The UK’s biggest water supplier, which has around 16 million customers across London and the South East, reported pre-tax profits of £226.4 million for the year to March 31 in a marked improvement from mammoth losses of £1.65 billion the previous year.

But full-year results showed the supplier’s debts swelled to £19.77 billion, up from £17.73 billion the previous year as the group said it continued to draw down to fund capital investment.

It comes as the stricken utility, which last year put up bills by up to 40 per cent, could run out of cash within months unless a funding deal is struck.

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Creditors are battling to secure a rescue deal for Thames Water after Environment Secretary Emma Reynolds last month warned she did not believe the plan for the stricken utility goes far enough to protect customers or the environment.

It came as a last-minute blow for their hopes of a deal to stave off temporary renationalisation, with industry regulator Ofwat said to have been close to accepting the offer from bidding consortium London & Valley Water, which has proposed injecting £10 billion into debt-laden Thames Water in return for any new fines over sewage leaks being waived for four years.

Chris Weston (Image: House of Commons/UK Parliament/PA Wire)

Thames Water said last month it had enough funding until September.

Chief executive Chris Weston said: “Thames Water today is a very different business from what it was two years ago.

“While we have a lot more to achieve, the progress we have made in turning the company around has meant we are now performing better and are in a strong position to accelerate the delivery of the biggest upgrade of our infrastructure in 150 years.”

He added: “While operationally the business is improving, we are also working with our creditors, regulators and Government to complete our recapitalisation.”

Mr Weston has also called for urgent clarity from prime minister-in-waiting Andy Burnham over his plans for the sector.

He told the Press Association Thames Water has enough funding until October and is relying on creditors for support as they battle to secure a rescue takeover to stave off temporary nationalisation of the debt-laden supplier.

He said while the situation is “not terminal”, he stressed the utility’s funding situation is “not sustainable”.

Thames Water said: “Bills alone cannot fund the required investment: Thames Water still needs debt funding, creditor support, and ultimately a recapitalisation.”

KAREN JOY BACUDO

Finance Editor

Moneyhub has supported the launch of Paragon Bank’s first Open Banking-powered Cash ISA through the Spring savings app. The new product expands Spring’s range after the app passed £1 billion in customer deposits.

Spring, a savings app launched by Paragon Bank about a year ago, uses Moneyhub’s technology to let customers move money directly from their current accounts into the new Cash ISA. The setup is designed to help users automate tax-free savings contributions from accounts held with other banks.

The move adds an ISA to a digital savings service that has so far focused on helping customers shift surplus cash from everyday accounts. Users can view external current account balances within the app and transfer funds based on what they can afford at the time, rather than relying on manual transfers or standing orders.

The launch reflects customer demand for an ISA within the Spring app and forms part of Paragon’s broader digital strategy as it builds out app-based savings services.

Research cited by the businesses points to a large pool of cash sitting in low- or no-interest current accounts across the UK. An estimated 6.4 million current account holders keep £10,000 or more in such accounts, representing a total of £227 billion.

That backdrop has helped shape Spring’s proposition, which centres on giving savers a clearer view of their day-to-day finances while making it easier to move money into savings. Most deposits into the app have been initiated through Moneyhub’s payment technology, with daily volumes doubling month on month, according to the companies.

Digital savings

The arrangement shows how Open Banking tools are being used beyond budgeting and account aggregation, particularly in deposits and savings. For banks, the model offers a way to reduce friction when moving money from a customer’s primary current account into a savings product without requiring card payments, manual bank transfers, or pre-set standing orders.

Moneyhub provides data and payment infrastructure to financial institutions, including banks, pension providers, wealth managers and insurers. In this case, its platform supports account connectivity and payment initiation for Spring customers to open and fund the new Cash ISA.

Guy Simmonds, Head of Digital Proposition at Paragon Bank, described the partnership as central to the app’s development.

“Our partnership with Moneyhub has been integral to the launch and development of Spring. Spring is a key part of our wider digitalisation strategy at Paragon, helping us reimagine the savings experience for customers. The newly launched Cash ISA is a product our customers have been asking for, and being able to offer it through Spring’s familiar, trusted digital experience is a significant moment for the app and for our broader digital journey,” Simmonds said.

Growth focus

The savings app has become an important digital channel for Paragon as it seeks to broaden its channels for gathering retail deposits. Passing £1 billion in deposits in roughly its first year gives the bank a larger base from which to add products such as ISAs and test how customers respond to more integrated savings tools.

For Moneyhub, the launch provides another example of a financial institution using its services in a customer-facing retail product. The company positions its offering around transaction data, analytics, decisioning, and payment initiation, with a focus on helping firms integrate account information with actions such as moving money.

Dan Scholey, CPO at Moneyhub, said the Spring launch shows how those services can be applied to savings.

“We provide the scalable data and intelligence infrastructure that allows financial institutions to easily drop in extra, high-value services as their customers’ needs evolve. Most traditional savings products still rely on manual intervention, but by embedding Moneyhub’s data and payments platform, Spring has made saving effortless and automated. Helping Spring surpass £1 billion in deposits shows how our data-driven platform turns compliance and integration into a powerful engine for commercial growth,” Scholey said.

UK fashion retailer, Holland Cooper, is asking Oxfordshire corgi owners if there pooch would be in an advert for the high-end brand.

Casting manager, Gill Raddings, said in an Oxfordshire Facebook group: “I am looking for up to 3 Corgi’s for a stills shoot for the clothing brand Holland Cooper.

“The shoot will be at Jade’s (very nice) home just outside Cheltenham next Tuesday July 21st.

“The dog/s will just be on leads standing with the models.

“This will obviously be paid and they are always nice fun days on their shoots with excellent catering!

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Jade Holland Cooper attending day two of the 2026 Cheltenham Festival at Cheltenham Racecourse (Image: Andrew Matthews)

“It’s usually an 9am start and the finish around 4 / 5 o’clock.

“Please let me know if you would be interested in joining us for a fun day!

In 2008, Jade Cooper founded the fashion label Holland Cooper.

Holland Cooper launched her label by personally selling tweed garments from a horse trailer at equestrian and country events, travelling to more than 30 shows per year.

She started by having an outworker employed by her mother make 30 tweed miniskirts, with leather and suede additions, which she found in her mother’s old design studio in a farm outbuilding, and sold them all from a stall at Badminton Horse Trials.

Holland Cooper has since grown into a fashion house with an annual turnover of around £60 million and year-on-year growth of 50 percent. The brand offers more than 2,000 products and operates a 70,000-square-foot headquarters in the Cotswolds.