Latest News

Thames Water confirms it has received a bid following FT's report on the Redesdale move

Thames Water confirmed that it had received an offer in response to a Financial Times article about a desperate rescue attempt by former Liberal Democrat Energy spokesman Rupert Redesdale, and investment firm Muinin Holdings.

A company spokesperson, without confirming the identity of the bidder said that the offer had "little credibility or viability" to recapitalise business. He added that the company was progressing with discussions about the senior creditors plan with Ofwat.

Due to breaches in sewage treatment, the country's largest water provider has been on a verge of nationalisation. Its debt has ballooned to 24.48 billion pounds (18 billion pounds).

According to a report in the FT, Rupert Redesdale, who heads specialist water retailer The Water Retail Company joined Muinin last month as a director, in preparation for Thames Water's bid.

Rupert Redesdale has not responded to requests for comment.

Thames Water received a separate proposal for a rescue plan for its bondholders. The offer is to inject 5 billion pound in new equity utility and debt utility, in exchange for more lenient pollution targets and clemency with fines. Ofwat is currently evaluating the plan.

Redesdale's offer would be the second after U.S. Private Equity Major KKR walked out of a plan last month to inject equity worth $5.44 billion into the struggling company.

According to its website, Muinin is based in Mayfair and specializes in alternative investments. It also helps with capital raising for projects that incorporate sustainability strategies, along with providing a variety of trade finance investment functions.

(source: Reuters)