Group structure

The ultimate parent entity, owned by shareholders.
Typically carries structurally subordinated debt, serviced by distributions upstream from Midco.

No direct access to regulated operating cash flows; relies on dividends that are subject to regulatory and covenant constraints.

Risk profile is higher relative to Opco debt, reflected in its position in the capital structure.

Sits between the operating company and ultimate holding entities.

Facilitates internal financing, including intercompany loans to Opco and upstream distributions.
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Holds external debt instruments and acts as a bridge between operational cash generation and group-level financing obligations.

Provides structural flexibility while maintaining separation between regulated operations and shareholder-level financing.

The regulated water and wastewater operating entity.

Generates the primary cash flows of the group through customer revenues.

Fully ringfenced under Ofwat regulation, with restrictions on financial flows and leverage.Supports a substantial proportion of the group’s debt, typically secured and structured around long-term, stable cash flows.

Maintains strong liquidity and covenant protections aligned with regulatory requirements.