit","name":"Macquarie-FSS Infrastructure Trust","type":"organization","group":"historical","claim_ids":["c-hist-macquarie-2007"],"subtype":"company","role":"","period":""},"reading":"Macquarie-FSS Infrastructure Trust (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"mpp","record":{"id":"mpp","name":"Macquarie PRISM Pty Ltd","type":"organization","group":"historical","claim_ids":["c-hist-macquarie-2007"],"subtype":"company","role":"","period":""},"reading":"Macquarie PRISM Pty Ltd (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"lodh-mif","record":{"id":"lodh-mif","name":"LODH Macquarie Infrastructure Fund LP","type":"organization","group":"historical","claim_ids":["c-hist-macquarie-2007"],"subtype":"company","role":"","period":""},"reading":"LODH Macquarie Infrastructure Fund LP (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"macquarie-bank","record":{"id":"macquarie-bank","name":"Macquarie Bank Limited","type":"organization","group":"historical","claim_ids":["c-hist-macquarie-2007"],"subtype":"company","role":"","period":""},"reading":"Macquarie Bank Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"amp-kemble","record":{"id":"amp-kemble","name":"AMP Capital Investors (Kemble Water) Sarl","type":"organization","group":"historical","claim_ids":["c-hist-pac-2014"],"subtype":"company","role":"","period":""},"reading":"AMP Capital Investors (Kemble Water) Sarl (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"abp","record":{"id":"abp","name":"Stichting Pensioenfonds ABP","type":"organization","group":"historical","claim_ids":["c-hist-pac-2014"],"subtype":"other","role":"","period":""},"reading":"Stichting Pensioenfonds ABP (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"optrust-europe","record":{"id":"optrust-europe","name":"Optrust Infrastructure Europe 1 Inc","type":"organization","group":"historical","claim_ids":["c-hist-pac-2014"],"subtype":"company","role":"","period":""},"reading":"Optrust Infrastructure Europe 1 Inc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"sas-trustee","record":{"id":"sas-trustee","name":"SAS Trustee Corporation","type":"organization","group":"historical","claim_ids":["c-hist-pac-2014"],"subtype":"other","role":"","period":""},"reading":"SAS Trustee Corporation (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"pip2px","record":{"id":"pip2px","name":"PIP2PX (TW) Limited","type":"organization","group":"historical","claim_ids":["c-hist-pac-2014"],"subtype":"company","role":"","period":""},"reading":"PIP2PX (TW) Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"pip2gv","record":{"id":"pip2gv","name":"PIP2GV (TW) Limited","type":"organization","group":"historical","claim_ids":["c-hist-pac-2014"],"subtype":"company","role":"","period":""},"reading":"PIP2GV (TW) Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"twss-holdco","record":{"id":"twss-holdco","name":"Thames Water Super Senior Holdco Limited","type":"organization","group":"other","claim_ids":["c-own-psc-twssi","c-misc-ss-holdco"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"16110214","issuer":"Companies House (England and Wales)"}],"same_as":["https://find-and-update.company-information.service.gov.uk/company/16110214"],"role":"","period":""},"reading":"Thames Water Super Senior Holdco Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"csc-corporate","record":{"id":"csc-corporate","name":"CSC Corporate Services (UK) Limited","type":"organization","group":"counterparties","claim_ids":["c-misc-ss-holdco"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"10831084","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"CSC Corporate Services (UK) Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"csc-directors-1","record":{"id":"csc-directors-1","name":"CSC Directors (No.1) Limited","type":"organization","group":"counterparties","claim_ids":["c-misc-ss-holdco"],"subtype":"company","role":"","period":""},"reading":"CSC Directors (No.1) Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"csc-directors-2","record":{"id":"csc-directors-2","name":"CSC Directors (No.2) Limited","type":"organization","group":"counterparties","claim_ids":["c-misc-ss-holdco"],"subtype":"company","role":"","period":""},"reading":"CSC Directors (No.2) Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"csc-capital-markets","record":{"id":"csc-capital-markets","name":"CSC Capital Markets UK Limited","type":"organization","group":"counterparties","claim_ids":["c-misc-ss-holdco"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"10780001","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"CSC Capital Markets UK Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"class-a-ahg","record":{"id":"class-a-ahg","name":"Ad hoc group of Class A creditors","type":"organization","group":"counterparties","claim_ids":["c-rp1-tsa","c-rp1-class-b-proposals","c-rp1-funding-comparison","c-rp1-votes","c-rp1-hearing","c-rp1-objections","c-rp1-findings","c-rp1-costs","c-rp1-class-a-view","c-rp1-appeal","c-rp1-implementation","c-rec-class-b-tsa"],"subtype":"other","role":"","period":""},"reading":"Ad hoc group of Class A creditors (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"class-b-ahg","record":{"id":"class-b-ahg","name":"Ad hoc group of Class B creditors","type":"organization","group":"counterparties","claim_ids":["c-rp1-tsa","c-rp1-class-b-proposals","c-rp1-funding-comparison","c-rp1-votes","c-rp1-hearing","c-rp1-objections","c-rp1-valuation","c-rp1-findings","c-rp1-appeal","c-rec-class-b-tsa"],"subtype":"other","role":"","period":""},"reading":"Ad hoc group of Class B creditors (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kington","record":{"id":"kington","name":"Kington S.à r.l.","type":"organization","group":"counterparties","claim_ids":["c-rp1-appeal"],"subtype":"company","role":"","period":""},"reading":"Kington S.à r.l. (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"lvw","record":{"id":"lvw","name":"London & Valley Water","type":"organization","group":"counterparties","claim_ids":["c-reg-defra-letter","c-rec-lvw","c-rec-lvw-reported-terms","c-rec-class-b-tsa","c-rec-efra"],"subtype":"other","aliases":["L&VW","London and Valley Water Consortium"],"role":"","period":""},"reading":"London & Valley Water (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kroll-trustee","record":{"id":"kroll-trustee","name":"Kroll Trustee Services Limited","type":"organization","group":"counterparties","claim_ids":["c-wbs-charges","c-rp1-terms","c-rp1-control-terms"],"subtype":"company","role":"","period":""},"reading":"Kroll Trustee Services Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"kroll-issuer","record":{"id":"kroll-issuer","name":"Kroll Issuer Services Limited","type":"organization","group":"counterparties","claim_ids":["c-rp1-class-b-proposals"],"subtype":"company","role":"","period":""},"reading":"Kroll Issuer Services Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"deutsche-trustee","record":{"id":"deutsche-trustee","name":"Deutsche Trustee Company Limited","type":"organization","group":"counterparties","claim_ids":["c-wbs-debt-documents","c-wbs-charges","c-kem-security"],"subtype":"company","role":"","period":""},"reading":"Deutsche Trustee Company Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"barclays","record":{"id":"barclays","name":"Barclays Bank PLC","type":"organization","group":"counterparties","claim_ids":["c-kem-security"],"subtype":"company","role":"","period":""},"reading":"Barclays Bank PLC (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"rbs","record":{"id":"rbs","name":"The Royal Bank of Scotland plc","type":"organization","group":"counterparties","claim_ids":["c-kem-dependence-2013"],"subtype":"company","role":"","period":""},"reading":"The Royal Bank of Scotland plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"natwest-markets","record":{"id":"natwest-markets","name":"NatWest Markets plc","type":"organization","group":"counterparties","claim_ids":["c-rp1-us-ppn"],"subtype":"company","role":"","period":""},"reading":"NatWest Markets plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"pwc","record":{"id":"pwc","name":"PricewaterhouseCoopers LLP","type":"organization","group":"counterparties","claim_ids":["c-wbs-twuf-dividends-auditor"],"subtype":"company","role":"","period":""},"reading":"PricewaterhouseCoopers LLP (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"alixpartners","record":{"id":"alixpartners","name":"AlixPartners UK LLP","type":"organization","group":"counterparties","claim_ids":["c-board-exec-backgrounds","c-board-related-parties"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"OC360308","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"AlixPartners UK LLP (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"lek","record":{"id":"lek","name":"L.E.K. Consulting","type":"organization","group":"counterparties","claim_ids":["c-reg-p26-undertakings"],"subtype":"company","role":"","period":""},"reading":"L.E.K. Consulting (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"norose","record":{"id":"norose","name":"Norose Company Secretarial Services Limited","type":"organization","group":"counterparties","claim_ids":["c-board-kemble-2024"],"subtype":"company","role":"","period":""},"reading":"Norose Company Secretarial Services Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"ofwat","record":{"id":"ofwat","name":"Ofwat","type":"organization","group":"other","claim_ids":["c-id-twul-undertaker","c-own-ultimate-controllers-2025","c-own-shareholders-withdrawn","c-own-creditors-not-controllers","c-own-uc-jan-2025","c-hist-2006-acquisition","c-hist-macquarie-2007","c-hist-undertakings-2007","c-hist-undertakings-dates","c-hist-financing-plan-2007","c-hist-licence-2007","c-hist-pac-2014","c-hist-uc-2018","c-hist-licence-2018","c-div-oct-2023","c-div-mar-2024","c-div-ofwat-p30","c-reg-leakage-2006","c-reg-leakage-2018","c-reg-p26-undertakings","c-reg-turnaround","c-reg-pr24","c-reg-pr24-evidence","c-reg-cma-deferral","c-reg-ofwat-court-letter","c-reg-performance","c-reg-resilience","c-reg-bonus-ban","c-reg-defra-letter","c-sew-ea-2017-record-fine","c-sew-ea-other","c-sew-ofwat-wastewater","c-sew-penalty-plan","c-sew-winep-investigation","c-sew-cat-claim","c-rp1-findings","c-rp1-class-a-view","c-rec-equity-process","c-rec-lvw","c-rec-class-b-tsa","c-rec-going-concern","c-rec-efra","c-board-omers-exit","c-board-bonuses","c-misc-exceptional-fy25","c-misc-contingency-2024"],"subtype":"other","aliases":["Water Services Regulation Authority"],"role":"","period":""},"reading":"Ofwat (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"ea","record":{"id":"ea","name":"Environment Agency","type":"organization","group":"other","claim_ids":["c-id-twul-undertaker","c-reg-performance","c-sew-ea-2017-record-fine","c-sew-ea-2018-evenlode","c-sew-ea-2021-henley","c-sew-ea-2021-oxford","c-sew-ea-other","c-sew-ea-pending","c-sew-ofwat-wastewater","c-sew-permits-risk","c-sew-cat-claim"],"subtype":"other","role":"","period":""},"reading":"Environment Agency (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"dwi","record":{"id":"dwi","name":"Drinking Water Inspectorate","type":"organization","group":"other","claim_ids":["c-id-twul-undertaker","c-reg-dwi-orders","c-reg-dwi-lead"],"subtype":"other","role":"","period":""},"reading":"Drinking Water Inspectorate (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"defra","record":{"id":"defra","name":"Department for Environment, Food and Rural Affairs","type":"organization","group":"other","claim_ids":["c-id-twul-undertaker","c-reg-ofwat-court-letter","c-reg-dwi-lead","c-reg-defra-letter","c-rp1-objections","c-rp1-findings","c-rec-lvw","c-rec-going-concern","c-rec-efra","c-board-pearson","c-misc-contingency-2024"],"subtype":"other","aliases":["Defra"],"role":"","period":""},"reading":"Department for Environment, Food and Rural Affairs (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"hmt","record":{"id":"hmt","name":"HM Treasury","type":"organization","group":"other","claim_ids":["c-board-pearson","c-misc-contingency-2024"],"subtype":"other","role":"","period":""},"reading":"HM Treasury (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"cma","record":{"id":"cma","name":"Competition and Markets Authority","type":"organization","group":"other","claim_ids":["c-reg-pr24","c-reg-cma-deferral"],"subtype":"other","aliases":["CMA"],"role":"","period":""},"reading":"Competition and Markets Authority (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"charlie-maynard","record":{"id":"charlie-maynard","name":"Charlie Maynard MP","type":"person","group":"other","claim_ids":["c-rp1-hearing","c-rp1-objections","c-rp1-findings","c-rp1-appeal"],"subtype":"person","aliases":["Charles Maynard MP"],"role":"","period":""},"reading":"Charlie Maynard MP (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"carolyn-roberts","record":{"id":"carolyn-roberts","name":"Professor Carolyn Roberts","type":"person","group":"other","claim_ids":["c-sew-cat-claim"],"subtype":"person","role":"","period":""},"reading":"Professor Carolyn Roberts (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"adrian-montague","record":{"id":"adrian-montague","name":"Sir Adrian Montague","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-kemble-2023-24","c-board-exec-backgrounds","c-board-related-parties"],"subtype":"person","aliases":["Adrian Alastair Montague"],"role":"","period":""},"reading":"Sir Adrian Montague (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"chris-weston","record":{"id":"chris-weston","name":"Chris Weston","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-group-boards","c-board-exec-backgrounds","c-board-bonuses"],"subtype":"person","aliases":["Christopher Phillip Anthony Weston"],"role":"","period":""},"reading":"Chris Weston (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"steve-buck","record":{"id":"steve-buck","name":"Steve Buck","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-departures","c-board-exec-backgrounds"],"subtype":"person","aliases":["Steven John Buck"],"role":"","period":""},"reading":"Steve Buck (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"julian-gething","record":{"id":"julian-gething","name":"Julian Gething","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-group-boards","c-board-exec-backgrounds","c-board-related-parties"],"subtype":"person","role":"","period":""},"reading":"Julian Gething (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"andrew-fraiser","record":{"id":"andrew-fraiser","name":"Andrew Fraiser","type":"person","group":"leadership","claim_ids":["c-reg-pr24-evidence","c-rp1-hearing","c-board-current","c-board-exec-backgrounds"],"subtype":"person","role":"","period":""},"reading":"Andrew Fraiser (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"nick-land","record":{"id":"nick-land","name":"Nick Land","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-group-boards","c-board-ined-mandates"],"subtype":"person","aliases":["Nicholas Charles Edward Land"],"role":"","period":""},"reading":"Nick Land (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"catherine-lynn","record":{"id":"catherine-lynn","name":"Catherine Lynn","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-ined-mandates"],"subtype":"person","aliases":["Catherine Susan Lynn"],"role":"","period":""},"reading":"Catherine Lynn (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"ian-pearson","record":{"id":"ian-pearson","name":"Ian Pearson","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-group-boards","c-board-pearson"],"subtype":"person","aliases":["Ian Phares Pearson"],"role":"","period":""},"reading":"Ian Pearson (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"aidan-de-brunner","record":{"id":"aidan-de-brunner","name":"Aidan de Brunner","type":"person","group":"leadership","claim_ids":["c-reg-p26-undertakings","c-rp1-control-terms","c-board-current","c-board-roles","c-board-group-boards","c-board-ined-mandates"],"subtype":"person","aliases":["Aidan Whiteman De Brunner"],"role":"","period":""},"reading":"Aidan de Brunner (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"neil-robson","record":{"id":"neil-robson","name":"Neil Robson","type":"person","group":"leadership","claim_ids":["c-reg-p26-undertakings","c-rp1-control-terms","c-board-current","c-board-roles","c-board-group-boards","c-board-ined-mandates"],"subtype":"person","aliases":["Neil Jonathan Robson"],"role":"","period":""},"reading":"Neil Robson (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"adam-banks","record":{"id":"adam-banks","name":"Adam Banks","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-ined-mandates"],"subtype":"person","role":"","period":""},"reading":"Adam Banks (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"andrew-mcnaughton","record":{"id":"andrew-mcnaughton","name":"Andrew McNaughton","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-ined-mandates"],"subtype":"person","aliases":["Andrew James McNaughton"],"role":"","period":""},"reading":"Andrew McNaughton (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"nirmal-kotecha","record":{"id":"nirmal-kotecha","name":"Nirmal Kotecha","type":"person","group":"leadership","claim_ids":["c-board-current","c-board-roles","c-board-ined-mandates","c-board-related-parties"],"subtype":"person","aliases":["Nirmal Dhirajlal Kotecha"],"role":"","period":""},"reading":"Nirmal Kotecha (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"alastair-cochran","record":{"id":"alastair-cochran","name":"Alastair Cochran","type":"person","group":"historical","claim_ids":["c-reg-pr24-evidence","c-rp1-hearing","c-rp1-costs","c-board-departures","c-board-exec-backgrounds","c-board-related-parties"],"subtype":"person","aliases":["Alastair Edward Cochran"],"role":"","period":""},"reading":"Alastair Cochran (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"hannah-nixon","record":{"id":"hannah-nixon","name":"Hannah Nixon","type":"person","group":"historical","claim_ids":["c-board-departures","c-board-former-mandates"],"subtype":"person","role":"","period":""},"reading":"Hannah Nixon (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"jill-shedden","record":{"id":"jill-shedden","name":"Jill Shedden","type":"person","group":"historical","claim_ids":["c-board-departures","c-board-former-mandates"],"subtype":"person","aliases":["Jill Belinda Shedden"],"role":"","period":""},"reading":"Jill Shedden (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"john-holland-kaye","record":{"id":"john-holland-kaye","name":"John Holland-Kaye","type":"person","group":"historical","claim_ids":["c-board-departures","c-board-former-mandates"],"subtype":"person","aliases":["William John Holland-Kaye","John William Holland-Kaye"],"role":"","period":""},"reading":"John Holland-Kaye (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"michael-mcnicholas","record":{"id":"michael-mcnicholas","name":"Michael McNicholas","type":"person","group":"historical","claim_ids":["c-board-departures","c-board-omers-exit","c-board-former-mandates"],"subtype":"person","role":"","period":""},"reading":"Michael McNicholas (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"peter-mason","record":{"id":"peter-mason","name":"Sir Peter Mason","type":"person","group":"historical","claim_ids":["c-hist-2017-sale","c-board-mason","c-misc-kwh-2012-13"],"subtype":"person","aliases":["Peter James Mason"],"role":"","period":""},"reading":"Sir Peter Mason (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"william-alexander","record":{"id":"william-alexander","name":"William Alexander","type":"person","group":"historical","claim_ids":["c-board-former"],"subtype":"person","aliases":["William John Alexander"],"role":"","period":""},"reading":"William Alexander (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"craig-anderson","record":{"id":"craig-anderson","name":"Craig Anderson","type":"person","group":"historical","claim_ids":["c-board-former"],"subtype":"person","role":"","period":""},"reading":"Craig Anderson (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"richard-aylard","record":{"id":"richard-aylard","name":"Richard Aylard","type":"person","group":"historical","claim_ids":["c-board-former"],"subtype":"person","aliases":["Richard John Aylard"],"role":"","period":""},"reading":"Richard Aylard (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"peter-antolik","record":{"id":"peter-antolik","name":"Peter Antolik","type":"person","group":"historical","claim_ids":["c-board-former"],"subtype":"person","aliases":["Peter Szymon Antolik"],"role":"","period":""},"reading":"Peter Antolik (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"luis-arana","record":{"id":"luis-arana","name":"Luis Fernando Arana Abraira","type":"person","group":"historical","claim_ids":["c-board-former"],"subtype":"person","role":"","period":""},"reading":"Luis Fernando Arana Abraira (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"nicholas-pike","record":{"id":"nicholas-pike","name":"Nicholas Pike","type":"person","group":"leadership","claim_ids":["c-board-kemble-2024"],"subtype":"person","aliases":["Nicholas John Pike"],"role":"","period":""},"reading":"Nicholas Pike (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"paul-odonnell","record":{"id":"paul-odonnell","name":"Paul O'Donnell","type":"person","group":"leadership","claim_ids":["c-board-kemble-2024"],"subtype":"person","aliases":["Paul O’Donnell"],"role":"","period":""},"reading":"Paul O'Donnell (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"martin-cooke","record":{"id":"martin-cooke","name":"Martin Cooke","type":"person","group":"leadership","claim_ids":["c-board-kemble-2024"],"subtype":"person","aliases":["Martin Anthony Cooke"],"role":"","period":""},"reading":"Martin Cooke (person)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"centrica","record":{"id":"centrica","name":"Centrica plc","type":"organization","group":"other","claim_ids":["c-board-exec-backgrounds"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"03033654","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Centrica plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"british-gas","record":{"id":"british-gas","name":"British Gas Limited","type":"organization","group":"other","claim_ids":["c-board-exec-backgrounds"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"08811254","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"British Gas Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"anglian-water","record":{"id":"anglian-water","name":"Anglian Water Services Limited","type":"organization","group":"other","claim_ids":["c-board-exec-backgrounds"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"02366656","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Anglian Water Services Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"cadent","record":{"id":"cadent","name":"Cadent Gas Limited","type":"organization","group":"other","claim_ids":["c-board-exec-backgrounds","c-board-related-parties"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"10080864","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Cadent Gas Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"aviva","record":{"id":"aviva","name":"Aviva plc","type":"organization","group":"other","claim_ids":["c-board-exec-backgrounds"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"02468686","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Aviva plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"arqiva","record":{"id":"arqiva","name":"Arqiva Limited","type":"organization","group":"other","claim_ids":["c-board-exec-backgrounds","c-board-related-parties"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"02487597","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Arqiva Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"london-southend-airport","record":{"id":"london-southend-airport","name":"London Southend Airport Company Limited","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"02881745","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"London Southend Airport Company Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"vitality-uk","record":{"id":"vitality-uk","name":"Vitality UK Holdings Limited","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"05933172","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Vitality UK Holdings Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"tsb-banking-group","record":{"id":"tsb-banking-group","name":"TSB Banking Group plc","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"08871766","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"TSB Banking Group plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"videndum","record":{"id":"videndum","name":"Videndum plc","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"00227691","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Videndum plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"crest-nicholson","record":{"id":"crest-nicholson","name":"Crest Nicholson Holdings plc","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"06800600","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Crest Nicholson Holdings plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"amphora","record":{"id":"amphora","name":"Amphora Intermediate II Limited","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"11267056","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Amphora Intermediate II Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"inframonik","record":{"id":"inframonik","name":"Inframonik Advisory Limited","type":"organization","group":"other","claim_ids":["c-board-ined-mandates","c-board-related-parties"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"15705803","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Inframonik Advisory Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"mpa","record":{"id":"mpa","name":"Major Projects Association","type":"organization","group":"other","claim_ids":["c-board-ined-mandates","c-board-related-parties"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"02157656","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Major Projects Association (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"allora","record":{"id":"allora","name":"Allora Infrastructure Limited","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"15106961","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Allora Infrastructure Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"sheffield-forgemasters","record":{"id":"sheffield-forgemasters","name":"Sheffield Forgemasters Engineering Limited","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"04864216","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Sheffield Forgemasters Engineering Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"speedy-hire","record":{"id":"speedy-hire","name":"Speedy Hire plc","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"00927680","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Speedy Hire plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"british-steel","record":{"id":"british-steel","name":"British Steel Limited","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"17312541","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"British Steel Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"mott-macdonald","record":{"id":"mott-macdonald","name":"Mott MacDonald Group Limited","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"01110949","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Mott MacDonald Group Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"ihs-holding","record":{"id":"ihs-holding","name":"IHS Holding Limited","type":"organization","group":"other","claim_ids":["c-board-ined-mandates"],"subtype":"company","identifiers":[{"scheme":"company_register","value":"FC039216","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"IHS Holding Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"frc","record":{"id":"frc","name":"The Financial Reporting Council Limited","type":"organization","group":"other","claim_ids":["c-board-former-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"02486368","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"The Financial Reporting Council Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"worldpay","record":{"id":"worldpay","name":"Worldpay (UK) Limited","type":"organization","group":"other","claim_ids":["c-board-former-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"07316500","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Worldpay (UK) Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"recco","record":{"id":"recco","name":"Retail Energy Code Company Limited","type":"organization","group":"other","claim_ids":["c-board-former-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"10989875","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Retail Energy Code Company Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"spirit-energy","record":{"id":"spirit-energy","name":"Spirit Energy Limited","type":"organization","group":"other","claim_ids":["c-board-former-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"10854461","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Spirit Energy Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"scotia-gas","record":{"id":"scotia-gas","name":"Scotia Gas Networks Limited","type":"organization","group":"other","claim_ids":["c-board-former-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"04958135","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Scotia Gas Networks Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"heathrow","record":{"id":"heathrow","name":"Heathrow Airport Holdings Limited","type":"organization","group":"other","claim_ids":["c-board-former-mandates"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"05757208","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Heathrow Airport Holdings Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"bae-systems","record":{"id":"bae-systems","name":"BAE Systems plc","type":"organization","group":"other","claim_ids":["c-board-mason"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"01470151","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"BAE Systems plc (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"amec-fw","record":{"id":"amec-fw","name":"AMEC Foster Wheeler Limited","type":"organization","group":"other","claim_ids":["c-board-mason"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"01675285","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"AMEC Foster Wheeler Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"ags-airports","record":{"id":"ags-airports","name":"AGS Airports Limited","type":"organization","group":"other","claim_ids":["c-board-mason"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"09201991","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"AGS Airports Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"arjun","record":{"id":"arjun","name":"Arjun Infrastructure Partners Limited","type":"organization","group":"other","claim_ids":["c-board-former"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"09431213","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"Arjun Infrastructure Partners Limited (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"entities","id":"south-staffs-water","record":{"id":"south-staffs-water","name":"South Staffordshire Water PLC","type":"organization","group":"other","claim_ids":["c-board-former"],"subtype":"company","jurisdiction":"gb","identifiers":[{"scheme":"company_register","value":"02662742","issuer":"Companies House (England and Wales)"}],"role":"","period":""},"reading":"South Staffordshire Water PLC (organization)"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twuhl-twul","record":{"id":"r-twuhl-twul","from":"twuhl","to":"twul","status":"documented","role":"Immediate parent company (100%; person with significant control, 75% or more of shares and votes)","period":"Since 2007; PSC notified from 6 April 2016","claim_ids":["c-own-psc-twul","c-own-group-roles","c-own-kwh-subsidiaries"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"twuhl → twul: Immediate parent company (100%; person with significant control, 75% or more of shares and votes) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twl-twuhl","record":{"id":"r-twl-twuhl","from":"twl","to":"twuhl","status":"documented","role":"Parent company (person with significant control, 75% or more of shares and votes)","period":"PSC notified from 6 April 2016","claim_ids":["c-own-psc-twuhl","c-own-group-roles"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"twl → twuhl: Parent company (person with significant control, 75% or more of shares and votes) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwf-twl","record":{"id":"r-kwf-twl","from":"kwf","to":"twl","status":"documented","role":"Parent company (person with significant control, 75% or more of shares and votes; shares pledged as security)","period":"PSC notified from 6 April 2016","claim_ids":["c-own-psc-twl","c-own-group-roles"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"kwf → twl: Parent company (person with significant control, 75% or more of shares and votes; shares pledged as security) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwe-kwf","record":{"id":"r-kwe-kwf","from":"kwe","to":"kwf","status":"documented","role":"Parent company (100%; person with significant control)","period":"PSC notified from 6 April 2016","claim_ids":["c-own-psc-kwf","c-kem-intercompany-chain"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"kwe → kwf: Parent company (100%; person with significant control) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwh-kwe","record":{"id":"r-kwh-kwe","from":"kwh","to":"kwe","status":"documented","role":"Parent company (direct 100% subsidiary; person with significant control)","period":"PSC notified from 6 April 2016; as at 31 March 2023","claim_ids":["c-own-psc-kwe","c-own-kwh-subsidiaries","c-kem-eurobonds-2013"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"kwh → kwe: Parent company (direct 100% subsidiary; person with significant control) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwh-twul","record":{"id":"r-kwh-twul","from":"kwh","to":"twul","status":"documented","role":"Ultimate parent company (indirect 100% ownership)","period":"From 1 December 2006","claim_ids":["c-id-twul-role","c-own-kwh-subsidiaries","c-hist-2006-acquisition"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"kwh → twul: Ultimate parent company (indirect 100% ownership) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwh-kemble-ventures","record":{"id":"r-kwh-kemble-ventures","from":"kwh","to":"kemble-ventures","status":"documented","role":"Parent company (direct 100% subsidiary)","period":"As at 31 March 2023","claim_ids":["c-own-kwh-subsidiaries"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"kwh → kemble-ventures: Parent company (direct 100% subsidiary) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwf-twkf","record":{"id":"r-kwf-twkf","from":"kwf","to":"twkf","status":"documented","role":"Parent company (person with significant control, 75% or more; shares pledged as security)","period":"PSC notified from 6 April 2016","claim_ids":["c-kem-twkf","c-kem-security"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"kwf → twkf: Parent company (person with significant control, 75% or more; shares pledged as security) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwh-twucfl","record":{"id":"r-kwh-twucfl","from":"kwh","to":"twucfl","status":"documented","role":"Indirect parent company (100%)","period":"As at 31 March 2013","claim_ids":["c-hist-kemble-chain-2013","c-kem-group-debt-2013"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kwh → twucfl: Indirect parent company (100%) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-twuf","record":{"id":"r-twul-twuf","from":"twul","to":"twuf","status":"documented","role":"Parent company of its financing subsidiary (person with significant control, 75% or more; shares pledged as security)","period":"PSC notified from 6 April 2016","claim_ids":["c-own-psc-twuf","c-id-twul-group","c-wbs-twuf-onlending","c-misc-twuf-loans","c-board-twuf-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"twul → twuf: Parent company of its financing subsidiary (person with significant control, 75% or more; shares pledged as security) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-twssi","record":{"id":"r-twul-twssi","from":"twul","to":"twssi","status":"documented","role":"Parent company (person with significant control, 75% or more of shares and votes)","period":"From 25 February 2025","claim_ids":["c-own-psc-twssi","c-id-twul-group","c-rp1-terms"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"twul → twssi: Parent company (person with significant control, 75% or more of shares and votes) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-holdco-twssi","record":{"id":"r-holdco-twssi","from":"twss-holdco","to":"twssi","status":"documented","role":"Former parent company (person with significant control, 75% or more)","period":"29 November 2024 to 25 February 2025","claim_ids":["c-own-psc-twssi","c-misc-ss-holdco"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"twss-holdco → twssi: Former parent company (person with significant control, 75% or more) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twssi-upsize","record":{"id":"r-twssi-upsize","from":"twssi","to":"twss-upsize","status":"reported","role":"Proposed parent of the new upsize issuer (through its holding company)","period":"Proposed 15 October 2026","claim_ids":["c-rec-upsize"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"twssi → twss-upsize: Proposed parent of the new upsize issuer (through its holding company) [reported]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwl-twul","record":{"id":"r-kwl-twul","from":"kwl","to":"twul","status":"documented","role":"Indirect parent company as buyer of Thames Water Holdings Plc","period":"From 1 December 2006","claim_ids":["c-hist-2006-acquisition"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kwl → twul: Indirect parent company as buyer of Thames Water Holdings Plc [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwl-twhplc","record":{"id":"r-kwl-twhplc","from":"kwl","to":"tw-holdings-plc","status":"documented","role":"Buyer and parent company (100%)","period":"Purchase completed 1 December 2006","claim_ids":["c-hist-2006-acquisition"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kwl → tw-holdings-plc: Buyer and parent company (100%) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twhplc-twl","record":{"id":"r-twhplc-twl","from":"tw-holdings-plc","to":"twl","status":"documented","role":"Parent company (100%) of Thames Water Plc","period":"As described for December 2006","claim_ids":["c-hist-2006-acquisition"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"tw-holdings-plc → twl: Parent company (100%) of Thames Water Plc [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twl-twul-2006","record":{"id":"r-twl-twul-2006","from":"twl","to":"twul","status":"documented","role":"Parent company (100%), as Thames Water Plc, before TWUHL was interposed","period":"As at December 2006; TWUHL interposed in 2007","claim_ids":["c-hist-2006-acquisition","c-own-group-roles"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"twl → twul: Parent company (100%), as Thames Water Plc, before TWUHL was interposed [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twhplc-twul","record":{"id":"r-twhplc-twul","from":"tw-holdings-plc","to":"twul","status":"documented","role":"Indirect parent company (100% through Thames Water Plc)","period":"As at December 2006","claim_ids":["c-hist-2006-acquisition"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"tw-holdings-plc → twul: Indirect parent company (100% through Thames Water Plc) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwe-kwi","record":{"id":"r-kwe-kwi","from":"kwe","to":"kwi","status":"documented","role":"Parent company (person with significant control)","period":"PSC notified from 6 April 2016; dissolved 26 March 2019","claim_ids":["c-hist-kwl-psc"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kwe → kwi: Parent company (person with significant control) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwi-kwl","record":{"id":"r-kwi-kwl","from":"kwi","to":"kwl","status":"documented","role":"Parent company (person with significant control)","period":"PSC notified from 6 April 2016; dissolved 26 March 2019","claim_ids":["c-hist-kwl-psc"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kwi → kwl: Parent company (person with significant control) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwh-kw-liberty","record":{"id":"r-kwh-kw-liberty","from":"kwh","to":"kw-liberty","status":"documented","role":"Group company held by the Kemble group (principal undertaking)","period":"As at 31 March 2013; dissolved 26 March 2019","claim_ids":["c-hist-kemble-chain-2013"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kwh → kw-liberty: Group company held by the Kemble group (principal undertaking) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwh-kw-structure","record":{"id":"r-kwh-kw-structure","from":"kwh","to":"kw-structure","status":"documented","role":"Group company held by the Kemble group (principal undertaking)","period":"As at 31 March 2013; dissolved 26 March 2019","claim_ids":["c-hist-kemble-chain-2013"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kwh → kw-structure: Group company held by the Kemble group (principal undertaking) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-omers-kwh","record":{"id":"r-omers-kwh","from":"omers","to":"kwh","status":"documented","role":"Largest shareholder (31.777%) through OMERS Farmoor vehicles; reported to have written off its investment in May 2024","period":"From March 2017","claim_ids":["c-own-website-shareholders","c-hist-2017-sale","c-board-omers-exit"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"omers → kwh: Largest shareholder (31.777%) through OMERS Farmoor vehicles; reported to have written off its investment in May 2024 [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-farmoorsgp-kwh","record":{"id":"r-farmoorsgp-kwh","from":"omers-farmoor-sgp","to":"kwh","status":"documented","role":"Shareholder of record (435,906,071 shares)","period":"As of the confirmation statement of 25 September 2024","claim_ids":["c-own-cs01-2024","c-own-share-arithmetic"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"omers-farmoor-sgp → kwh: Shareholder of record (435,906,071 shares) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-farmoor2-kwh","record":{"id":"r-farmoor2-kwh","from":"omers-farmoor-2","to":"kwh","status":"documented","role":"Shareholder of record (110,129,892 shares); an initial investor under the shareholders’ agreement","period":"As of 25 September 2024","claim_ids":["c-own-cs01-2024","c-hist-initial-investors-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"omers-farmoor-2 → kwh: Shareholder of record (110,129,892 shares); an initial investor under the shareholders’ agreement [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-farmoor3-kwh","record":{"id":"r-farmoor3-kwh","from":"omers-farmoor-3","to":"kwh","status":"documented","role":"Shareholder of record (86,833,760 shares); an initial investor under the shareholders’ agreement","period":"As of 25 September 2024","claim_ids":["c-own-cs01-2024","c-hist-initial-investors-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"omers-farmoor-3 → kwh: Shareholder of record (86,833,760 shares); an initial investor under the shareholders’ agreement [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-farmoorsg-kwh","record":{"id":"r-farmoorsg-kwh","from":"omers-farmoor-sg","to":"kwh","status":"documented","role":"Shareholder of record (435,906,071 shares)","period":"As of the confirmation statement of 25 September 2022","claim_ids":["c-own-omers-cs01-2022","c-own-omers-press-vehicle"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"omers-farmoor-sg → kwh: Shareholder of record (435,906,071 shares) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-omers-farmoorsg","record":{"id":"r-omers-farmoorsg","from":"omers","to":"omers-farmoor-sg","status":"reported","role":"Owner (as reported in the press)","period":"Reported July 2023 and May 2024","claim_ids":["c-own-omers-press-vehicle","c-board-omers-exit"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"omers → omers-farmoor-sg: Owner (as reported in the press) [reported]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-uss-kwh","record":{"id":"r-uss-kwh","from":"uss","to":"kwh","status":"documented","role":"Shareholder (19.710%) through Church Water Investment Limited; bought a further 8.77% in December 2021","period":"From 2017; increased December 2021","claim_ids":["c-own-website-shareholders","c-hist-uss-2021","c-own-share-arithmetic"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"uss → kwh: Shareholder (19.710%) through Church Water Investment Limited; bought a further 8.77% in December 2021 [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-churchwater-kwh","record":{"id":"r-churchwater-kwh","from":"church-water","to":"kwh","status":"documented","role":"Shareholder of record (392,546,862 shares); an initial investor","period":"As of 25 September 2024","claim_ids":["c-own-cs01-2024","c-hist-initial-investors-2021","c-own-share-arithmetic"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"church-water → kwh: Shareholder of record (392,546,862 shares); an initial investor [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-l3-churchwater","record":{"id":"r-l3-churchwater","from":"l3-lp","to":"church-water","status":"documented","role":"Person with significant control (75% or more)","period":"From 24 July 2017","claim_ids":["c-own-church-water-psc"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"l3-lp → church-water: Person with significant control (75% or more) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-ussltd-l3","record":{"id":"r-ussltd-l3","from":"uss-ltd","to":"l3-lp","status":"documented","role":"Person with significant control (75% or more of votes and of rights to surplus assets)","period":"From 24 July 2017","claim_ids":["c-own-l3-psc"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"uss-ltd → l3-lp: Person with significant control (75% or more of votes and of rights to surplus assets) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-l3gp-l3","record":{"id":"r-l3gp-l3","from":"l3-gp","to":"l3-lp","status":"documented","role":"General partner (right to appoint or remove the persons who manage the partnership)","period":"From 24 July 2017","claim_ids":["c-own-l3-psc"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"l3-gp → l3-lp: General partner (right to appoint or remove the persons who manage the partnership) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-ussltd-uss","record":{"id":"r-ussltd-uss","from":"uss-ltd","to":"uss","status":"documented","role":"Trustee company of the scheme","period":"As described in the 2020/21 report","claim_ids":["c-own-uss-ltd"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"uss-ltd → uss: Trustee company of the scheme [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-infinity-kwh","record":{"id":"r-infinity-kwh","from":"infinity","to":"kwh","status":"documented","role":"Shareholder (9.900%; 197,168,400 shares)","period":"From 2011; as of 25 September 2024","claim_ids":["c-own-website-shareholders","c-own-cs01-2024","c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"infinity → kwh: Shareholder (9.900%; 197,168,400 shares) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-bci-kwh","record":{"id":"r-bci-kwh","from":"bci","to":"kwh","status":"documented","role":"Shareholder (8.706%) through Terrace IRR GP Inc.; first invested in 2006","period":"From 2006","claim_ids":["c-own-website-shareholders","c-own-bci-letter","c-own-bci-terrace-link"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"bci → kwh: Shareholder (8.706%) through Terrace IRR GP Inc.; first invested in 2006 [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-terrace-kwh","record":{"id":"r-terrace-kwh","from":"terrace","to":"kwh","status":"documented","role":"Shareholder of record (173,396,897 shares)","period":"From 4 January 2021; as of 25 September 2024","claim_ids":["c-own-cs01-2024","c-hist-torfino-terrace","c-own-share-arithmetic"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"terrace → kwh: Shareholder of record (173,396,897 shares) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-torfino-kwh","record":{"id":"r-torfino-kwh","from":"torfino","to":"kwh","status":"documented","role":"Former shareholder of record (173,396,897 shares transferred to Terrace IRR GP Inc.)","period":"Until 4 January 2021","claim_ids":["c-hist-torfino-terrace","c-hist-initial-investors-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"torfino → kwh: Former shareholder of record (173,396,897 shares transferred to Terrace IRR GP Inc.) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-wcbaf-kwh","record":{"id":"r-wcbaf-kwh","from":"bcimc-wcbaf","to":"kwh","status":"documented","role":"Shareholder (1.306% in 2014); BCI vehicle","period":"Listed in 2014 and 2018","claim_ids":["c-hist-pac-2014","c-own-bci-letter"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"bcimc-wcbaf → kwh: Shareholder (1.306% in 2014); BCI vehicle [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-sif101-kwh","record":{"id":"r-sif101-kwh","from":"bcimc-sif101","to":"kwh","status":"documented","role":"Shareholder (7.400% in 2014); BCI vehicle","period":"Listed in 2014 and 2018","claim_ids":["c-hist-pac-2014","c-own-bci-letter"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"bcimc-sif101 → kwh: Shareholder (7.400% in 2014); BCI vehicle [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-bci-wcbaf","record":{"id":"r-bci-wcbaf","from":"bci","to":"bcimc-wcbaf","status":"documented","role":"Investment manager of the holding corporation","period":"As of the 2018 letter","claim_ids":["c-own-bci-letter"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"bci → bcimc-wcbaf: Investment manager of the holding corporation [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-britel-kwh","record":{"id":"r-britel-kwh","from":"britel","to":"kwh","status":"documented","role":"Shareholder (8.699%; 173,251,041 shares) as custodian trustee of the BT Pension Scheme","period":"From 2006; as of 25 September 2024","claim_ids":["c-own-website-shareholders","c-own-cs01-2024","c-own-britel","c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"britel → kwh: Shareholder (8.699%; 173,251,041 shares) as custodian trustee of the BT Pension Scheme [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-hermes-britel","record":{"id":"r-hermes-britel","from":"hermes-gpe","to":"britel","status":"documented","role":"Investment manager for the BT Pension Scheme’s holding","period":"As stated in the 2024/25 annual report","claim_ids":["c-own-website-shareholders","c-own-britel"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"hermes-gpe → britel: Investment manager for the BT Pension Scheme’s holding [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-fedhermes-hermes","record":{"id":"r-fedhermes-hermes","from":"federated-hermes","to":"hermes-gpe","status":"documented","role":"Person with significant control (75% or more of votes)","period":"From 6 April 2016","claim_ids":["c-own-hermes-psc"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"federated-hermes → hermes-gpe: Person with significant control (75% or more of votes) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-gpepartner-hermes","record":{"id":"r-gpepartner-hermes","from":"gpe-partner","to":"hermes-gpe","status":"documented","role":"Former person with significant control (more than 25% and up to 50% of votes)","period":"6 April 2016 to 30 May 2024","claim_ids":["c-own-hermes-psc"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"gpe-partner → hermes-gpe: Former person with significant control (more than 25% and up to 50% of votes) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cic-kwh","record":{"id":"r-cic-kwh","from":"cic","to":"kwh","status":"documented","role":"Shareholder (8.688%) through Cicero Investment Corporation","period":"From 2012","claim_ids":["c-own-website-shareholders","c-own-share-arithmetic"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"cic → kwh: Shareholder (8.688%) through Cicero Investment Corporation [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cicero-kwh","record":{"id":"r-cicero-kwh","from":"cicero","to":"kwh","status":"documented","role":"Shareholder of record (173,032,146 shares; 8.688%); an initial investor","period":"Listed in 2014; as of 25 September 2024","claim_ids":["c-own-cs01-2024","c-hist-pac-2014","c-hist-initial-investors-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"cicero → kwh: Shareholder of record (173,032,146 shares; 8.688%); an initial investor [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-qic-kwh","record":{"id":"r-qic-kwh","from":"qic","to":"kwh","status":"documented","role":"Shareholder (5.352%)","period":"From 2006","claim_ids":["c-own-website-shareholders","c-hist-macquarie-2007"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"qic → kwh: Shareholder (5.352%) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-qicim-kwh","record":{"id":"r-qicim-kwh","from":"qic-im","to":"kwh","status":"documented","role":"Shareholder of record (106,583,411 shares) as trustee of a QIC portfolio trust","period":"As of 25 September 2024","claim_ids":["c-own-cs01-2024","c-own-share-arithmetic"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"qic-im → kwh: Shareholder of record (106,583,411 shares) as trustee of a QIC portfolio trust [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-qicjersey-kwh","record":{"id":"r-qicjersey-kwh","from":"qic-jersey","to":"kwh","status":"documented","role":"Shareholder (8.688% in 2014)","period":"As listed on 3 February 2014","claim_ids":["c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"qic-jersey → kwh: Shareholder (8.688% in 2014) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-aquila-kwh","record":{"id":"r-aquila-kwh","from":"aquila","to":"kwh","status":"documented","role":"Shareholder (4.996%; 99,493,484 shares as general partner)","period":"Listed in 2014 (2.606%); as of 25 September 2024","claim_ids":["c-own-website-shareholders","c-own-cs01-2024","c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"aquila → kwh: Shareholder (4.996%; 99,493,484 shares as general partner) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pfzw-kwh","record":{"id":"r-pfzw-kwh","from":"pfzw","to":"kwh","status":"documented","role":"Shareholder (2.172%; 43,258,036 shares)","period":"From 2006; as of 25 September 2024","claim_ids":["c-own-website-shareholders","c-own-cs01-2024","c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"pfzw → kwh: Shareholder (2.172%; 43,258,036 shares) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwihl-kwh","record":{"id":"r-kwihl-kwh","from":"kwihl","to":"kwh","status":"documented","role":"Former shareholder (47.65% in 2007; 26.315% in 2014; PSC to 31 May 2017) for Macquarie-managed funds","period":"1 December 2006 to 31 May 2017","claim_ids":["c-hist-macquarie-2007","c-hist-kwihl-psc","c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"kwihl → kwh: Former shareholder (47.65% in 2007; 26.315% in 2014; PSC to 31 May 2017) for Macquarie-managed funds [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-meif-kwihl","record":{"id":"r-meif-kwihl","from":"meif","to":"kwihl","status":"documented","role":"Member of the Macquarie holding company","period":"As described in 2007 and 2014","claim_ids":["c-hist-macquarie-2007","c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"meif → kwihl: Member of the Macquarie holding company [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-meif2-kwihl","record":{"id":"r-meif2-kwihl","from":"meif2","to":"kwihl","status":"documented","role":"Member of the Macquarie holding company","period":"As described in 2007","claim_ids":["c-hist-macquarie-2007"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"meif2 → kwihl: Member of the Macquarie holding company [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mdif-kwihl","record":{"id":"r-mdif-kwihl","from":"mdif","to":"kwihl","status":"documented","role":"Member of the Macquarie holding company","period":"As described in 2007","claim_ids":["c-hist-macquarie-2007"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"mdif → kwihl: Member of the Macquarie holding company [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mfit-kwihl","record":{"id":"r-mfit-kwihl","from":"mfit","to":"kwihl","status":"documented","role":"Member of the Macquarie holding company","period":"As described in 2007","claim_ids":["c-hist-macquarie-2007"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"mfit → kwihl: Member of the Macquarie holding company [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mpp-kwihl","record":{"id":"r-mpp-kwihl","from":"mpp","to":"kwihl","status":"documented","role":"Member of the Macquarie holding company","period":"As described in 2007","claim_ids":["c-hist-macquarie-2007"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"mpp → kwihl: Member of the Macquarie holding company [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-lodh-kwihl","record":{"id":"r-lodh-kwihl","from":"lodh-mif","to":"kwihl","status":"documented","role":"Member of the Macquarie holding company; bought Macquarie Bank’s remaining interest","period":"As described in 2007","claim_ids":["c-hist-macquarie-2007"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"lodh-mif → kwihl: Member of the Macquarie holding company; bought Macquarie Bank’s remaining interest [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-macquariebank-kwihl","record":{"id":"r-macquariebank-kwihl","from":"macquarie-bank","to":"kwihl","status":"documented","role":"Former holder of an interest, sold in 2007","period":"Until 2007","claim_ids":["c-hist-macquarie-2007"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"macquarie-bank → kwihl: Former holder of an interest, sold in 2007 [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mira-kwh","record":{"id":"r-mira-kwh","from":"mira","to":"kwh","status":"documented","role":"Seller of the remaining Macquarie-managed 26% interest","period":"2017","claim_ids":["c-hist-2017-sale"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"mira → kwh: Seller of the remaining Macquarie-managed 26% interest [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-wrenmgmt-kwh","record":{"id":"r-wrenmgmt-kwh","from":"wren-house-mgmt","to":"kwh","status":"documented","role":"Buyer of part of the Macquarie interest in 2017; sold its 8.77% to USS in December 2021","period":"March 2017 to December 2021","claim_ids":["c-hist-2017-sale","c-hist-uss-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"wren-house-mgmt → kwh: Buyer of part of the Macquarie interest in 2017; sold its 8.77% to USS in December 2021 [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-wreninv-kwh","record":{"id":"r-wreninv-kwh","from":"wren-house-inv","to":"kwh","status":"documented","role":"Former shareholder of record (174,694,999 shares transferred)","period":"Until 28 January 2022","claim_ids":["c-hist-wren-exit","c-hist-initial-investors-2021"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"wren-house-inv → kwh: Former shareholder of record (174,694,999 shares transferred) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kia-wrenmgmt","record":{"id":"r-kia-wrenmgmt","from":"kia","to":"wren-house-mgmt","status":"documented","role":"Person with significant control (75% or more)","period":"From 6 April 2016","claim_ids":["c-hist-wren-kia"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"unknown"},"reading":"kia → wren-house-mgmt: Person with significant control (75% or more) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-ampkemble-kwh","record":{"id":"r-ampkemble-kwh","from":"amp-kemble","to":"kwh","status":"documented","role":"Shareholder (5.530%)","period":"As listed on 3 February 2014","claim_ids":["c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"amp-kemble → kwh: Shareholder (5.530%) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-abp-kwh","record":{"id":"r-abp-kwh","from":"abp","to":"kwh","status":"documented","role":"Shareholder (4.344%)","period":"As listed on 3 February 2014","claim_ids":["c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"abp → kwh: Shareholder (4.344%) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-optrust-kwh","record":{"id":"r-optrust-kwh","from":"optrust-europe","to":"kwh","status":"documented","role":"Shareholder (4.344%)","period":"As listed on 3 February 2014","claim_ids":["c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"optrust-europe → kwh: Shareholder (4.344%) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-sas-kwh","record":{"id":"r-sas-kwh","from":"sas-trustee","to":"kwh","status":"documented","role":"Shareholder (2.389%)","period":"As listed on 3 February 2014","claim_ids":["c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"sas-trustee → kwh: Shareholder (2.389%) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pip2px-kwh","record":{"id":"r-pip2px-kwh","from":"pip2px","to":"kwh","status":"documented","role":"Shareholder (2.020%)","period":"As listed on 3 February 2014","claim_ids":["c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"pip2px → kwh: Shareholder (2.020%) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pip2gv-kwh","record":{"id":"r-pip2gv-kwh","from":"pip2gv","to":"kwh","status":"documented","role":"Shareholder (1.238%)","period":"As listed on 3 February 2014","claim_ids":["c-hist-pac-2014"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"pip2gv → kwh: Shareholder (1.238%) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwh-twul-uc","record":{"id":"r-kwh-twul-uc","from":"kwh","to":"twul","status":"documented","role":"United Kingdom holding company and Ultimate Controller under the licence (gives the Condition P undertaking)","period":"Undertaking from 14 August 2007; listed by Ofwat in 2018 and 2025","claim_ids":["c-hist-undertakings-2007","c-hist-undertakings-dates","c-own-ultimate-controllers-2025"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"kwh → twul: United Kingdom holding company and Ultimate Controller under the licence (gives the Condition P undertaking) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-meiflux-twul-uc","record":{"id":"r-meiflux-twul-uc","from":"meif-lux","to":"twul","status":"documented","role":"Joint Ultimate Controller giving a licence undertaking","period":"From 2007","claim_ids":["c-hist-undertakings-2007"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"meif-lux → twul: Joint Ultimate Controller giving a licence undertaking [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-meif2lux-twul-uc","record":{"id":"r-meif2lux-twul-uc","from":"meif2-lux","to":"twul","status":"documented","role":"Joint Ultimate Controller giving a licence undertaking","period":"From 2007","claim_ids":["c-hist-undertakings-2007"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"meif2-lux → twul: Joint Ultimate Controller giving a licence undertaking [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-omers-twul-uc","record":{"id":"r-omers-twul-uc","from":"omers","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat, 2018)","period":"Listed in 2018","claim_ids":["c-hist-uc-2018"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"omers → twul: Ultimate Controller (Ofwat, 2018) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-uss-twul-uc","record":{"id":"r-uss-twul-uc","from":"uss","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat, 2018)","period":"Listed in 2018","claim_ids":["c-hist-uc-2018"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"uss → twul: Ultimate Controller (Ofwat, 2018) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-infinity-twul-uc","record":{"id":"r-infinity-twul-uc","from":"infinity","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat lists of 2018 and September 2025)","period":"Listed in 2018 and 2025","claim_ids":["c-hist-uc-2018","c-own-ultimate-controllers-2025"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"infinity → twul: Ultimate Controller (Ofwat lists of 2018 and September 2025) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-wren-twul-uc","record":{"id":"r-wren-twul-uc","from":"wren-house-mgmt","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat, 2018)","period":"Listed in 2018","claim_ids":["c-hist-uc-2018"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"wren-house-mgmt → twul: Ultimate Controller (Ofwat, 2018) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-britel-twul-uc","record":{"id":"r-britel-twul-uc","from":"britel","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat, 2018)","period":"Listed in 2018","claim_ids":["c-hist-uc-2018"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"britel → twul: Ultimate Controller (Ofwat, 2018) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cicero-twul-uc","record":{"id":"r-cicero-twul-uc","from":"cicero","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat lists of 2018 and September 2025)","period":"Listed in 2018 and 2025","claim_ids":["c-hist-uc-2018","c-own-ultimate-controllers-2025"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"cicero → twul: Ultimate Controller (Ofwat lists of 2018 and September 2025) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-bcimcic-twul-uc","record":{"id":"r-bcimcic-twul-uc","from":"bcimc-ic","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat, 2018)","period":"Listed in 2018","claim_ids":["c-hist-uc-2018"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"historical"},"reading":"bcimc-ic → twul: Ultimate Controller (Ofwat, 2018) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-wcbaf-twul-uc","record":{"id":"r-wcbaf-twul-uc","from":"bcimc-wcbaf","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat letter of September 2025)","period":"Listed in 2025","claim_ids":["c-own-ultimate-controllers-2025"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"bcimc-wcbaf → twul: Ultimate Controller (Ofwat letter of September 2025) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-omersieh-twul-uc","record":{"id":"r-omersieh-twul-uc","from":"omers-ieh","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat letter of September 2025)","period":"Listed in 2025","claim_ids":["c-own-ultimate-controllers-2025"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"omers-ieh → twul: Ultimate Controller (Ofwat letter of September 2025) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-britelfunds-twul-uc","record":{"id":"r-britelfunds-twul-uc","from":"britel-funds","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat letter of September 2025)","period":"Listed in 2025","claim_ids":["c-own-ultimate-controllers-2025"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"britel-funds → twul: Ultimate Controller (Ofwat letter of September 2025) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-churchwater-twul-uc","record":{"id":"r-churchwater-twul-uc","from":"church-water","to":"twul","status":"documented","role":"Ultimate Controller (Ofwat letter of September 2025)","period":"Listed in 2025","claim_ids":["c-own-ultimate-controllers-2025"],"kind":"other","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"church-water → twul: Ultimate Controller (Ofwat letter of September 2025) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-csccorp-holdco","record":{"id":"r-csccorp-holdco","from":"csc-corporate","to":"twss-holdco","status":"documented","role":"Person with significant control (75% or more; right to appoint directors)","period":"From 29 November 2024","claim_ids":["c-misc-ss-holdco"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"csc-corporate → twss-holdco: Person with significant control (75% or more; right to appoint directors) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-csccap-csccorp","record":{"id":"r-csccap-csccorp","from":"csc-capital-markets","to":"csc-corporate","status":"documented","role":"Person with significant control (75% or more)","period":"From 22 June 2017","claim_ids":["c-misc-ss-holdco"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"csc-capital-markets → csc-corporate: Person with significant control (75% or more) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-csccap-cscdir1","record":{"id":"r-csccap-cscdir1","from":"csc-capital-markets","to":"csc-directors-1","status":"documented","role":"Person with significant control (75% or more)","period":"From 22 June 2017","claim_ids":["c-misc-ss-holdco"],"kind":"owns","direction":"directed","role_group":"ownership","temporal_status":"current"},"reading":"csc-capital-markets → csc-directors-1: Person with significant control (75% or more) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-csccorp-holdco-sec","record":{"id":"r-csccorp-holdco-sec","from":"csc-corporate","to":"twss-holdco","status":"documented","role":"Corporate company secretary","period":"From 29 November 2024","claim_ids":["c-misc-ss-holdco"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"csc-corporate → twss-holdco: Corporate company secretary [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cscdir1-holdco","record":{"id":"r-cscdir1-holdco","from":"csc-directors-1","to":"twss-holdco","status":"documented","role":"Corporate director","period":"From 29 November 2024","claim_ids":["c-misc-ss-holdco"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"csc-directors-1 → twss-holdco: Corporate director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cscdir2-holdco","record":{"id":"r-cscdir2-holdco","from":"csc-directors-2","to":"twss-holdco","status":"documented","role":"Corporate director","period":"From 29 November 2024","claim_ids":["c-misc-ss-holdco"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"csc-directors-2 → twss-holdco: Corporate director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twuf-twul-loans","record":{"id":"r-twuf-twul-loans","from":"twuf","to":"twul","status":"documented","role":"Lends the proceeds of WBS bonds, loans and private placements to (intercompany loans, recharged with a 0.10% margin)","period":"Since the 2007 securitisation; balances reported to 2025","claim_ids":["c-wbs-twuf-onlending","c-wbs-twul-owes-twuf","c-wbs-twuf-2021"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twuf → twul: Lends the proceeds of WBS bonds, loans and private placements to (intercompany loans, recharged with a 0.10% margin) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-twuf-loans","record":{"id":"r-twul-twuf-loans","from":"twul","to":"twuf","status":"documented","role":"Lender of two unsecured intercompany loans (£200.0m and £100.0m)","period":"Balances at 31 March 2024 and 2025","claim_ids":["c-misc-twuf-loans"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twul → twuf: Lender of two unsecured intercompany loans (£200.0m and £100.0m) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-twuf-guarantee","record":{"id":"r-twul-twuf-guarantee","from":"twul","to":"twuf","status":"documented","role":"Cross-guarantor under the WBS finance documents (each guarantees the other)","period":"Since the 2007 securitisation","claim_ids":["c-wbs-guaranteed-debt","c-misc-ss-guarantees"],"kind":"business","direction":"undirected","role_group":"business","temporal_status":"current"},"reading":"twul → twuf: Cross-guarantor under the WBS finance documents (each guarantees the other) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twuhl-twul-guarantee","record":{"id":"r-twuhl-twul-guarantee","from":"twuhl","to":"twul","status":"documented","role":"Guarantor of TWUL’s obligations under the WBS finance documents (with security over TWUL’s shares)","period":"Since the 2007 securitisation","claim_ids":["c-wbs-guaranteed-debt","c-rp1-plan-debt"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twuhl → twul: Guarantor of TWUL’s obligations under the WBS finance documents (with security over TWUL’s shares) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twuhl-twuf-guarantee","record":{"id":"r-twuhl-twuf-guarantee","from":"twuhl","to":"twuf","status":"documented","role":"Guarantor of TWUF’s obligations under the WBS finance documents","period":"Since the 2007 securitisation","claim_ids":["c-wbs-guaranteed-debt","c-rp1-plan-debt"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twuhl → twuf: Guarantor of TWUF’s obligations under the WBS finance documents [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twssi-twul-loan","record":{"id":"r-twssi-twul-loan","from":"twssi","to":"twul","status":"documented","role":"Lender of the super senior intercompany facility (proceeds of its bonds and loans)","period":"From April 2025; c. £2.25bn principal drawn by mid-2026","claim_ids":["c-rp1-terms","c-rp1-implementation","c-rec-liquidity-2026","c-misc-ss-guarantees"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twssi → twul: Lender of the super senior intercompany facility (proceeds of its bonds and loans) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-twssi-guarantee","record":{"id":"r-twul-twssi-guarantee","from":"twul","to":"twssi","status":"documented","role":"Guarantor of the super senior debt of","period":"From 25 February 2025","claim_ids":["c-rp1-terms","c-misc-ss-guarantees"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twul → twssi: Guarantor of the super senior debt of [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twuhl-twssi-guarantee","record":{"id":"r-twuhl-twssi-guarantee","from":"twuhl","to":"twssi","status":"documented","role":"Guarantor of the super senior debt of","period":"From 25 February 2025","claim_ids":["c-rp1-terms","c-misc-ss-guarantees"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twuhl → twssi: Guarantor of the super senior debt of [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twuf-twssi-guarantee","record":{"id":"r-twuf-twssi-guarantee","from":"twuf","to":"twssi","status":"documented","role":"Cross-guarantor of the super senior funding of","period":"From 25 February 2025","claim_ids":["c-rp1-terms"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twuf → twssi: Cross-guarantor of the super senior funding of [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-twucfl-guarantee","record":{"id":"r-twul-twucfl-guarantee","from":"twul","to":"twucfl","status":"documented","role":"Guarantor of notes issued by","period":"As described in the WBS documentation","claim_ids":["c-wbs-twucfl"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"twul → twucfl: Guarantor of notes issued by [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twuf-twucfl-guarantee","record":{"id":"r-twuf-twucfl-guarantee","from":"twuf","to":"twucfl","status":"documented","role":"Guarantor of notes issued by","period":"As described in the WBS documentation","claim_ids":["c-wbs-twucfl"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"twuf → twucfl: Guarantor of notes issued by [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-twuhl-loans","record":{"id":"r-twul-twuhl-loans","from":"twul","to":"twuhl","status":"documented","role":"Lender of two unsecured loans (£1,249.1m principal at 31 March 2025), fully impaired","period":"Repayable 2039 and after the stable platform period","claim_ids":["c-div-twuhl-loans","c-div-twuhl-impairment","c-rec-results-fy25","c-misc-exceptional-fy25"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twul → twuhl: Lender of two unsecured loans (£1,249.1m principal at 31 March 2025), fully impaired [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-twuhl-dividends","record":{"id":"r-twul-twuhl-dividends","from":"twul","to":"twuhl","status":"documented","role":"Paid dividends to (£195.8m for 2023/24; none since)","period":"Recorded from 2012/13 to March 2024","claim_ids":["c-div-fy24-breakdown","c-div-oct-2023","c-div-mar-2024","c-div-2012-13"],"kind":"pays","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"twul → twuhl: Paid dividends to (£195.8m for 2023/24; none since) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twl-twuhl-loans","record":{"id":"r-twl-twuhl-loans","from":"twl","to":"twuhl","status":"documented","role":"Lender of subordinated loans and unpaid deferred consideration for TWUL (£2,282.2m principal at 31 March 2026)","period":"Deferred consideration repayable by 2058","claim_ids":["c-div-twuhl-owes-twl","c-div-subordinated-debt","c-div-sub-loans-standstill","c-rp1-plan-debt","c-misc-twuhl-company"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twl → twuhl: Lender of subordinated loans and unpaid deferred consideration for TWUL (£2,282.2m principal at 31 March 2026) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twl-twuhl-services","record":{"id":"r-twl-twuhl-services","from":"twl","to":"twuhl","status":"documented","role":"Provided services to the TWUHL group (£215.8m in 2025/26)","period":"2024/25 and 2025/26","claim_ids":["c-div-twl-recharge"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twl → twuhl: Provided services to the TWUHL group (£215.8m in 2025/26) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-kwf-debtservice","record":{"id":"r-twul-kwf-debtservice","from":"twul","to":"kwf","status":"documented","role":"Its dividends, passed up the chain, funded the debt interest of (£37.5m in October 2023; £60.0m in 2012/13)","period":"2012/13; October 2023","claim_ids":["c-div-oct-2023","c-div-2012-13","c-div-fy24-breakdown"],"kind":"pays","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"twul → kwf: Its dividends, passed up the chain, funded the debt interest of (£37.5m in October 2023; £60.0m in 2012/13) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-kwe-pension","record":{"id":"r-twul-kwe-pension","from":"twul","to":"kwe","status":"documented","role":"Dividend element of £27.1m (March 2024) matched pension top-up payments made on TWUL’s behalf by","period":"March 2024","claim_ids":["c-div-mar-2024"],"kind":"pays","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"twul → kwe: Dividend element of £27.1m (March 2024) matched pension top-up payments made on TWUL’s behalf by [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-kwe-grouprelief","record":{"id":"r-twul-kwe-grouprelief","from":"twul","to":"kwe","status":"documented","role":"Surrendered tax losses for group relief settled by (with Thames Water Limited)","period":"March 2024","claim_ids":["c-div-mar-2024"],"kind":"pays","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"twul → kwe: Surrendered tax losses for group relief settled by (with Thames Water Limited) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-twl-grouprelief","record":{"id":"r-twul-twl-grouprelief","from":"twul","to":"twl","status":"documented","role":"Surrendered tax losses for group relief settled by (with Kemble Water Eurobond plc)","period":"March 2024","claim_ids":["c-div-mar-2024"],"kind":"pays","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"twul → twl: Surrendered tax losses for group relief settled by (with Kemble Water Eurobond plc) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-kwe-interest-2013","record":{"id":"r-twul-kwe-interest-2013","from":"twul","to":"kwe","status":"documented","role":"Its dividends funded the external interest on the debt of (£17.5m in 2012/13)","period":"2012/13","claim_ids":["c-div-2012-13"],"kind":"pays","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"twul → kwe: Its dividends funded the external interest on the debt of (£17.5m in 2012/13) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-kwf-recharge","record":{"id":"r-twul-kwf-recharge","from":"twul","to":"kwf","status":"documented","role":"Provides support and payroll services, recharged at arm’s length, to","period":"As stated in the interim accounts","claim_ids":["c-div-twl-recharge"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twul → kwf: Provides support and payroll services, recharged at arm’s length, to [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twul-kwe-recharge","record":{"id":"r-twul-kwe-recharge","from":"twul","to":"kwe","status":"documented","role":"Provides support and payroll services, recharged at arm’s length, to","period":"As stated in the interim accounts","claim_ids":["c-div-twl-recharge"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"twul → kwe: Provides support and payroll services, recharged at arm’s length, to [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twl-twuf-audit","record":{"id":"r-twl-twuf-audit","from":"twl","to":"twuf","status":"documented","role":"Bore the audit fees of","period":"2020/21","claim_ids":["c-wbs-twuf-dividends-auditor"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"twl → twuf: Bore the audit fees of [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwh-kwe-loans","record":{"id":"r-kwh-kwe-loans","from":"kwh","to":"kwe","status":"documented","role":"Lender of two intercompany loans mirroring the shareholder instruments","period":"As described in the 2022/23 accounts","claim_ids":["c-kem-intercompany-chain","c-kem-shareholder-notes"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"kwh → kwe: Lender of two intercompany loans mirroring the shareholder instruments [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwe-kwf-loan","record":{"id":"r-kwe-kwf-loan","from":"kwe","to":"kwf","status":"documented","role":"Lender of a £3.1bn intercompany loan","period":"As described in the 2022/23 accounts","claim_ids":["c-kem-intercompany-chain"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"kwe → kwf: Lender of a £3.1bn intercompany loan [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kwf-twkf-guarantee","record":{"id":"r-kwf-twkf-guarantee","from":"kwf","to":"twkf","status":"documented","role":"Guarantor of the secured holding-company debt issued by (co-obligor of Kemble-level debt)","period":"Since 2011","claim_ids":["c-kem-security","c-kem-twkf","c-kem-group-debt-2013"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"kwf → twkf: Guarantor of the secured holding-company debt issued by (co-obligor of Kemble-level debt) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-deutsche-twul","record":{"id":"r-deutsche-twul","from":"deutsche-trustee","to":"twul","status":"documented","role":"Security trustee of the WBS and holder of charges over TWUL’s assets","period":"From 30 August 2007; new charge 25 February 2025","claim_ids":["c-wbs-debt-documents","c-wbs-charges"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"deutsche-trustee → twul: Security trustee of the WBS and holder of charges over TWUL’s assets [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-deutsche-twuhl","record":{"id":"r-deutsche-twuhl","from":"deutsche-trustee","to":"twuhl","status":"documented","role":"Security trustee under the WBS documents","period":"Since 2007","claim_ids":["c-wbs-debt-documents"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"deutsche-trustee → twuhl: Security trustee under the WBS documents [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kroll-twul","record":{"id":"r-kroll-twul","from":"kroll-trustee","to":"twul","status":"documented","role":"Security trustee for the super senior funding and chargee","period":"From 25 February 2025","claim_ids":["c-wbs-charges","c-rp1-terms","c-rp1-control-terms"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"kroll-trustee → twul: Security trustee for the super senior funding and chargee [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kroll-twuhl","record":{"id":"r-kroll-twuhl","from":"kroll-trustee","to":"twuhl","status":"documented","role":"Security trustee party to the super senior loan agreement guaranteed by","period":"From 25 February 2025","claim_ids":["c-rp1-terms"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"kroll-trustee → twuhl: Security trustee party to the super senior loan agreement guaranteed by [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-deutsche-kwf","record":{"id":"r-deutsche-kwf","from":"deutsche-trustee","to":"kwf","status":"documented","role":"Security trustee and chargee for the Kemble holding-company debt","period":"From 7 April 2011","claim_ids":["c-kem-security"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"deutsche-trustee → kwf: Security trustee and chargee for the Kemble holding-company debt [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-deutsche-twkf","record":{"id":"r-deutsche-twkf","from":"deutsche-trustee","to":"twkf","status":"documented","role":"Security trustee and chargee","period":"From 7 April 2011","claim_ids":["c-kem-security"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"deutsche-trustee → twkf: Security trustee and chargee [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-barclays-kwf","record":{"id":"r-barclays-kwf","from":"barclays","to":"kwf","status":"documented","role":"Security agent under the 2006 debentures","period":"13 October 2006 to 11 April 2011","claim_ids":["c-kem-security"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"barclays → kwf: Security agent under the 2006 debentures [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-natwest-twul","record":{"id":"r-natwest-twul","from":"natwest-markets","to":"twul","status":"documented","role":"Appointed Standstill Cash Manager under the common terms agreement","period":"Appointment in place by February 2025","claim_ids":["c-rp1-us-ppn"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"unknown"},"reading":"natwest-markets → twul: Appointed Standstill Cash Manager under the common terms agreement [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pwc-twuf","record":{"id":"r-pwc-twuf","from":"pwc","to":"twuf","status":"documented","role":"Independent auditor","period":"2020/21","claim_ids":["c-wbs-twuf-dividends-auditor"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"pwc → twuf: Independent auditor [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-alix-twul","record":{"id":"r-alix-twul","from":"alixpartners","to":"twul","status":"documented","role":"Adviser and related-party service provider to the TWUL group (£16.3m in 2024/25; £18.5m in 2025/26)","period":"2024/25 to 2025/26","claim_ids":["c-board-related-parties"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"alixpartners → twul: Adviser and related-party service provider to the TWUL group (£16.3m in 2024/25; £18.5m in 2025/26) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cadent-twul","record":{"id":"r-cadent-twul","from":"cadent","to":"twul","status":"documented","role":"Related-party service provider to the TWUL group (£32,000 in 2024/25)","period":"2024/25","claim_ids":["c-board-related-parties"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"cadent → twul: Related-party service provider to the TWUL group (£32,000 in 2024/25) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-inframonik-twul","record":{"id":"r-inframonik-twul","from":"inframonik","to":"twul","status":"documented","role":"Related-party service provider to the TWUL group (£18,000)","period":"Six months to 30 September 2025","claim_ids":["c-board-related-parties"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"inframonik → twul: Related-party service provider to the TWUL group (£18,000) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mpa-twul","record":{"id":"r-mpa-twul","from":"mpa","to":"twul","status":"documented","role":"Related-party service provider to the TWUL group (£10,000)","period":"Six months to 30 September 2025","claim_ids":["c-board-related-parties"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"mpa → twul: Related-party service provider to the TWUL group (£10,000) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-arqiva-twuhl","record":{"id":"r-arqiva-twuhl","from":"arqiva","to":"twuhl","status":"documented","role":"Related-party service provider to the TWUHL group (£25.9m)","period":"2025/26","claim_ids":["c-board-related-parties"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"historical"},"reading":"arqiva → twuhl: Related-party service provider to the TWUHL group (£25.9m) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-lek-twul","record":{"id":"r-lek-twul","from":"lek","to":"twul","status":"documented","role":"Independent monitor under the August 2024 undertakings","period":"Appointed October 2024","claim_ids":["c-reg-p26-undertakings"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"lek → twul: Independent monitor under the August 2024 undertakings [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twuhl-twul-plan","record":{"id":"r-twuhl-twul-plan","from":"twuhl","to":"twul","status":"documented","role":"Plan company of the 2025 restructuring plan covering the WBS debt borrowed or issued by","period":"Claim filed 10 December 2024; sanctioned 21 February 2025","claim_ids":["c-rp1-convening","c-rp1-plan-debt","c-rp1-findings"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"twuhl → twul: Plan company of the 2025 restructuring plan covering the WBS debt borrowed or issued by [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-twl-twuhl-plan","record":{"id":"r-twl-twuhl-plan","from":"twl","to":"twuhl","status":"documented","role":"Sole subordinated creditor that voted against, opposed and appealed the restructuring plan of","period":"January to April 2025","claim_ids":["c-rp1-votes","c-rp1-hearing","c-rp1-appeal"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"twl → twuhl: Sole subordinated creditor that voted against, opposed and appealed the restructuring plan of [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kington-twuhl","record":{"id":"r-kington-twuhl","from":"kington","to":"twuhl","status":"documented","role":"Appellant (for the Class B ad hoc group) against the sanction of the plan of","period":"Appeal heard 11–13 March 2025; dismissed 17 March 2025","claim_ids":["c-rp1-appeal"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"kington → twuhl: Appellant (for the Class B ad hoc group) against the sanction of the plan of [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-classb-twuhl","record":{"id":"r-classb-twuhl","from":"class-b-ahg","to":"twuhl","status":"documented","role":"Opposed the restructuring plan of and proposed an alternative (B Plan)","period":"October 2024 to April 2025","claim_ids":["c-rp1-class-b-proposals","c-rp1-objections","c-rp1-hearing"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"class-b-ahg → twuhl: Opposed the restructuring plan of and proposed an alternative (B Plan) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-classa-twuhl","record":{"id":"r-classa-twuhl","from":"class-a-ahg","to":"twuhl","status":"documented","role":"Backstopped and supported the restructuring plan of (respondent to the appeal)","period":"October 2024 to April 2025","claim_ids":["c-rp1-tsa","c-rp1-hearing","c-rp1-appeal"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"class-a-ahg → twuhl: Backstopped and supported the restructuring plan of (respondent to the appeal) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-maynard-twuhl","record":{"id":"r-maynard-twuhl","from":"charlie-maynard","to":"twuhl","status":"documented","role":"Opposed, for customers and the public interest, and appealed the restructuring plan of","period":"February to July 2025","claim_ids":["c-rp1-hearing","c-rp1-objections","c-rp1-appeal"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"historical"},"reading":"charlie-maynard → twuhl: Opposed, for customers and the public interest, and appealed the restructuring plan of [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-classb-twul-tsa","record":{"id":"r-classb-twul-tsa","from":"class-b-ahg","to":"twul","status":"documented","role":"Party, with Class A creditors, to the Class B transaction support agreement with","period":"From 16 October 2026","claim_ids":["c-rec-class-b-tsa"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"class-b-ahg → twul: Party, with Class A creditors, to the Class B transaction support agreement with [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-lvw-twul","record":{"id":"r-lvw-twul","from":"lvw","to":"twul","status":"documented","role":"Consortium of senior (Class A) creditors proposing the recapitalisation of","period":"From 2 October 2025; no decision at 16 October 2026","claim_ids":["c-rec-lvw","c-rec-class-b-tsa","c-rec-efra","c-reg-defra-letter"],"kind":"business","direction":"directed","role_group":"business","temporal_status":"current"},"reading":"lvw → twul: Consortium of senior (Class A) creditors proposing the recapitalisation of [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-ofwat-twul","record":{"id":"r-ofwat-twul","from":"ofwat","to":"twul","status":"documented","role":"Economic regulator of the appointed water and sewerage undertaker","period":"Since 1989","claim_ids":["c-id-twul-undertaker","c-reg-leakage-2018","c-div-ofwat-p30","c-sew-ofwat-wastewater","c-reg-turnaround","c-reg-cma-deferral","c-reg-leakage-2006","c-reg-performance","c-reg-resilience","c-reg-bonus-ban","c-sew-winep-investigation","c-sew-penalty-plan","c-reg-ofwat-court-letter"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"ofwat → twul: Economic regulator of the appointed water and sewerage undertaker [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-ea-twul","record":{"id":"r-ea-twul","from":"ea","to":"twul","status":"documented","role":"Environmental regulator; prosecuted TWUL for pollution offences","period":"Prosecutions 2016–2023; a further prosecution and investigations pending at July 2026","claim_ids":["c-id-twul-undertaker","c-sew-ea-2018-evenlode","c-sew-ea-2021-henley","c-sew-ea-2021-oxford","c-sew-permits-risk","c-sew-ea-2017-record-fine","c-sew-ea-other","c-sew-ea-pending"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"ea → twul: Environmental regulator; prosecuted TWUL for pollution offences [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-dwi-twul","record":{"id":"r-dwi-twul","from":"dwi","to":"twul","status":"documented","role":"Drinking water quality regulator; issued enforcement orders and a lead-risk notice to","period":"September 2024; 15 July 2025","claim_ids":["c-id-twul-undertaker","c-reg-dwi-orders","c-reg-dwi-lead"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"dwi → twul: Drinking water quality regulator; issued enforcement orders and a lead-risk notice to [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-defra-twul","record":{"id":"r-defra-twul","from":"defra","to":"twul","status":"documented","role":"Government department of the Secretary of State who issues the licence of appointment of","period":"Since 1989","claim_ids":["c-id-twul-undertaker","c-rec-going-concern"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"defra → twul: Government department of the Secretary of State who issues the licence of appointment of [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cma-twul","record":{"id":"r-cma-twul","from":"cma","to":"twul","status":"documented","role":"Authority to which TWUL asked Ofwat to refer its PR24 determination (reference deferred)","period":"Request announced 14 February 2025; deferred without end date","claim_ids":["c-reg-pr24","c-reg-cma-deferral"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"cma → twul: Authority to which TWUL asked Ofwat to refer its PR24 determination (reference deferred) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-roberts-twul","record":{"id":"r-roberts-twul","from":"carolyn-roberts","to":"twul","status":"documented","role":"Proposed class representative bringing collective proceedings against","period":"Dismissed 7 March 2025; appeal dismissed 5 March 2026; Supreme Court permission June 2026","claim_ids":["c-sew-cat-claim"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"carolyn-roberts → twul: Proposed class representative bringing collective proceedings against [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-roberts-kwh","record":{"id":"r-roberts-kwh","from":"carolyn-roberts","to":"kwh","status":"documented","role":"Proposed class representative bringing collective proceedings against (as co-defendant with TWUL)","period":"As for the claim against TWUL","claim_ids":["c-sew-cat-claim"],"kind":"legal","direction":"directed","role_group":"legal","temporal_status":"current"},"reading":"carolyn-roberts → kwh: Proposed class representative bringing collective proceedings against (as co-defendant with TWUL) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-montague-twul","record":{"id":"r-montague-twul","from":"adrian-montague","to":"twul","status":"documented","role":"Chair and director","period":"From 10 July 2023","claim_ids":["c-board-current","c-board-roles"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"adrian-montague → twul: Chair and director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-weston-twul","record":{"id":"r-weston-twul","from":"chris-weston","to":"twul","status":"documented","role":"Chief executive officer and director","period":"Director from 8 January 2024","claim_ids":["c-board-current","c-board-roles","c-board-bonuses"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"chris-weston → twul: Chief executive officer and director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-buck-twul","record":{"id":"r-buck-twul","from":"steve-buck","to":"twul","status":"documented","role":"Chief financial officer and director","period":"From 7 April 2025","claim_ids":["c-board-current","c-board-roles","c-board-departures"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"steve-buck → twul: Chief financial officer and director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-gething-twul","record":{"id":"r-gething-twul","from":"julian-gething","to":"twul","status":"documented","role":"Chief restructuring officer and director","period":"From 22 January 2025","claim_ids":["c-board-current","c-board-roles"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"julian-gething → twul: Chief restructuring officer and director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-fraiser-twul","record":{"id":"r-fraiser-twul","from":"andrew-fraiser","to":"twul","status":"documented","role":"Company secretary","period":"From 27 March 2024","claim_ids":["c-board-current","c-board-exec-backgrounds"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"andrew-fraiser → twul: Company secretary [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-land-twul","record":{"id":"r-land-twul","from":"nick-land","to":"twul","status":"documented","role":"Independent non-executive director","period":"From 6 February 2017","claim_ids":["c-board-current","c-board-roles"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nick-land → twul: Independent non-executive director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-lynn-twul","record":{"id":"r-lynn-twul","from":"catherine-lynn","to":"twul","status":"documented","role":"Independent non-executive director","period":"From 28 November 2018","claim_ids":["c-board-current","c-board-roles"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"catherine-lynn → twul: Independent non-executive director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pearson-twul","record":{"id":"r-pearson-twul","from":"ian-pearson","to":"twul","status":"documented","role":"Independent non-executive director","period":"From 1 September 2014","claim_ids":["c-board-current","c-board-roles","c-board-pearson"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"ian-pearson → twul: Independent non-executive director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-debrunner-twul","record":{"id":"r-debrunner-twul","from":"aidan-de-brunner","to":"twul","status":"documented","role":"Independent non-executive director appointed under the August 2024 undertakings (restructuring experience)","period":"From 1 September 2024","claim_ids":["c-board-current","c-board-roles","c-reg-p26-undertakings","c-rp1-control-terms"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"aidan-de-brunner → twul: Independent non-executive director appointed under the August 2024 undertakings (restructuring experience) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-robson-twul","record":{"id":"r-robson-twul","from":"neil-robson","to":"twul","status":"documented","role":"Independent non-executive director appointed under the August 2024 undertakings (restructuring experience)","period":"From 2 October 2024","claim_ids":["c-board-current","c-board-roles","c-reg-p26-undertakings","c-rp1-control-terms"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"neil-robson → twul: Independent non-executive director appointed under the August 2024 undertakings (restructuring experience) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-banks-twul","record":{"id":"r-banks-twul","from":"adam-banks","to":"twul","status":"documented","role":"Independent non-executive director","period":"From 28 March 2025","claim_ids":["c-board-current","c-board-roles"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"adam-banks → twul: Independent non-executive director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnaughton-twul","record":{"id":"r-mcnaughton-twul","from":"andrew-mcnaughton","to":"twul","status":"documented","role":"Independent non-executive director","period":"From 28 March 2025","claim_ids":["c-board-current","c-board-roles"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"andrew-mcnaughton → twul: Independent non-executive director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kotecha-twul","record":{"id":"r-kotecha-twul","from":"nirmal-kotecha","to":"twul","status":"documented","role":"Independent non-executive director","period":"From 28 March 2025","claim_ids":["c-board-current","c-board-roles"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nirmal-kotecha → twul: Independent non-executive director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cochran-twul","record":{"id":"r-cochran-twul","from":"alastair-cochran","to":"twul","status":"documented","role":"Chief financial officer and director","period":"CFO from September 2021; left the board 27 March 2025","claim_ids":["c-board-departures","c-rp1-hearing","c-reg-pr24-evidence"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"alastair-cochran → twul: Chief financial officer and director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-nixon-twul","record":{"id":"r-nixon-twul","from":"hannah-nixon","to":"twul","status":"documented","role":"Independent non-executive director","period":"14 January 2021 to 3 March 2025","claim_ids":["c-board-departures"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"hannah-nixon → twul: Independent non-executive director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-shedden-twul","record":{"id":"r-shedden-twul","from":"jill-shedden","to":"twul","status":"documented","role":"Independent non-executive director","period":"1 October 2018 to 30 September 2024","claim_ids":["c-board-departures"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"jill-shedden → twul: Independent non-executive director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-hollandkaye-twul","record":{"id":"r-hollandkaye-twul","from":"john-holland-kaye","to":"twul","status":"documented","role":"Non-executive director representing USS","period":"1 April 2023 to 31 December 2024","claim_ids":["c-board-departures"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"john-holland-kaye → twul: Non-executive director representing USS [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnicholas-twul","record":{"id":"r-mcnicholas-twul","from":"michael-mcnicholas","to":"twul","status":"documented","role":"Non-executive director representing OMERS","period":"1 July 2019 to 16 May 2024","claim_ids":["c-board-departures","c-board-omers-exit"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"michael-mcnicholas → twul: Non-executive director representing OMERS [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-twul","record":{"id":"r-mason-twul","from":"peter-mason","to":"twul","status":"documented","role":"Chairman and director","period":"1 December 2006 to 25 January 2018","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → twul: Chairman and director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-alexander-twul","record":{"id":"r-alexander-twul","from":"william-alexander","to":"twul","status":"documented","role":"Director","period":"Before 24 July 1992 to 16 November 2005","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"william-alexander → twul: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-anderson-twul","record":{"id":"r-anderson-twul","from":"craig-anderson","to":"twul","status":"documented","role":"Director","period":"20 September 2001 to 31 January 2005","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"craig-anderson → twul: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-aylard-twul","record":{"id":"r-aylard-twul","from":"richard-aylard","to":"twul","status":"documented","role":"Director","period":"21 January 2005 to 1 December 2006","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"richard-aylard → twul: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-antolik-twul","record":{"id":"r-antolik-twul","from":"peter-antolik","to":"twul","status":"documented","role":"Director","period":"1 December 2006 to 14 February 2008","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-antolik → twul: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-arana-twul","record":{"id":"r-arana-twul","from":"luis-arana","to":"twul","status":"documented","role":"Director (three periods)","period":"Between 9 January 2008 and 19 January 2012","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"luis-arana → twul: Director (three periods) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-land-twuhl","record":{"id":"r-land-twuhl","from":"nick-land","to":"twuhl","status":"documented","role":"Director","period":"From 18 June 2024","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nick-land → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-weston-twuhl","record":{"id":"r-weston-twuhl","from":"chris-weston","to":"twuhl","status":"documented","role":"Director","period":"From 18 June 2024","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"chris-weston → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pearson-twuhl","record":{"id":"r-pearson-twuhl","from":"ian-pearson","to":"twuhl","status":"documented","role":"Director","period":"From 18 June 2024","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"ian-pearson → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-debrunner-twuhl","record":{"id":"r-debrunner-twuhl","from":"aidan-de-brunner","to":"twuhl","status":"documented","role":"Director","period":"From 14 November 2024","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"aidan-de-brunner → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-robson-twuhl","record":{"id":"r-robson-twuhl","from":"neil-robson","to":"twuhl","status":"documented","role":"Director","period":"From 14 November 2024","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"neil-robson → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-gething-twuhl","record":{"id":"r-gething-twuhl","from":"julian-gething","to":"twuhl","status":"documented","role":"Director","period":"From 22 January 2025","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"julian-gething → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-fraiser-twuhl","record":{"id":"r-fraiser-twuhl","from":"andrew-fraiser","to":"twuhl","status":"documented","role":"General counsel and company secretary of the plan company","period":"Joined Thames Water in March 2024","claim_ids":["c-rp1-hearing","c-reg-pr24-evidence"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"andrew-fraiser → twuhl: General counsel and company secretary of the plan company [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pike-twuhl","record":{"id":"r-pike-twuhl","from":"nicholas-pike","to":"twuhl","status":"documented","role":"Director","period":"8 July to 19 November 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"nicholas-pike → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-odonnell-twuhl","record":{"id":"r-odonnell-twuhl","from":"paul-odonnell","to":"twuhl","status":"documented","role":"Director","period":"8 July to 19 November 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"paul-odonnell → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnicholas-twuhl","record":{"id":"r-mcnicholas-twuhl","from":"michael-mcnicholas","to":"twuhl","status":"documented","role":"Director","period":"4 April 2019 to 23 March 2023","claim_ids":["c-board-departures"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"michael-mcnicholas → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-twuhl","record":{"id":"r-mason-twuhl","from":"peter-mason","to":"twuhl","status":"documented","role":"Director","period":"21 June 2007 to 25 January 2018","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → twuhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-land-twuf","record":{"id":"r-land-twuf","from":"nick-land","to":"twuf","status":"documented","role":"Director","period":"From 22 May 2024","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nick-land → twuf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-debrunner-twuf","record":{"id":"r-debrunner-twuf","from":"aidan-de-brunner","to":"twuf","status":"documented","role":"Director","period":"From 14 November 2024","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"aidan-de-brunner → twuf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-robson-twuf","record":{"id":"r-robson-twuf","from":"neil-robson","to":"twuf","status":"documented","role":"Director","period":"From 14 November 2024","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"neil-robson → twuf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-gething-twuf","record":{"id":"r-gething-twuf","from":"julian-gething","to":"twuf","status":"documented","role":"Director","period":"From 22 January 2025","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"julian-gething → twuf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-alexander-twuf","record":{"id":"r-alexander-twuf","from":"william-alexander","to":"twuf","status":"documented","role":"Director","period":"6 October 1992 to 20 September 2002","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"william-alexander → twuf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-anderson-twuf","record":{"id":"r-anderson-twuf","from":"craig-anderson","to":"twuf","status":"documented","role":"Director","period":"5 June 2002 to 14 December 2005","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"craig-anderson → twuf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-land-twssi","record":{"id":"r-land-twssi","from":"nick-land","to":"twssi","status":"documented","role":"Director","period":"From 25 February 2025","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nick-land → twssi: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-debrunner-twssi","record":{"id":"r-debrunner-twssi","from":"aidan-de-brunner","to":"twssi","status":"documented","role":"Director","period":"From 25 February 2025","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"aidan-de-brunner → twssi: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-robson-twssi","record":{"id":"r-robson-twssi","from":"neil-robson","to":"twssi","status":"documented","role":"Director","period":"From 25 February 2025","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"neil-robson → twssi: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-gething-twssi","record":{"id":"r-gething-twssi","from":"julian-gething","to":"twssi","status":"documented","role":"Director","period":"From 25 February 2025","claim_ids":["c-board-group-boards"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"julian-gething → twssi: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnicholas-twl","record":{"id":"r-mcnicholas-twl","from":"michael-mcnicholas","to":"twl","status":"documented","role":"Director","period":"4 April 2019 to 23 March 2023","claim_ids":["c-board-departures"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"michael-mcnicholas → twl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-twl","record":{"id":"r-mason-twl","from":"peter-mason","to":"twl","status":"documented","role":"Director","period":"1 December 2006 to 25 January 2018","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → twl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-alexander-twl","record":{"id":"r-alexander-twl","from":"william-alexander","to":"twl","status":"documented","role":"Director","period":"1 April 1994 to 16 November 2005","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"william-alexander → twl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pike-kwh","record":{"id":"r-pike-kwh","from":"nicholas-pike","to":"kwh","status":"documented","role":"Director","period":"From 8 July 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nicholas-pike → kwh: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-odonnell-kwh","record":{"id":"r-odonnell-kwh","from":"paul-odonnell","to":"kwh","status":"documented","role":"Director","period":"From 8 July 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"paul-odonnell → kwh: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cooke-kwh","record":{"id":"r-cooke-kwh","from":"martin-cooke","to":"kwh","status":"documented","role":"Director","period":"From 9 July 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"martin-cooke → kwh: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-montague-kwh","record":{"id":"r-montague-kwh","from":"adrian-montague","to":"kwh","status":"documented","role":"Director","period":"10 July 2023 to 17 February 2024","claim_ids":["c-board-kemble-2023-24"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"adrian-montague → kwh: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-kwh","record":{"id":"r-mason-kwh","from":"peter-mason","to":"kwh","status":"documented","role":"Chairman and director","period":"1 December 2006 to 25 January 2018","claim_ids":["c-board-mason","c-misc-kwh-2012-13"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → kwh: Chairman and director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnicholas-kwh","record":{"id":"r-mcnicholas-kwh","from":"michael-mcnicholas","to":"kwh","status":"documented","role":"Director","period":"4 April 2019 to 23 March 2023","claim_ids":["c-board-departures"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"michael-mcnicholas → kwh: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-arana-kwh","record":{"id":"r-arana-kwh","from":"luis-arana","to":"kwh","status":"documented","role":"Director (three periods)","period":"Between 2008 and 2012","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"luis-arana → kwh: Director (three periods) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pike-kwf","record":{"id":"r-pike-kwf","from":"nicholas-pike","to":"kwf","status":"documented","role":"Director","period":"From 20 May 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nicholas-pike → kwf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-odonnell-kwf","record":{"id":"r-odonnell-kwf","from":"paul-odonnell","to":"kwf","status":"documented","role":"Director","period":"From 20 May 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"paul-odonnell → kwf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnicholas-kwf","record":{"id":"r-mcnicholas-kwf","from":"michael-mcnicholas","to":"kwf","status":"documented","role":"Director","period":"4 April 2019 to 23 March 2023","claim_ids":["c-board-departures"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"michael-mcnicholas → kwf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-kwf","record":{"id":"r-mason-kwf","from":"peter-mason","to":"kwf","status":"documented","role":"Director","period":"1 December 2006 to 25 January 2018","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → kwf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cooke-kwe","record":{"id":"r-cooke-kwe","from":"martin-cooke","to":"kwe","status":"documented","role":"Director","period":"From 9 July 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"martin-cooke → kwe: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-odonnell-kwe","record":{"id":"r-odonnell-kwe","from":"paul-odonnell","to":"kwe","status":"documented","role":"Director","period":"From 8 July 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"paul-odonnell → kwe: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pike-kwe","record":{"id":"r-pike-kwe","from":"nicholas-pike","to":"kwe","status":"documented","role":"Director","period":"From 8 July 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nicholas-pike → kwe: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-norose-kwe","record":{"id":"r-norose-kwe","from":"norose","to":"kwe","status":"documented","role":"Corporate company secretary","period":"From 5 April 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"norose → kwe: Corporate company secretary [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnicholas-kwe","record":{"id":"r-mcnicholas-kwe","from":"michael-mcnicholas","to":"kwe","status":"documented","role":"Director","period":"4 April 2019 to 23 March 2023","claim_ids":["c-board-departures"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"michael-mcnicholas → kwe: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-kwe","record":{"id":"r-mason-kwe","from":"peter-mason","to":"kwe","status":"documented","role":"Director","period":"1 December 2006 to 25 January 2018","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → kwe: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-odonnell-twkf","record":{"id":"r-odonnell-twkf","from":"paul-odonnell","to":"twkf","status":"documented","role":"Director","period":"From 20 May 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"paul-odonnell → twkf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pike-twkf","record":{"id":"r-pike-twkf","from":"nicholas-pike","to":"twkf","status":"documented","role":"Director","period":"From 20 May 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nicholas-pike → twkf: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-norose-twkf","record":{"id":"r-norose-twkf","from":"norose","to":"twkf","status":"documented","role":"Corporate company secretary","period":"From 5 April 2024","claim_ids":["c-board-kemble-2024"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"norose → twkf: Corporate company secretary [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-kwstructure","record":{"id":"r-mason-kwstructure","from":"peter-mason","to":"kw-structure","status":"documented","role":"Director","period":"1 December 2006 to 19 March 2014","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → kw-structure: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-kwi","record":{"id":"r-mason-kwi","from":"peter-mason","to":"kwi","status":"documented","role":"Director","period":"1 December 2006 to 19 March 2014","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → kwi: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-twhl","record":{"id":"r-mason-twhl","from":"peter-mason","to":"twhl","status":"documented","role":"Director","period":"1 December 2006 to 19 March 2014","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → twhl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-kwl","record":{"id":"r-mason-kwl","from":"peter-mason","to":"kwl","status":"documented","role":"Director","period":"1 December 2006 to 19 March 2014","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → kwl: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-kwliberty","record":{"id":"r-mason-kwliberty","from":"peter-mason","to":"kw-liberty","status":"documented","role":"Director","period":"1 December 2006 to 19 March 2014","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → kw-liberty: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-usssec-churchwater","record":{"id":"r-usssec-churchwater","from":"uss-secretarial","to":"church-water","status":"documented","role":"Corporate company secretary","period":"From 7 January 2019","claim_ids":["c-own-church-water-secretary"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"uss-secretarial → church-water: Corporate company secretary [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnicholas-omers","record":{"id":"r-mcnicholas-omers","from":"michael-mcnicholas","to":"omers","status":"reported","role":"Managing director at OMERS Infrastructure; OMERS’s representative on the Thames Water board","period":"Until May 2024 (reported)","claim_ids":["c-board-omers-exit"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"michael-mcnicholas → omers: Managing director at OMERS Infrastructure; OMERS’s representative on the Thames Water board [reported]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-webb-bci","record":{"id":"r-webb-bci","from":"lincoln-webb","to":"bci","status":"documented","role":"Officer writing from a bci.ca address (BCI vehicles’ president and director)","period":"As of the 2018 letter","claim_ids":["c-own-bci-letter","c-own-bci-statute"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"lincoln-webb → bci: Officer writing from a bci.ca address (BCI vehicles’ president and director) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-webb-wcbaf","record":{"id":"r-webb-wcbaf","from":"lincoln-webb","to":"bcimc-wcbaf","status":"documented","role":"President (2018 letter); only listed director (Corporations Canada)","period":"President in 2018; director as last confirmed 9 January 2026","claim_ids":["c-own-bci-letter","c-own-bcimc-wcbaf"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"lincoln-webb → bcimc-wcbaf: President (2018 letter); only listed director (Corporations Canada) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-webb-sif101","record":{"id":"r-webb-sif101","from":"lincoln-webb","to":"bcimc-sif101","status":"documented","role":"President","period":"As signed on 17 May 2018","claim_ids":["c-own-bci-letter"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"unknown"},"reading":"lincoln-webb → bcimc-sif101: President [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-webb-terrace","record":{"id":"r-webb-terrace","from":"lincoln-webb","to":"terrace","status":"documented","role":"Only listed director","period":"As last confirmed 31 October 2025","claim_ids":["c-own-terrace"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"lincoln-webb → terrace: Only listed director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pearson-defra","record":{"id":"r-pearson-defra","from":"ian-pearson","to":"defra","status":"documented","role":"Minister of State for Climate Change and the Environment","period":"5 May 2006 to 28 June 2007","claim_ids":["c-board-pearson"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"ian-pearson → defra: Minister of State for Climate Change and the Environment [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-pearson-hmt","record":{"id":"r-pearson-hmt","from":"ian-pearson","to":"hmt","status":"documented","role":"Economic Secretary to the Treasury (earlier also assistant whip and Lord Commissioner)","period":"5 October 2008 to 6 May 2010","claim_ids":["c-board-pearson"],"kind":"employs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"ian-pearson → hmt: Economic Secretary to the Treasury (earlier also assistant whip and Lord Commissioner) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-weston-centrica","record":{"id":"r-weston-centrica","from":"chris-weston","to":"centrica","status":"documented","role":"Director (separate register record matched by name and birth month)","period":"1 July 2009 to 30 December 2014","claim_ids":["c-board-exec-backgrounds"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"chris-weston → centrica: Director (separate register record matched by name and birth month) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-weston-britishgas","record":{"id":"r-weston-britishgas","from":"chris-weston","to":"british-gas","status":"documented","role":"Director (separate register record matched by name and birth month)","period":"11 December 2013 to 30 December 2014","claim_ids":["c-board-exec-backgrounds"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"chris-weston → british-gas: Director (separate register record matched by name and birth month) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-buck-anglian","record":{"id":"r-buck-anglian","from":"steve-buck","to":"anglian-water","status":"documented","role":"Director (separate register record matched by name and birth month)","period":"1 August 2019 to 22 November 2023","claim_ids":["c-board-exec-backgrounds"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"steve-buck → anglian-water: Director (separate register record matched by name and birth month) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-montague-cadent","record":{"id":"r-montague-cadent","from":"adrian-montague","to":"cadent","status":"documented","role":"Director","period":"24 July 2017 to 31 January 2026","claim_ids":["c-board-exec-backgrounds","c-board-related-parties"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"adrian-montague → cadent: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-montague-aviva","record":{"id":"r-montague-aviva","from":"adrian-montague","to":"aviva","status":"documented","role":"Director","period":"14 January 2013 to 31 May 2020","claim_ids":["c-board-exec-backgrounds"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"adrian-montague → aviva: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-gething-alix","record":{"id":"r-gething-alix","from":"julian-gething","to":"alixpartners","status":"documented","role":"Member (LLP member)","period":"From 4 September 2023","claim_ids":["c-board-exec-backgrounds","c-board-related-parties"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"julian-gething → alixpartners: Member (LLP member) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-cochran-arqiva","record":{"id":"r-cochran-arqiva","from":"alastair-cochran","to":"arqiva","status":"documented","role":"Director","period":"From 13 October 2025","claim_ids":["c-board-exec-backgrounds","c-board-related-parties"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"alastair-cochran → arqiva: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-lynn-lsa","record":{"id":"r-lynn-lsa","from":"catherine-lynn","to":"london-southend-airport","status":"documented","role":"Director","period":"From 21 May 2024","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"catherine-lynn → london-southend-airport: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-banks-vitality","record":{"id":"r-banks-vitality","from":"adam-banks","to":"vitality-uk","status":"documented","role":"Director","period":"From 30 June 2026","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"adam-banks → vitality-uk: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-banks-tsb","record":{"id":"r-banks-tsb","from":"adam-banks","to":"tsb-banking-group","status":"documented","role":"Director","period":"8 February 2021 to 30 April 2026","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"adam-banks → tsb-banking-group: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-debrunner-videndum","record":{"id":"r-debrunner-videndum","from":"aidan-de-brunner","to":"videndum","status":"documented","role":"Director","period":"From 31 July 2025","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"aidan-de-brunner → videndum: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-debrunner-crest","record":{"id":"r-debrunner-crest","from":"aidan-de-brunner","to":"crest-nicholson","status":"documented","role":"Director","period":"From 1 October 2026","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"aidan-de-brunner → crest-nicholson: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-robson-amphora","record":{"id":"r-robson-amphora","from":"neil-robson","to":"amphora","status":"documented","role":"Director","period":"From 25 September 2024","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"neil-robson → amphora: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kotecha-inframonik","record":{"id":"r-kotecha-inframonik","from":"nirmal-kotecha","to":"inframonik","status":"documented","role":"Director","period":"From 7 May 2024","claim_ids":["c-board-ined-mandates","c-board-related-parties"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nirmal-kotecha → inframonik: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kotecha-mpa","record":{"id":"r-kotecha-mpa","from":"nirmal-kotecha","to":"mpa","status":"documented","role":"Director","period":"From 26 November 2018","claim_ids":["c-board-ined-mandates","c-board-related-parties"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nirmal-kotecha → mpa: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-kotecha-allora","record":{"id":"r-kotecha-allora","from":"nirmal-kotecha","to":"allora","status":"documented","role":"Director","period":"From 20 February 2026","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nirmal-kotecha → allora: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnaughton-sfe","record":{"id":"r-mcnaughton-sfe","from":"andrew-mcnaughton","to":"sheffield-forgemasters","status":"documented","role":"Director","period":"From 27 July 2023","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"andrew-mcnaughton → sheffield-forgemasters: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnaughton-speedy","record":{"id":"r-mcnaughton-speedy","from":"andrew-mcnaughton","to":"speedy-hire","status":"documented","role":"Director","period":"From 1 July 2026","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"andrew-mcnaughton → speedy-hire: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnaughton-britishsteel","record":{"id":"r-mcnaughton-britishsteel","from":"andrew-mcnaughton","to":"british-steel","status":"documented","role":"Director","period":"From 16 July 2026","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"andrew-mcnaughton → british-steel: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnaughton-mottmac","record":{"id":"r-mcnaughton-mottmac","from":"andrew-mcnaughton","to":"mott-macdonald","status":"documented","role":"Director","period":"From 1 September 2026","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"andrew-mcnaughton → mott-macdonald: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-land-ihs","record":{"id":"r-land-ihs","from":"nick-land","to":"ihs-holding","status":"documented","role":"Director (separate register record in the same full name)","period":"From 26 January 2022","claim_ids":["c-board-ined-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"nick-land → ihs-holding: Director (separate register record in the same full name) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-nixon-frc","record":{"id":"r-nixon-frc","from":"hannah-nixon","to":"frc","status":"documented","role":"Director","period":"From 24 June 2021","claim_ids":["c-board-former-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"hannah-nixon → frc: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-nixon-worldpay","record":{"id":"r-nixon-worldpay","from":"hannah-nixon","to":"worldpay","status":"documented","role":"Director","period":"From 16 June 2023","claim_ids":["c-board-former-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"hannah-nixon → worldpay: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-nixon-recco","record":{"id":"r-nixon-recco","from":"hannah-nixon","to":"recco","status":"documented","role":"Director","period":"From 1 April 2025","claim_ids":["c-board-former-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"hannah-nixon → recco: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-shedden-spirit","record":{"id":"r-shedden-spirit","from":"jill-shedden","to":"spirit-energy","status":"documented","role":"Director","period":"From 1 August 2023","claim_ids":["c-board-former-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"current"},"reading":"jill-shedden → spirit-energy: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mcnicholas-scotia","record":{"id":"r-mcnicholas-scotia","from":"michael-mcnicholas","to":"scotia-gas","status":"documented","role":"Director","period":"28 June 2019 to 23 March 2022","claim_ids":["c-board-former-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"michael-mcnicholas → scotia-gas: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-hollandkaye-heathrow","record":{"id":"r-hollandkaye-heathrow","from":"john-holland-kaye","to":"heathrow","status":"documented","role":"Director (separate register record)","period":"1 July 2014 to 18 October 2023","claim_ids":["c-board-former-mandates"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"john-holland-kaye → heathrow: Director (separate register record) [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-bae","record":{"id":"r-mason-bae","from":"peter-mason","to":"bae-systems","status":"documented","role":"Director","period":"22 January 2003 to 8 May 2013","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → bae-systems: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-amec","record":{"id":"r-mason-amec","from":"peter-mason","to":"amec-fw","status":"documented","role":"Director","period":"1 March 1996 to 30 September 2006","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → amec-fw: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-mason-ags","record":{"id":"r-mason-ags","from":"peter-mason","to":"ags-airports","status":"documented","role":"Director","period":"16 December 2014 to 1 May 2021","claim_ids":["c-board-mason"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-mason → ags-airports: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-antolik-ssw","record":{"id":"r-antolik-ssw","from":"peter-antolik","to":"south-staffs-water","status":"documented","role":"Director","period":"25 October 2018 to 31 December 2025","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-antolik → south-staffs-water: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"relationships","id":"r-antolik-arjun","record":{"id":"r-antolik-arjun","from":"peter-antolik","to":"arjun","status":"documented","role":"Director","period":"1 July 2019 to 22 January 2026","claim_ids":["c-board-former"],"kind":"directs","direction":"directed","role_group":"people","temporal_status":"historical"},"reading":"peter-antolik → arjun: Director [documented]"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-1989-incorporation","record":{"id":"e-1989-incorporation","date":"1989-04-01","title":"Thames Water Utilities Limited is incorporated","claim_ids":["c-id-twul"]},"reading":"1989-04-01 Thames Water Utilities Limited is incorporated"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2006-kemble","record":{"id":"e-2006-kemble","date":"2006-12-01","title":"Kemble Water Limited completes its purchase of Thames Water Holdings Plc","claim_ids":["c-hist-2006-acquisition"]},"reading":"2006-12-01 Kemble Water Limited completes its purchase of Thames Water Holdings Plc"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2007-security","record":{"id":"e-2007-security","date":"2007-08-30","title":"TWUL grants a security agreement over its undertaking and assets to Deutsche Trustee Company Limited as Security Trustee","claim_ids":["c-wbs-charges"]},"reading":"2007-08-30 TWUL grants a security agreement over its undertaking and assets to Deutsche Trustee Company Limited as Security Trustee"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2017-record-fine","record":{"id":"e-2017-record-fine","date":"2017","title":"£20.3 million fine, described by Ofwat as a record, after an Environment Agency prosecution for sewage pollution","claim_ids":["c-sew-ea-2017-record-fine"]},"reading":"2017 £20.3 million fine, described by Ofwat as a record, after an Environment Agency prosecution for sewage pollution"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2017-macquarie-exit","record":{"id":"e-2017-macquarie-exit","date":"2017-03-14","title":"OMERS and Wren House agree to buy a 26% stake in Kemble from Macquarie","claim_ids":["c-hist-2017-sale"]},"reading":"2017-03-14 OMERS and Wren House agree to buy a 26% stake in Kemble from Macquarie"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2018-leakage","record":{"id":"e-2018-leakage","date":"2018-06-07","title":"Thames Water agrees a £120 million package after missing its leakage commitment","claim_ids":["c-reg-leakage-2018"]},"reading":"2018-06-07 Thames Water agrees a £120 million package after missing its leakage commitment"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2018-licence","record":{"id":"e-2018-licence","date":"2018-11-21","title":"Ofwat's strengthened licence ring-fence takes effect","claim_ids":["c-hist-licence-2018"]},"reading":"2018-11-21 Ofwat's strengthened licence ring-fence takes effect"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2021-uss","record":{"id":"e-2021-uss","date":"2021-12-03","title":"USS announces the purchase of a further 8.77% from Wren House","claim_ids":["c-hist-uss-2021"]},"reading":"2021-12-03 USS announces the purchase of a further 8.77% from Wren House"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2023-equity","record":{"id":"e-2023-equity","date":"2023-03-29","title":"Kemble Water Holdings issues convertible notes; £500 million passes down to TWUL","claim_ids":["c-div-equity-cascade-2023"]},"reading":"2023-03-29 Kemble Water Holdings issues convertible notes; £500 million passes down to TWUL"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2023-dividend","record":{"id":"e-2023-dividend","date":"2023-10","title":"TWUL pays £37.5 million of dividends to fund Kemble Water Finance’s debt service","claim_ids":["c-div-oct-2023"]},"reading":"2023-10 TWUL pays £37.5 million of dividends to fund Kemble Water Finance’s debt service"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2024-equity-lapse","record":{"id":"e-2024-equity-lapse","date":"2024-03-28","title":"Shareholders call the business plan uninvestable; the first £500 million of new equity is not provided","claim_ids":["c-rec-kemble-equity-2023"]},"reading":"2024-03-28 Shareholders call the business plan uninvestable; the first £500 million of new equity is not provided"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2024-kemble-default","record":{"id":"e-2024-kemble-default","date":"2024-04","title":"Kemble holding companies default on their own debt","claim_ids":["c-kem-default-2024","c-kem-default-cma"]},"reading":"2024-04 Kemble holding companies default on their own debt"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2024-draft-determination","record":{"id":"e-2024-draft-determination","date":"2024-07-11","title":"Ofwat's PR24 draft determination places Thames Water in a Turnaround Oversight Regime","claim_ids":["c-reg-pr24","c-reg-turnaround"]},"reading":"2024-07-11 Ofwat's PR24 draft determination places Thames Water in a Turnaround Oversight Regime"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2024-downgrade","record":{"id":"e-2024-downgrade","date":"2024-07-24","title":"Moody's downgrades TWUL below investment grade","claim_ids":["c-wbs-ratings"]},"reading":"2024-07-24 Moody's downgrades TWUL below investment grade"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2024-final-determination","record":{"id":"e-2024-final-determination","date":"2024-12-19","title":"Ofwat's PR24 final determination allows £20.5 billion of spending","claim_ids":["c-reg-pr24"]},"reading":"2024-12-19 Ofwat's PR24 final determination allows £20.5 billion of spending"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2024-last-shareholder-director","record":{"id":"e-2024-last-shareholder-director","date":"2024-12-31","title":"The last shareholder-appointed director leaves the TWUL board","claim_ids":["c-board-departures"]},"reading":"2024-12-31 The last shareholder-appointed director leaves the TWUL board"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-sanction","record":{"id":"e-2025-sanction","date":"2025-02-18","title":"High Court sanctions the interim restructuring plan","claim_ids":["c-rp1-findings"]},"reading":"2025-02-18 High Court sanctions the interim restructuring plan"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-plan-effective","record":{"id":"e-2025-plan-effective","date":"2025-02-25","title":"Restructuring plan takes effect; all debt maturities move out by two years","claim_ids":["c-rp1-implementation"]},"reading":"2025-02-25 Restructuring plan takes effect; all debt maturities move out by two years"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-cat","record":{"id":"e-2025-cat","date":"2025-03-07","title":"Competition Appeal Tribunal dismisses the collective claim over pollution reporting","claim_ids":["c-sew-cat-claim"]},"reading":"2025-03-07 Competition Appeal Tribunal dismisses the collective claim over pollution reporting"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-appeal","record":{"id":"e-2025-appeal","date":"2025-03-17","title":"Court of Appeal dismisses the appeals against the plan","claim_ids":["c-rp1-appeal"]},"reading":"2025-03-17 Court of Appeal dismisses the appeals against the plan"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-penalties","record":{"id":"e-2025-penalties","date":"2025-05-28","title":"Ofwat issues a £104.5 million wastewater penalty with an enforcement order and an £18.2 million dividend penalty","claim_ids":["c-sew-ofwat-wastewater","c-div-ofwat-p30"]},"reading":"2025-05-28 Ofwat issues a £104.5 million wastewater penalty with an enforcement order and an £18.2 million dividend penalty"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-kkr","record":{"id":"e-2025-kkr","date":"2025-06-02","title":"KKR withdraws from the equity raise","claim_ids":["c-rec-equity-process"]},"reading":"2025-06-02 KKR withdraws from the equity raise"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-lead-notice","record":{"id":"e-2025-lead-notice","date":"2025-07-15","title":"Drinking Water Inspectorate serves a lead-risk notice for the North Cotswolds Supply System","claim_ids":["c-reg-dwi-lead"]},"reading":"2025-07-15 Drinking Water Inspectorate serves a lead-risk notice for the North Cotswolds Supply System"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-supreme-court","record":{"id":"e-2025-supreme-court","date":"2025-07-30","title":"Supreme Court refuses permission for a further appeal against the plan","claim_ids":["c-rp1-appeal"]},"reading":"2025-07-30 Supreme Court refuses permission for a further appeal against the plan"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-payment-plan","record":{"id":"e-2025-payment-plan","date":"2025-08-27","title":"TWUL agrees a payment plan with Ofwat for the two penalties","claim_ids":["c-sew-penalty-plan"]},"reading":"2025-08-27 TWUL agrees a payment plan with Ofwat for the two penalties"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2025-lvw","record":{"id":"e-2025-lvw","date":"2025-10-02","title":"London & Valley Water creditor consortium submits its recapitalisation proposal","claim_ids":["c-rec-lvw"]},"reading":"2025-10-02 London & Valley Water creditor consortium submits its recapitalisation proposal"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2026-cat-appeal","record":{"id":"e-2026-cat-appeal","date":"2026-03-05","title":"Court of Appeal dismisses the collective claim appeal by a majority","claim_ids":["c-sew-cat-claim"]},"reading":"2026-03-05 Court of Appeal dismisses the collective claim appeal by a majority"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2026-defra-letter","record":{"id":"e-2026-defra-letter","date":"2026-06-16","title":"Environment Secretary's preliminary views on the consortium's offer are published","claim_ids":["c-reg-defra-letter"]},"reading":"2026-06-16 Environment Secretary's preliminary views on the consortium's offer are published"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2026-efra","record":{"id":"e-2026-efra","date":"2026-09-18","title":"Commons committee urges special administration or emergency legislation","claim_ids":["c-rec-efra"]},"reading":"2026-09-18 Commons committee urges special administration or emergency legislation"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2026-upsize","record":{"id":"e-2026-upsize","date":"2026-10-15","title":"TWUL launches its sixteenth consent requests to increase the super senior facility","claim_ids":["c-rec-upsize"]},"reading":"2026-10-15 TWUL launches its sixteenth consent requests to increase the super senior facility"}
{"case_id":"thames-water-utilities-limited","version":"1.0","as_of":"2026-10-17","record_type":"events","id":"e-2026-class-b","record":{"id":"e-2026-class-b","date":"2026-10-16","title":"TWUL signs a transaction support agreement with Class B creditors","claim_ids":["c-rec-class-b-tsa"]},"reading":"2026-10-16 TWUL signs a transaction support agreement with Class B creditors"}