Thames Water’s biggest investor cuts value of its stake to zero

Writedown by Canadian pension fund Omers highlights growing financial crisis at utilities firm

Thames Water’s biggest investor has slashed the value of its stake in the company to zero in the latest sign of an escalating financial crisis for Britain’s biggest water supplier.

The Canadian pension fund Omers issued a “full writedown” of its 31.7% stake in Thames’s troubled parent company in its annual report published on Friday, signalling that it believes its share is worth nothing.