Thames Water bidder says it is offering £1bn extra cash injection

Thames Water has been on the verge of collapse for several years as it struggles under the weight of net debt of £17bn. Photograph: Jill Mead/The Guardian

A bidder for Thames Water has said it would inject £1bn more into the struggling utility company than rival proposals if it gained control.

John Reynolds, the chief executive of the independent water retailer Castle Water, said the current plans under discussion with creditors to rebuild Thames Water’s finances did not go far enough and did not properly address its environmental crisis.