Thames Water apologises to MPs for ‘confusion’ over £500m loan

Thames Water is struggling with debts of £18bn and is seeking an injection of £1.5bn of cash from shareholders to turn itself around. Photograph: Toby Melville/Reuters

Thames Water has apologised to a House of Commons committee for causing confusion by describing a £500m shareholder loan as equity.

One MP called the complex financial structure of Thames Water an “absolute shambles”, as senior executives were pulled in to explain themselves.