Published by Global Banking & Finance Review®
Posted on July 10, 2025
2 min readLast updated: January 23, 2026
Add as preferred source on GoogleThames Water confirms a bid amid financial struggles, with Rupert Redesdale and Muinin Holdings proposing a rescue plan. Discussions with Ofwat continue.
(Reuters) -Thames Water said it has received an offer while commenting on a Financial Times report about a last-ditch rescue bid from former Liberal Democrat energy spokesman Rupert Redesdale and investment firm Muinin Holdings.
Without confirming the name of the bidder, a company spokesperson said the offer has "little credibility or viability to recapitalise the business", adding that it is progressing discussions on the senior creditors' plan with Ofwat.
The country's biggest water supplier has been on the brink of nationalisation and has seen its debt pile balloon to 18 billion pounds ($24.48 billion) amid breaches of sewage treatment obligations.
Rupert Redesdale helms specialist water retailer The Water Retail Company, and joined Muinin as a director last month in preparation for the Thames Water bid, according to the FT report.
Rupert Redesdale did not immediately respond to Reuters' requests for comment.
Thames Water has a separate offer for a rescue plan from its bondholders to inject 5 billion pounds in new equity and debt utility in exchange for looser pollution targets and clemency on fines. The plan is now being evaluated by Ofwat.
Redesdale's plan would be the second offer after U.S. private equity major KKR walked away from a plan to inject 4 billion pounds ($5.44 billion) of equity in the embattled company last month.
Muinin, based out of Mayfair, specialises in alternative investments and helps capital raising on projects that include sustainability strategies alongside providing a range of trade finance investment management functions, as per its website.
($1 = 0.7352 pounds)
(Reporting by Kanjyik Ghosh in Bengaluru; additional reporting by Preetika Parashuraman; Editing by Rashmi Aich and Vijay Kishore)
Thames Water confirmed it has received an offer, although the company spokesperson stated that it has 'little credibility or viability to recapitalise the business.'
Rupert Redesdale is the former Liberal Democrat energy spokesman and currently helms The Water Retail Company. He joined Muinin as a director last month in preparation for the Thames Water bid.
Thames Water is facing significant financial challenges, with a debt pile of 18 billion pounds and has been on the brink of nationalisation due to breaches of sewage treatment obligations.
Thames Water is also considering a separate rescue plan from its bondholders, which involves injecting 5 billion pounds in new equity and debt in exchange for looser pollution targets.
KKR, a U.S. private equity firm, walked away from a plan to inject 4 billion pounds into Thames Water last month, making Redesdale's bid the second offer on the table.
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