Thames Water asks creditors for more time to help repay £20bn debt pile

Thames Water has asked its creditors to extend the repayment deadline on an unspecified part of its £20bn debt from 2027 to March 2028. The request is an interim measure as the UK’s largest water company tries to stay solvent while its creditors negotiate a longer-term rescue.

Thames serves 16 million people across London and the Thames Valley, and has been under creditor control since shareholders withdrew in 2024. Creditors provided a £3bn lifeline last year, and the company recently sought a further £2.4bn emergency loan, warning it could run out of cash by late 2026 or early 2027. The government is considering a creditor takeover, nationalisation or special administration, while Ofwat has allowed water companies to raise tariffs by an extra £3.4bn, alongside an agreed average 36% rise over five years to 2030.