A group of Thames Water investors has offered a sweetened rescue deal for the struggling supplier, vowing to invest an extra £1 billion and write off over a quarter of debts in return for more lenient performance targets. Thames Water – Britain’s biggest water supplier with 16 million customers and 8,000 employees – is on the brink of collapse as it struggles under a near-£20 billion debt mountain. They said the additional investment will would “ensure long-term financial resilience” and also cover existing fines Thames Water must pay for regulatory and pollution failures, it added. London & Valley Water outlined plans to eventually float Thames Water on the stock market, but vowed not to sell the company before March 31 2030 to ensure a focus on the turnaround. Infrastructure expert Mike McTighe has been named as the proposed new chairman of Thames Water should the bid be accepted, replacing incumbent Sir Adrian Montague, with five non-executive directors earmarked to join the board.