Embattled South West Water owner taps investors for £550m amid overhaul plan

Pennon, the owner of South West Water, has announced a plan to raise £550 million from investors as part of a major company overhaul, just weeks after South West Water was fined a record £7.9 million for repeated sewage spills. The new chief executive, Keith Haslett, who took over in April, said the funds will support an additional investment of around £1 billion, aimed at improving services and outcomes for customers and communities. Pennon, which also owns Bristol Water and SES Water, plans to cut its shareholder dividend by about 30% as part of this operational reset. Despite concerns over customer bill increases due to previous investments, Haslett assured that the new investment will not result in additional charges.