Thames Water creditors secure former Labour minister to drive rescue deal
Thames Water’s creditor consortium has chosen former Labour minister Lord John Hutton as its preferred independent chair if its proposed takeover of the company is approved. The appointment is part of efforts to secure government backing for a £10bn rescue of the debt-laden supplier, which serves 16 million people in southern England.
Hutton held senior roles in Tony Blair and Gordon Brown’s governments and has chaired organisations in energy, manufacturing and infrastructure. Telecoms and turnaround specialist Mike McTighe, previously proposed as chair, will become vice-chair designate and continue to lead Thames Water’s overhaul; the company has also sought an extra £2.4bn from creditors as it faces a cash shortage.
- Creditors have nominated Lord John Hutton to chair Thames Water under a proposed takeover.
- The consortium’s rescue plan is valued at £10bn and needs government approval.
- Thames Water serves 16 million customers and has requested another £2.4bn.