Thames Water and its lenders are spending millions of pounds a week on management consultants and bankers amid a cash crisis at the struggling utility company.
Britain's biggest water supplier is scrambling to shore up its finances after its parent company, Kemble, defaulted on its debts and shareholders refused to provide new funding.
Meanwhile, Big Four accounting firm EY is advising a group of Kemble lenders on recovering £190million, according to the Sunday Times. Rothschild, the investment bank, has been hired to advise Thames Water on how to deliver its reform plan, while consultancy firm Teneo has been appointed as 'administrator in waiting' to take over in the event of a collapse.
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