Thames Water is facing fresh calls for its nationalisation after it handed its finance boss a £1million signing-on fee as it drowns in debt.
Britain's largest water company made the deferred payment to Steve Buck, who joined the company in April 2025, following legal advice taken by Thames Water's board.
The troubled utilities group, which has been on the brink of collapse since 2024, has seen its debt pile balloon to £18.5billion and recently flagged that there was 'material uncertainty' as to whether it will secure further liquidity.
The money paid to Buck came from emergency funding provided by Thames Water's lenders, which are working up a new rescue deal.
Its plans include offering the government a 'golden share' in the firm in a last-ditch attempt to fend off full nationalisation.
