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

Ofwat gives struggling 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.