Bidding consortium London & Valley Water (L&VW) has put forward plans to inject £3.35b of new equity and up to £6.55b in new debt as it looks to secure backing for its deal.

However, it’s been reported in the Financial Times that the emergency deal would cost Thames Water £160m in fees to senior creditors, if agreed to.

What’s more, an extra £254m in “other costs” would be needed by the utility, comprising mostly of lawyer fees and bankers.

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Thames Water would also pay an estimated £285m in accrued interest owed to creditors on the day a deal was completed, according to the terms seen by the FT, on top of almost £50mn in fees owed to other creditors.

Thames Water’s spokesman said: “Thames Water remains focused on securing a recapitalisation to restore financial stability, continue its operational turnaround and deliver essential services for 16 million customers.

“We are already making significant progress in improving performance for customers and the environment, and the proposed deal is intended to support and accelerate that turnaround.”

The creditor group said that the £10bn of new capital it was providing would help improve services and clean up rivers.

A spokesman for L&VW said told the FT: “Thames Water’s restructuring fees and costs are paid for entirely by its creditors — not a penny will come from customer money.

“Under the turnaround plan, regulators will be given more control and oversight to hold Thames Water accountable for delivering a transformation.

“All fines will be paid, no dividends will be taken until the company is turned around and £9.4bn of debt is written off by investors.”

The creditor takeover would stave off the temporary nationalisation of Thames Water, if it is agreed to.

But time is running out to reach an agreement with Thames Water set to run out of money in October.

Industry body Ofwat must submit any deal to a three-month public consultation, and the deal will also have to be signed off by the High Court.

Creditors first went to Ofwat for approval in June 2025.

Thames Water has been left on the brink of collapse by its nearly £20b of debt.

A rescue bid by creditors is seen as the final realistic option on the table to avoid being placed into the Government’s special administration regime after a previous rescue deal with US private equity giant KKR collapsed in May.

Administrators have already been lined up to step in if needed.

Witney Music Festival was back on The Leys Recreation Ground for the culmination of it’s two-week arts programme showcasing the ‘amazing’ talent of the town’s musicians.

The green space was transformed into a festival on Saturday, June 13 and Sunday, June 14, when a ‘mighty’ line up including the likes of Fun Lovin’ Criminals, Sandi Thom, Ava Joe and Henge brought the house down.

Sandi Thom performing at Witney Music Festival (Image: Ed Nix)

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It also saw a hugely popular dance tent and a brand new live comedy night in collaboration with Lone Wolf Comedy Club.

Having ‘smashed’ the big two-decade anniversary, organisers of the festival are already looking ahead to next year.

The crowds at Witney Music Festival (Image: Ed Nix)

A statement released by Witney Music Festival said: “Hot off the heels of Witney Music Festival 26- we are now already thinking about next year… and next year, Witney Music Festival turns 21. So we’re starting early.

“A busy bar and a full field make it look like our little festival is a money-spinner. The truth is the opposite.

“Witney Music Festival is a not-for-profit, we’ve never made money, and most years we run at a loss.

The crowds at Witney Music Festival (Image: Ed Nix)

“We keep prices as low as we can because putting on the event matters more than the balance sheet.

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“Festivals are vanishing everywhere, more than 200 lost in the UK since 2019, and the ones still standing survive because their towns turn out for them.

“That’s where you come in. We need Witney behind us, and every ticket you buy helps keep this festival alive.”

Super early bird tickets have already been released for the festival to be held next year, with just 500 spots available at £10 Saturday entry plus a booking fee.

Boutique hotel group Crazy Bear kicked off the summer social season in style, hosting a private party until the early hours to mark a new era.

Former The Xtra Factor presenter, comedian Matt Richardson, was one of the performers on the night.

Hundreds of guests packed the venue and were treated to acts including festival favourites The Cuban Brothers, and a dance-off led by leading Latin dancers Ksenia Zsikhotska and Krystof Grzelak.

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The party earlier this month marked the launch of a new Crazy Bear menu and cocktail range coming soon, plus refurbishment of some of the heritage venue’s indoor and outdoor spaces.

Throughout the night, party goers enjoyed dishes from the refreshed menu, which couple traditional pub food with sumptuous Thai flavours.

Party goers at the Crazy Bear hotel in Stadhampton (Image: Fortitude Communications)

The Cuban Brothers unleashed a mix of funk-fuelled epic dance moves, while Matt Richardson took a break from his national tour with a bespoke version of his celebrated stand-up routine.

Sol Collective, one of London’s leading Latin ensembles, joined the line-up with two fresh, inspiring live acoustic sets on the garden terrace.

The Sol Collective play at the Crazy Bear hotel venue (Image: Fortitude Communications)

The innovative menu brought together classic pub mains, sizzling meats from the grill and authentic Thai wok dishes. Open fire cage cooking, a new weekend feature, included garlic butter king prawns, thyme chicken thighs, and garden larder salads.

Drinks flowed from the new menu, as the foraged cocktail range featuring hedgerow negroni and roasted dandelion espresso martini, was in popular demand.

The dancefloor at the Crazy Bear hotel venue (Image: Fortitude Communications)

A feast featuring handmade afternoon tea favourites piled high kept the party going in the new residents’ lounge, which hosted a bespoke feasting table, vinyl record player and cocktail trolley.

Lauren Thompson, who has a weekly set on House FM and has played legendary club nights for Groove Odyssey and Fabric, took to the decks, followed by resident DJ Tony Nanton, who kept the tempo with a house music set in the Glasshouse.

Guests also enjoyed an outdoor cinema screening of Pulp Fiction, while a set of prizes were won through hook-a-duck on the lawn.

“The party provided the perfect moment to unveil our refreshed experience which captures the Crazy Bear’s spirit with a contemporary twist,” said Jen Needham, marketing director at the Crazy Bear.

“Every guest was treated to the exceptional hospitality set to become synonymous with the Crazy Bear.

“Party goers were led through a rabbit warren of intrigue spanning musical genres, leafy tropical hideaways and wild entertainment while being among the first to sample our exceptional new food and drink offering.

“Our menus and direction have changed, but the essence of the Crazy Bear remains unchanged. So, stand by for elevated dining, unforgettable parties and maverick entertainment as the next chapter unfolds.”

Founded in 1993, the Crazy Bear in Stadhampton is complete with 18 rooms, a cosy 16th century pub, an eclectic choice of indoor and outdoor spaces to eat and drink, plus secret garden and woodland.

It hosts weddings like no other and its public areas are dog friendly. Its sister site in Beaconsfield, Buckinghamshire, has 35 individually designed bedrooms, restaurants, bar and an outdoor swimming pool.