Thames Water warns its cash may run out as soon as December

September202024
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The UK’s biggest water supplier is scrambling to shore up its finances, admitting it faces a shortage of cash as soon as December.The warning from Thames Water comes as some of its biggest lenders are considering easing repayment terms as it fights for survival, with lenders concerned their loans risk being wiped out if the company is temporarily nationalised.Talks with creditors would only allow for enough funds to last until spring next year.Any agreement would therefore mark just a step on the road to a potential restructuring – staving off the immediate risk of insolvency.The company announced on Friday morning it was seeking fresh repayment terms, confirming it had only about £1.

6bn left – underlining its precarious finances,But Britain’s biggest water company admitted it could not access all of that money without the explicit consent of the majority of its lenders, who are owed about £15bn,Should lenders refuse consent, Thames said it will run out of available cash by the end of December,It would then enter a formal “standstill” period, where it is given breathing space from its creditors to avoid being forced into insolvency, and granted access to about £930m of the remaining £1,6bn.

“We have been engaging with financial stakeholder groups and their advisers since July 2024 and are assisting with information requests to enable financial stakeholder groups to better understand Thames Water’s business plan and future funding needs,” it added.The talks include discussions with a group of about 90 of its creditors, representing roughly £10bn of its more than £15bn debt pile.Lenders have considerable interest in finding a route for the company that might avoid their investments being wiped out or cut in value.As a water supplier, should Thames run out of money it may be placed in a form of temporary nationalisation, known as the special administration regime.This is so essential services for consumers are maintained while a long-term financial fix is found.

Such a move would probably come at significant cost to the taxpayer as well as creating a political imperative to show private investors taking their share of the financial pain.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionAt present, the negotiations between a group of major lenders and Thames only covered temporary measures, such as extending the maturity of some of its bonds in an attempt to attract fresh investment, sources close to the discussions said.This may add to pressure on the water watchdog Ofwat’s final decision on how much bills may rise by in England and Wales, including those at Thames.This is now expected to be revealed in January.On Thursday, a source close to Thames Water said the company had secured dates in the high court – which may prove necessary as a step to formally rewrite its agreements with lenders.

They added: “We’re looking into a range of options to extend our liquidity runway.This includes delaying when some money is due back to lenders.”
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How to make a classic French omelette – recipe | Felicity Cloake's Masterclass

It’s odd that in English we have only one word for a dish as multifarious as the omelette, which is used for everything from a solid Spanish wedge of potato and egg to the golden American half-moon encompassing a generous filling. The quickest and simplest example, however, is the classic French omelette, which goes from shell to plate in less than five minutes, and is a skill that’s well worth mastering.Prep 1 min Cook 3 min Serves 12 eggs Salt and black pepper 1 generous knob butter – about 1 tbspFilling of your choice (optional)The amounts listed are for individual omelettes because, unlike the tortilla española, this is a dish that’s best kept small, plus in larger quantities it’s all too easy to overcook. Note that if your omelette is to be perfectly round, you’ll need a small frying pan, preferably a fairly heavy-based one (I used a 23cm diameter one).Crack the eggs into a jug or bowl, season generously, then whisk until just combined; if you overwhisk, you’ll introduce air into the mixture, which is not the aim here (unlike in the omelette souffle in step 8)

September182024
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A mother’s treat of tea off the boil | Brief letters

Emma Beddington’s memory of her children “wobbling in once a year” with breakfast on Mother’s Day (I worship Nigella Lawson. But I disagree with her – very strongly – about eating in bed, 16 September) made me smile as I remembered my son in his early teens proudly bringing me breakfast one Mother’s Day. He made boiled eggs with buttered toast but, being in a family known not to waste anything, he had made the tea from the boiled egg water. I managed to drink it, but we never fail to remind him of that little “treat”.Jane HardingWinchester Bans on junk food ads (Report, 13 September) and lectures on obesity have limited effectiveness and can be counterproductive

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Jacob’s Creek, Campo Viejo … the wines I grew up with are suddenly as relevant as Blue Nun

It was one of those “have you noticed the police are getting younger?” moments. A sudden realisation of time’s passing akin to my my teenage kids looking back at Blur and Oasis through the same grainy, sepia-coloured lens, and from the same distance in time, as I looked back at the Beatles and Rolling Stones when I was their age. On this occasion, the trigger was a pair of news stories from the business pages about how two of the world’s biggest drinks companies, Pernod Ricard and Treasury Wine Estates, had decided to sell their most famous commercial wine brands.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

September172024
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What can I do with under- and overripe tomatoes? | Kitchen aide

This sounds like a job for self-confessed tomato obsessive Mike Davies, who just so happens to be sitting in his mum’s garden, staring at her green, under-ripe tomatoes. “The first thing I’d say is we’re apparently getting good weather this month, so there’s a chance they’ll still ripen,” says the chef director of the Camberwell Arms in south London and author of Cooking for People. If you don’t fancy waiting, though, green tomatoes, with their high acidity and harder texture, really lend themselves to longer cooking.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

September172024
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Georgina Hayden’s recipe for charred corn, chorizo and avocado

While corn on the cob is an autumn staple in our house (my girls love finding new flavours to roll the cobs in), I also love charring it and tossing it through salads. If you have a barbecue going, you can, of course, char the cobs first, then cut off the kernels, but otherwise I find this method easier. As it stands, this recipe is a proper hit – the flavours and textures go together so well – and it’s really versatile, too: add thin wedges of little gems or quartered soft-boiled eggs, or sprinkle over feta or sliced green jalapeños. Have a play and make it your own.Prep 10 min Cook 25 min Serves 4, as a side4 corn on the cob, husks removedSea salt and freshly ground black pepper75g cooking chorizo 2 garlic cloves, peeled and finely chopped2 tbsp sherry vinegar 2 tsp honey1 bunch spring onions, trimmed and sliced20g bunch flat-leaf parsley (or coriander), roughly chopped2 avocados1 lime (optional)Carefully cut the kernels off the corn cobs and put them in a large, dry frying pan

September172024
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Rukmini Iyer’s quick and easy hot smoked salmon frittatas with watercress and radishes – recipe | Quick and easy

These hot smoked salmon frittatas are as good for children as they are for lunchboxes the next day. Caraway seeds are a lovely touch, but optional if you don’t have them in or worry that a whole jar will go mostly unused (I always have them in, because the seeds work beautifully in cheddar biscuits or cheese straws, and a jar lasts me ages). You can use regular smoked salmon in these, but I prefer the texture of hot smoked salmon.Prep 10 min Cook 30 min Makes 12Oil, for greasing 6 medium eggs 1 tsp sea salt flakes 1 scant tsp caraway seeds (optional)150g ricotta 160g hot smoked salmon, flaked3 spring onions, finely slicedBlack pepperFor the salad15ml (1 tbsp) lemon juice15ml (1 tbsp) extra-virgin olive oil ½ tsp sea salt flakes 80g watercress 200g radishes, finely slicedHeat the oven to 200C (180C fan)/390F/gas 6, and generously oil a 12-hole muffin tin (or, if you doubt your tin’s nonstick capabilities, fill the holes with paper muffin cases). Whisk the eggs with the salt, caraway seeds, if using, and 50g of the ricotta, then ladle the mixture equally between the muffin cases

September162024