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Thames Water has apologised to MPs for causing “confusion” when it previously described a £500mn shareholder loan as equity.

The company, which provides water to around 25 per cent of the population in England, is struggling with £18.3bn of debt.

Sir Adrian Montague, the chair, said he was sorry if the management had caused “confusion” when it described the shareholder contribution as equity when it was actually a convertible loan charging 8 per cent.

But he told parliament’s environment select committee that he still stood by that phrasing.

“In July we described the shareholder contribution of £500mn as equity. That’s a description that has been fiercely challenged. We stand by what we said. If we were not clear enough in unpacking the different elements of that . . I’m sorry if we caused any confusion,” he said.


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