Reported by the BBC

One of the biggest investors in Thames Water has slashed the value of its stake in the debt-laden utility by almost two-thirds, weeks after the company admitted that it does not have enough money to make its debt repayments.

A fund controlled by Thames Water’s second largest investor, the University Superannuation Scheme (USS), reported a loss of almost £600m last year after writing down the value of the embattled water company as it struggles to shore up its balance sheet.

The USS, the largest private pension fund in the UK, holds a 20% stake in Thames Water’s ultimate parent company, Kemble Water, mostly through its subsidiary Church Water Investment.

The investment vehicle said the value of its stake in Kemble had fallen to £364m last year from £956m in 2022. This could imply that the value of Britain’s biggest water company has plummeted from almost £5bn in 2022 to £1.9bn last year.

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