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Thames Water paid its finance chief a \u00a31m signing-on fee in July as the company struggles with a mountain of debt and faces temporary nationalisation. <\/b><\/p>\n
Steve Buck joined the company in April 2025 but it is understood the seven-figure payment was not made until last month after the company had taken legal advice over its contractual obligations. <\/p>\n
The existence of the payment, first reported by Sky News,, external<\/span><\/a> was apparently revealed in a letter from the Thames Water chairman to MPs on the Commons Environment, Food and Rural Affairs Committee.<\/p>\n The money is believed to have come from emergency funding provided by Thames Water’s lenders.<\/p>\n The utility company owes roughly \u00a320bn and has been working with creditors and government officials to find a way forward.<\/p>\n Failure to reach a deal could lead to Thames Water being forced into a “special administration regime”, a form of temporary nationalisation intended to keep the business operating until a viable solution can be found.<\/p>\n Prime Minister Andy Burnham has previously said he would like to see “greater public control” of key water and energy utilities.<\/p>\n Speaking to the BBC last month, Thames Water boss Chris Weston warned the special administration could see taxpayers left bearing the cost. <\/p>\n Instead, he threw his weight behind a rescue deal that has been put forward by the firm’s lenders.<\/a> <\/p>\n Thames Water has faced intense criticism for several years over failures to prevent sewage discharges and leaks.<\/p>\n