Other group companies

Thames Water is part of a group of companies, known as the Kemble Water Group. It's owned by a consortium of institutional shareholders. These are mostly pension funds and sovereign wealth funds. 

Thames Water has a “whole business securitisation”. This:

• Ringfences it from the rest of the Kemble Group
• Provides a stable debt platform to fund TWUL from a variety of sources
• Includes a comprehensive set of covenant and security arrangements

This ensures that Thames Water maintains investment grade credit ratings. 

Kemble Water Holdings Limited

This is the ultimate company of the Kemble Water group. This company was set up in 2006 for investors to hold shares in the group.

Kemble Water Eurobond PLC

This company was originally set up to raise debt from shareholders to help buy TWUL in 2006.

Thames Water (Kemble) Finance PLC

This raises debt to fund TWUL.

Kemble Water Finance Limited

This is a UK incorporated company. It was originally set up to raise debt from external lenders to help buy TWUL in 2006. External lenders require greater security than shareholders. Their debt is held in a separate company, which is closer to TWUL.

Thames Water Utilities Holdings Limited

This is a UK incorporated company, set up in 2007 for the whole business securitisation (WBS). It provides security to WBS lenders over the shares in TWUL.