Administrators 'approached' as nationalisation considered for Thames Water

The UK government has reportedly approached multiple restructuring advisers for the role of special administrator for Thames Water if the troubled utility falls into bankruptcy.

- Jasper Jolly

EY, Interpath and Teneo are among the companies contacted by the government as it prepares contingency plans should Britain's largest water company be forced into nationalisation, the Financial Times reported, citing people familiar with the process.

Thames Water, which provides water and sewerage services to 16 million customers in London and south-east England, has been teetering on the edge of collapse for months as it struggles under a £15bn debt pile.

A special administration regime, or SAR, would take the company into temporary government ownership in order to ensure that vital water supplies continue to function even if the company becomes bankrupt.