Thames Water agrees payment plan for £123m sewage and dividend fines

Ofwat gives the company breathing space as it scrambles to secure funding to avoid nationalisation

Thames Water has agreed a payment plan with the industry regulator for fines it owes worth £123m, as it races to secure funding to avoid temporary nationalisation.

The utility company, which serves 16 million customers across London and the south-east, is trying to pull together a deal to avoid collapse.