TW is currently almost £20bn in debt and is one of the worst water supplier companies in the country. As a consequence the company is close to going into liquidation and its investors refuse to bail it out with an injection of £500m.
Instead TW has demanded domestic water bills should be increased by almost 40% and that fines for massive sewage spills should be radically reduced, while also insisting that dividends should be continually paid to its investors and stockholders!
The watchdog, OFWAT, monitors the performance of all UK water suppliers, but has refused to backdown on the TW demands of raising water bills by 40% (from an average of £436 to £609).
If this stand-off persists there is every chance the company will be renationalised to the tune of £5bn being paid out to owners and investors of the company, courtesy of the Taxpayer.
In other words, the investors of TW want it both ways – either raise domestic bills or let the Taxpayer foot the sell-off while they themselves cream even more money from the debt pile before walking away from the disaster they started!
And an extra cunting for OFWAT, who should have seen this coming right from the very moment these investors took over TW and created a debt pile they knew they couldn’t make good.
As always, its the taxpayer or the local consumer who will face the big bill, while private equity companies grab the dividends, fuck off and nothing is said!
Nominated by: Technocunt



