THAMES Water has paused £2.5 million in bonuses for bosses ahead of Christmas.
It comes after a governmental act passed in May banned performance-related bonuses for company bosses, but payments aimed at retaining staff higher up at the water supplier were not included.
In April, nearly £2.5 million was paid to senior managers in a bid to keep staff in position at the provider, with another £2.5 million set to be paid out this month.
However Thames Water has put these payments on pause, despite reports that the company has struggled to keep staff in some of the higher positions due to the difficulties being faced.
It is understood that the retention payments were funded through a recent emergency loan from creditors, which included banks, investment firms, and hedge funds.
The same group of creditors is currently in line to take over ownership of Thames Water as part of a bid for further investment in the company in lieu of nationalisation, after a proposed deal from KKR fell through this year.
