Overview
- Castle Water chief John Reynolds says his offer would inject at least £1bn more than current proposals and seeks operational control to prioritise pollution fixes.
- Reynolds outlines a zero‑tolerance approach to serious pollution with targeted work at Mogden sewage works and pledges up to 2,000 additional jobs in a 25% spending increase.
- The creditor consortium, London & Valley Water, rejects claims talks with Ofwat have stalled and says it aims to secure approval on a market-led recapitalisation by Christmas.
- Creditors say Thames Water needs £5bn of urgent funding and outline plans to invest £20.5bn over five years to upgrade the network and reduce pollution.
- If no market solution is agreed, the company could be placed into special administration, while Castle Water’s bid is backed by the Pears family’s property group.