Right now, the biggest water firm in the country is effectively insolvent and is being restructured through a High Court stewarded £3 billion debt deal followed by an equity bidder process.

Working with We Own It, we’re acting to call out the lack of democratic involvement in these huge decisions by bringing together the people who should be involved, consulted, and ultimately making those decisions back into the picture. That group includes bill-payers, workers, and people who have a mandate to serve London and the Thames region like local democratically elected politicians, our Mayor, and grassroots environmental groups.

We launched “a Thames Water Emergency Board”outside the Court of Appeal hearing on Tuesday March 11th.

We were joined by Labour and Green councillors from across the Thames Region, representatives from National Pension Convention, ACORN, Windrush Against Sewage Pollution, Sewage Campaign Network, and Baroness Jenny Jones. We also have support from Assembly Members and MPs who couldn’t join us on the day.

With the board, we want to:

• Democratise Thames Water’s insolvency, restructuring process, and/or special administration.
• Show what the ownership and governance model could look like in future:
• Make the case that Users should have a greater say.
• Hold the company is more directly to account via its Board.
• Present our evidence for what should happen next at the firm.

Why are we doing this?

Thames Water is effectively bankrupt. Shareholders say their holdings are worthless. Ofwat is investigating if over £1 billion in projects promised under the last five years have been delayed to allow Thames to stay solvent as long as it has. Here’s a summary of the future of the company we’re now facing if they get their way:

Stage One: Debt

• Its creditors have taken charge; pushing through a crippling interest rate of 10% on £3 billion of cash at the High Court.
• The Judge has highlighted that local MP Charlie Maynard has led the public interest case, as far as it exists. Ofwat/DEFRA have been absent.
• The court heard that the debt deal is 20 times more expensive than Special Administration. Campaigners estimate a cost of £250 /household /year.
• Judgement in favour of the deal. Appeal hearing on March 11-13th

Stage Two: Equity

• Thames is seeking new shareholders, some of whom would sell off billions in assets.
• Some new shareholders want special administration and reprivatisation.

Where in that process are our interests represented?

On 11th March we gathered people with a mandate to serve our communities to call for greater consultation on the crisis at Thames Water.

This is part of our campaign Our Water Our Way – read more about our partners here, and join us on the 28th March in parliament for the next campaign action supporting Clive Lewis MP’s Water Bill. 

Here are just some of the people that are supporting the emergency board:

“Thames Water uses the income of millions of Londoners to pay its debts, dividends, and directors’ pay.

“If costly additional loans or new shareholders are being considered, representatives of the public, industry workers, and the environmental experts must have a seat at the table.”

– Krupesh Hirani, Labour London Assembly Member for Brent and Harrow

“There’s rightful public outrage about how our water is being mismanaged.

“A conversation involving the public on how we fix the water crisis must take place in broad daylight, not behind the closed doors of boardrooms of private companies.

“This campaign will be the start of the effort to put future management of water where it should be: in the hands of parliament and the public.”

– Clive Lewis Labour MP for Norwich South

“This cannot be allowed to continue.

“Billions to CEOs and shareholders whilst they’re literally still pumping sewage in the water. Everyone deserves clean water – including wildlife and nature.

The privatisation experiment has completely and utterly failed. And as bills continue to rise – it’s failing those already struggling with the cost of living crisis.

We need to nationalise our water companies and I applaud the launch of this emergency water board. We need more scrutiny and accountability from those who manage such a vital resource. There’s no monopoly – it’s time to bring it back into public hands.”

– Zack Polanksi, Green London Assembly Member and Deputy Leader of Green Party of England and Wales

“As the saying goes ‘if you’re not at the table, you’re on the menu’.

“Right now, Thames Water, a vital utility serving a quarter of the UK, is being devoured by powerful corporate interests and the public have been completely sidelined in the process.

“It’s high time the 82% of us who want water in public ownership get a seat at the table.”

– Matthew Topman, Lead Campaigner at We Own It

“We, at Friends of the Thames, support any move towards Special Administration for Thames Water, and feel collaboration is the only way.

“Together, as one united voice we hope to see an end to pollution for profit and restore our river to health, safeguarding her for future generations.”

– Laura Reineke, Lead Campaigner at Friends of the Thames