Thames Water creditors accused of ‘shuffling deckchairs’ with plan for new board

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Any Burnham has said there should be ‘greater public control’ of Thames Water. Photograph: Vuk Valcic/SOPA Images/Shutterstock View image in fullscreen Any Burnham has said there should be ‘greater public control’ of Thames Water. Photograph: Vuk Valcic/SOPA Images/Shutterstock Thames Water Thames Water creditors accused of ‘shuffling deckchairs’ with plan for new board Campaigners say proposal for £10bn rescue deal in bid to avoid nationalisation is a ‘cosy stitch-up’

Prefer the Guardian on Google The group of creditors pursuing a rescue bid for Thames Water have been accused of shuffling the deckchairs on the Titanic after proposing an overhaul of the stricken utility’s board.

In a bid to stave off temporary nationalisation by Andy Burnham, the lenders said they would appoint Liz Barber, the former chief executive of Yorkshire Water , and Clive Selley, the former chief executive of network operator Openreach, as directors if they are allowed to take formal control of the company.

London & Valley Water (L&VW), a consortium of 100 institutional investors holding £17bn of the company’s £21bn debt, has also lined up Dame Bernadette Kelly, the former permanent secretary of the Department for Transport.

He said: “The challenge at Thames Water is huge. If this recapitalisation plan is accepted, we will apply full dedication as a new board, working alongside the executive team to transform the business and build a culture in which the customers and local communities who depend on Thames Water come first.”