Thames Water brings in turnaround specialists because it battles to stave off collapse and renationalisation

Thames Water has hired a turnaround specialist as it fights to avoid collapse and renationalisation.

The stricken company has appointed Julian Gething in the newly created role of chief restructuring officer as it seeks to cut a deal with creditors and bring in fresh funds.

Gething, 59, is a partner at turnaround consultancy Alix Partners who early in his career worked on the administration and wind-up of media tycoon Robert Maxwell’s publishing empire following his death in 1991.

Thames Water has a huge debt pile that could stand at close to £18billion by March.

Turnaround specialist: Thames Water has appointed Julian Gething in the newly created role of chief restructuring officer as it seeks to cut a deal with creditors

The UK’s biggest water and sewage firm, it has asked potential investors to submit rescue plans by Thursday this week.

Castle Water, which was co-founded by Tory party donor and treasurer Graham Edwards, will offer to inject £4billion, according to Bloomberg.