Cambridge Water acquired by HSBC


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View recent newsCambridge Water acquired by HSBC

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It has just been announced that HSBC Bank plc has purchased Cambridge Water.

The sale of Cambridge Water has been made necessary by the decision of CKI, Cambridge Water’s previous parent company, to make a firm offer to purchase Northumbrian Water.  A prohibition exists on the ownership of a significant interest in more than one regulated water utility in the UK

In what is being seen as a wise solution to protect Cambridge Water as a company, HSBC sees its role as custodian-owner, with three seats on the Cambridge Water board.  The bank has an experienced Power and Utilities specialist team in London whose expertise ensures understanding and grasp of the operation of a water company.

Cambridge Water is aware of the central position it holds in the community, and is satisfied that HSBC understands this.

No staff changes are planned as a result of this change in ownership nor changes in customers’ charges which are fixed for 5-year periods by The Water Services Regulation Authority (OFWAT).

A spokesman for HSBC said: “Cambridge Water has sought and received assurances from us that the company will continue to operate in exactly the same way as before.  HSBC is concerned to protect the integrity of Cambridge Water, an objective shared by the local non-executive directors and the management of the company.”

Stephen Kay commented: “At Cambridge Water our commitment is to deliver quality water and excellent service to our customers.  This remains unchanged under our new owners.”

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