Image of water from a tap filling a glass

AWG is owned by a consortium of investors. The complete holding company structure is presented in the diagram below, and the principal companies in the structure are explained below.

When AWG was acquired by the AWG investors in 2006, Anglian Water Group Ltd became the ultimate parent company of the group. It is a Jersey registered company, but it is fully UK tax resident, and as such, is liable for tax in the UK. Osprey Holdco Ltd has issued debt that is held by our shareholders in proportion to their respective shareholdings, and they receive an interest payment on the debt annually. Osprey Acquisitions Ltd has borrowed money from banks and the capital markets (bonds) for use within the group.

Anglian Water Services Holdings Ltd was put in place in 2002,when Anglian Water’s covenanted and ring-fenced debt structure was established. This group of companies (referred to as the Anglian Water Services Financing Group, or AWSFG ) protects customers and our bond holders from risk associated with other, non-regulated Anglian Water Group companies outside of the ring-fence. This makes us an attractive investment prospect for bond holders, which means we are able to keep financing costs lower, which ultimately benefits our customers in the form of lower bills.

Anglian Water Services Overseas Holdings Ltd is a second holding company in the ring-fenced structure, also providing protection for customers and investors from the risks of other non-regulated group companies. It was set up as an overseas-registered company to facilitate the ring-fenced structure in 2002, but changes to UK legislation over the last few years mean we would not need to set up an overseas company if we were to do the same again. Despite being registered overseas, this company is fully UK tax resident, and therefore does not and never has benefited from any tax advantage. 

In fact, with the support of our Majority Creditors (bond holders in Anglian Water Services Financing Plc), we are currently in the process of removing this Caymans Islands company from the AWS Financing Group structure. There are certain steps that need to be taken commencing with seeking the consent of the Grand Court of the Cayman Islands (the “Court”) to reduce the Cayman Islands company’s share capital. Read the associated legal notice that appeared in the FT on 4 May 2018 here.

Anglian Water Services Ltd is the regulated entity that trades as Anglian Water, managing our water and water recycling network, serving over six million customers. It is the part of the business that most people think of as ‘Anglian Water’. Anglian Water Services Financing Plc is the financing company that raises money on behalf of Anglian Water Services Limited. We need a Plc company to raise debt in the UK public bond market. Funds raised by this company underpin our investment in the region’s water and water recycling services.

Our corporate structure