Fresh funds are ‘liquidity bridge’ to stabilise firm and give it time to secure long-term investment, says boss

Thames Water is racing to secure a £3bn lifeline as the struggling water company battles for financial survival.

The fresh funds are meant to act as “liquidity bridge” to “stabilise the business” and give it time to secure long-term investment, its chief executive, Chris Weston, said on Friday. It will further balloon its operating company’s debt pile, taking it to £17.9bn by March next year, Alastair Cochran, Thames’s chief financial officer, said.