The Westminster lensArchive · §02 Speeches · 1,536 contributions

Speeches by Gardiner.

Every Hansard contribution by Barry Gardiner this parliament, most recent first. Back to the MP page for the headline figures and analysed positions.

Showing 601620 of 1,536 contributions · most-recent first

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DateDebate & contributionWords
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

It could not be finalised until you knew whether it was legal?

12
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

So you accept there was a conflict of interest and the creditors were effectively negotiating terms with KKR?

18
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

And they secured their own.

5
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

Yes, indeed. Ofwat has a role to play in pulling the plug on this right now.

16
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

That is fascinating, but it is not really an answer to my question. You said that KKR felt that it could not deliver what the public’s expectations were in a reasonable turnaround time. Yet you have told this Committee that KKR’s bid was a world-class bid with the expertise to do just that. You now seem to be favouring

106
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

Are they going to do it if KKR could not?

10
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

Should we actually be talking to Tim Lavelle at Silver Point rather than you?

14
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

It said it could not be delivered in a reasonable timeframe and what they believe the public expectation was. So my question to you is, how is it that you believe that this group with no operational expertise can?

39
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

It might be if, as you say, the business has not suffered any interruption of its normal process business. You have been able, according to you, to meet the Ofwat requirements of PR24 and continue that investment programme in the normal way. So actually, given that you said everything is tickety-boo, you have had no un

80
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

Adrian, the fact is that you are no longer in control of the process. You have ceded that control to your super-senior creditors. The equity injection is now in the hands of the bondholders. Let us examine those bondholders: what experience do they have of turning around the performance of a utility company? You are a

112
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

The KKR bid would have needed creditors to agree to it in a court vote on a restructuring plan. So creditors were effectively negotiating terms here; that is part 26A of the Companies Act 2006. There is clearly a conflict between creditors where they are bidding against other parties, especially where we have a public

75
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

You made statements to this Committee and publicly that these would be the points at which the investment plan would come into effect. All your statements so far seem to have been wrong because it has not come into effect. You are now extending it to the end of the year by saying that it might be in place by that perio

105
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

You know full well that the initial negotiation of that £3 billion was that it would come in two tranches. You were expecting to draw down the second £1.5 billion in June which was last month, but you have now said that the first tranche can actually last you until December. Why were those calculations so far out? Did

81
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

You would not agree with that? Okay. Originally, you said you were targeting the new equity investment injection to be delivered immediately after the announcement of the final determination of PR24, then it was after the court hearing on the restructuring plan, and then it was at the end of June. Here we are in July n

89
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

My question is, was it an artificial deadline?

8
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

What percentage of investment required by Ofwat have you so far managed to deliver?

14
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

So at the moment you are not keeping pace with PR24 and Ofwat’s requirements?

14
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

So were you telling the truth to this Committee when you said that you expected to draw down the second tranche of that loan facility in June?

27
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

It was wrong.

3
15 Jul 2025Environment, Food and Rural Affairs Committee — Oral Evidence (HC 588)

Picking up on the business with KKR, does the fact that you were surprised on 29 May indicate that you did not sufficiently question the level of approval that KKR had received from its investment committee? Was it not a fault on your part that it was able to pull out at supposedly the last minute?

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Sources
SourceHansard · official report
MethodEach row is one contribution (intervention or speech). Word count from the official text.