If you are a Thames Water customer, already pretty annoyed with you water services provider, the news that during its bid KKR (the private equity giant) received £20mn to cover the costs of its due diligence into the firm, before then stepping back due to the risk of nationalisation, will not come as good news.
At least that material has now been passed to th group of lenders currently trying to 'rescue' TW.
as the FT puts it: 'cash is leaking out of the utility'...