Ofwat has started a consultation on the recent change in ownership of Portsmouth Water Limited and Leep Networks (Water) Ltd.
This review includes an assessment of the new owner, Vontobel Holding AG, and its ability to manage the regulated water companies effectively.
The consultation examines several factors, including the new owner’s experience and capacity to oversee the companies and any changes to governance arrangements since the ownership shift.
It also considers whether additional steps are needed to ensure the new owner meets the required standards.
The transaction, which involved Vontobel Holding AG acquiring a significant stake in Ancala Partners LLP, the ultimate holding entity of the two water companies, was completed on 1st July 2024.
