Thames Water shareholder gives backing to crisis-hit firm

USS support for turnaround plan comes as water company buckles under £14bn debt burden

• Sewage in kitchens and ‘white elephant’ projects: why Thames Water is struggling

One of Thames Water’s big shareholders has given its backing to the embattled water company, after the surprise departure of its chief executive and crisis talks with the government over its viability.

Thames Water, which is buckling under a £14bn debt burden and has embarked on an eight-year turnaround plan, is owned by a series of pension funds and other governments’ sovereign wealth funds. The second-biggest shareholder is a UK pension fund for academics, the Universities Superannuation Scheme (USS), which holds about 20% and is the first investor to make public its support for the company.