Thames Water faces collapse as crisis talks take ‘longer than expected’

Thames Water has been on the brink of collapse for more than a year, struggling under the weight of £17bn in net debt, built up over decades since privatisation. Photograph: Jill Mead/The Guardian

Thames Water has said crisis talks to secure its future with lenders are taking “longer than expected” and will drag into 2026 as it faces the prospect of a collapse into government control.

Britain’s biggest water company on Wednesday said it had swung to a profit of £414m for the six months to September helped by bills rising by nearly a third, after losing £149m in the same period in 2024.