Group structure

Anglian Water Services Limited is a private limited company.


Ownership and company structure

Anglian Water Services Limited (AWS) is the principal subsidiary of Anglian Water Group Limited (AWG). The AWG Board consists of six investor representatives, the Chief Executive Officer, the Chief Financial Officer and a Non-Executive Chairman.


Our corporate structure
AWG is owned by a consortium of committed, long-term investors representing millions of individual pension holders. Details of the consortium, along with details of beneficial ownership of AWG by investor type, are shown here.

The complete holding company structure is presented in the diagram below and the principal companies in the structure are explained here. When AWG was acquired by investors in 2006, it became the ultimate parent company of the Group. It is a Jersey-registered company, but it is UK tax resident and, as such, is liable for tax in the UK. All companies in the AWG Group holding structure are UK tax resident and liable for tax in the UK. Osprey Holdco Limited has issued debt that is held by our shareholders in proportion to their respective shareholdings, and they are entitled to receive an interest payment on the debt annually.


After the end of the 31 March 2021 financial year, two new UK companies were inserted into the holding company structure, as part of the Group’s financing strategy for AMP7 to reduce AWS gearing in order to enhance and protect its current solid investment grade credit ratings. This will allow us to borrow at lower rates to support the investments customers have asked us to make. The insertion of these companies puts in place atwo-tier financing structure sitting above AWS in the AWG group and enables the group to increase its equity investment in AWS.

Under this new structure, Aigrette Financing Limited, and its newly incorporated UK subsidiary, Aigrette Financing (Issuer) Plc, will borrow funds externally and flow the cash to AWS as increased equity.

Osprey Investco Limited, Osprey Acquisitions Limited and Osprey Acquisitions Limited’s subsidiary, Anglian Water (Osprey) Financing Plc, together comprise AWG’s ‘midco’ financing group. Funds raised by the ‘midco’ financing group will be used to increase the equity investment in AWS and for other purposes.

AWS will reduce its gearing with the funds received as equityinjections under this enhanced financing structure. AWG Parent Co Limited, AWG (UK) Holdings Limited and AWG Group Limited are holding companies that were set up when AWG was a listed group. They are all 100 per cent owned, and currently none of these companies has any external debt. They are all registered in the UK and UK tax resident. During the 2020/21 financial year, another holding company, AWG Holdings Limited, was removed from the holding structure. The company will be liquidated during the 2021/22 financial year.

Anglian Water Services Holdings Limited 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 nonregulated 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, ultimately benefiting our customers in the form of lower bills.

Anglian Water Services UK Parent Co Limited 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. All companies within the AWSFG are UK-registered and tax resident companies.

Anglian Water Services Limited

Anglian Water Services Limited is the regulated entity that trades as Anglian Water, managing our water and sewerage network and serving almost seven 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 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.

A PLC is needed to raise debt in the UK public bond market and the funds it secures support our investment in the region’s water and water recycling services.

Our corporate structure