Thames Water paid CFO £1m from emergency debt facility meant to keep utility running

Thames Water paid CFO Steve Buck a £1m signing fee at end-July 2026, drawn from a £3bn emergency debt facility agreed with creditors to keep the utility operational. Chair Sir Adrian Montague disclosed the payment in a letter to MPs. Thames serves 16 million customers and has neared collapse for over two years. The fee was deferred from Buck's April 2025 appointment.