Latest news with #ThamesValley
Times
16 hours ago
- Business
- Times
Thames Water given special administration warning by minister
The government has given the strongest indication yet that it is preparing to put Thames Water into administration. Answering questions in the Commons, Steve Reed the environment secretary, was asked to comment on backbench unease that a consortium plotting a takeover of Thames Water is lobbying Ofwat, the regulator, to ease up on the fines and penalties it is levying against the company for past misdemeanours and ongoing poor performance. In response Reed told MPs: 'Thames Water must meet its statutory and regulatory obligations to their customers and to the environment. It is only right that the company is subject to the same consequences as any other water company.' He continued: 'The company remains financially stable but we've stepped up our preparations and stand ready for all eventualities, as I've said before, including [a] special administration regime if that were to become necessary.' A special administration regime is the option of last resort for the troubled company and would involve the appointment of professional accountants and be likely to wipe out all creditors in an attempt to refinance the business. A consortium of creditors of Thames Water who are already propping up the £19.25 billion in-debt London and Thames Valley supplier, have proposed a £5 billion refinancing over and above £3 billion of bridging loans that are currently keeping the company in business. However, those creditors have made it plain that their proposals can work only if Ofwat is prepared to offer a 'recalibration' of Thames Water's five-year funding settlement and performance targets. As the settlement currently stands, which demands reductions in environmentally-damaging pollution incidents and wasteful mains leakage plus other metrics, Thames could face up to £1 billion of fines and penalties for not hitting the targets in the coming years. The creditors plotting the takeover include major UK institutions such as Aberdeen, Invesco and M&G, large international finance houses such as BlackRock and Apollo, as well as distressed-debt dealers such as Elliott and Silver Point Capital. They have stepped in after the infrastructure investment arm of KKR, the American private equity house, walked away last month from a £4 billion recapitalisation plan. A spokesman for the creditors backing the takeover said: 'Broad regulatory support is needed to unlock a market-led solution for Thames Water that will secure billions of pounds in fresh investment for its ageing network. 'This investor group is committed to working with the government and regulators to agree a pragmatic plan that recognises what Thames Water can realistically deliver and they expect to be held accountable for an ambitious trajectory for the company's return to compliance. 'More than £10 billion would be written-off to get the company back to investment grade, expected to be the largest financial loss on an infrastructure asset in British history.'
Yahoo
16 hours ago
- Yahoo
PC critically hurt in crash out of intensive care
A police officer who was left critically injured in a crash while on duty is out of intensive care, a police force has confirmed. PC Christopher Miller was left with life-threatening injuries following the incident on the B416 in Stoke Poges, Buckinghamshire, on 22 May. Thames Valley Police said the 38-year-old was discharged from the intensive care unit and moved on to a rehabilitation ward. In total, five people have been arrested in connection with the incident. Thames Valley Police said a white BMW vehicle did not stop at the scene of the crash, which happened at about 22:20 BST. One of those arrested included a 28-year-old man who was charged with attempted murder, causing serious injury by dangerous driving, driving while disqualified, and using a motor vehicle on a road without insurance. He was set to appear at Reading Crown Court on 23 June. On PC Miller, the force said: "His family continue to be supported by specially trained colleagues, and on behalf of PC Miller and his family, we would like to thank everybody for their well wishes, as he continues on his long road to recovery." Follow Beds, Herts and Bucks news on BBC Sounds, Facebook, Instagram and X. Thames Valley Police
BBC News
21 hours ago
- BBC News
Woman in court charged with four-year-old boy's murder
A woman has appeared in court charged with the murder of a four-year-old Adivarekar, 37, of Dunholme End, Maidenhead, appeared at Reading Magistrates' Court on was remanded in custody to appear at Reading Crown Court on Valley Police said officers were called to a home in Dunholme End on 10 June. You can follow BBC Berkshire on Facebook, X (Twitter), or Instagram.
BBC News
2 days ago
- Automotive
- BBC News
Firefighters tackle vehicles alight in Barkham scrapyard blaze
Firefighters have tackled a blaze in a pile of vehicles at a fire at the site on Highlands Avenue in Barkham near Wokingham broke out in the early hours.A1 Group, which runs the yard, said the fire involved a number of cars in its "de-pollution area" due to go in the Valley Police urged those living in the village to keep their windows and doors closed overnight due to the large amount of scrapyard apologised to residents for the disruption in the early hours and urged anyone planning to visit the scrapyard on Wednesday to call ahead first. You can follow BBC Berkshire on Facebook, X (Twitter), or Instagram.
CTV News
3 days ago
- Business
- CTV News
Thames Valley School District School Board cuts dozens of jobs at board office
The director of education for the Thames Valley District School Board (TVDSB) has confirmed dozens of layoffs at the board. This time, no teaching jobs are affected, rather, the cuts are among administrative ranks. Bill Tucker tells CTV News that 42 full time jobs at the central board office, including some in senior administration, have been cut. While some job cuts have already taken effect, others will roll out over the next few months and into the next school year. In a written statement to CTV News, the board says it's 'implementing a series of staffing adjustments at the central board offices as part of its ongoing financial recovery efforts.' The board says the 'adjustments' will result in about $4.7 million in salaries and benefits. 'They reflect careful planning to align our operations with financial realities while continuing to prioritize classrooms and students,' said the statement. A school board audit, completed in April, revealed a deficit of $17.3 million in 2023-24. The board is being overseen by a provincially appointed supervisor, following the spring audit. Paul Bonifferro oversees all financial and operational decisions. According to the Ministry of Education, Boniferro represents the ministry's vested control, overseeing and managing the administration of the board.
