Thames Water is inviting holders of its Class B debt to form an ad hoc group of lenders in its latest update covering its proposed recapitalisation.

On 2 October 2025 the London & Valley Water (LV&W) consortium announced the submission of its proposal to Ofwat to deliver the turnaround, transformation and recapitalisation of Thames Water.
London & Valley Water is a large consortium of Class A Creditors of Thames Water comprising pension funds, insurance companies, asset managers and investment funds, which has been progressing discussions for the recapitalisation of the business.
The L&VW consortium has been established for the purpose of developing and delivering the L&VW Proposal – the proposal currently remains subject to ongoing discussions with Thames Water, Ofwat and other regulators.
Thames Water is inviting of its Class B debt holders to form an ad hoc group of lenders in order to progress discussions about the Proposal.
The water company is inviting holders of the Class B debt to contact Rothschild & Co, as Financial Adviser to Thames Water, to express interest and receive further details, including confidentiality arrangements.
For further information
Class B debt holders are advised to contact Rothschild & Co for further information at: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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