BUSINESS LIVE: Thames Water plots £1.1bn extra green spend; Asda profits soar; Mobico suffers rail delays

Royal Mail will hold fresh talks with investors this week as a billionaire dubbed the Czech Sphinx plots another bid for the 500-year-old postal service.

The top brass at Royal Mail owner International Distribution’s Service are understood to be in regular discussions about the approach from billionaire Daniel Kretinsky and have been holding talks with shareholders.

IDS will be keen to canvas the opinion of other investors ahead of any further offers.

Thames Water has proposed another £1.1billion of environmental project spending over the next five years in efforts to win the support of regulators, as it fights for survival amid a £16billion debt pile and the looming threat of nationalisation.

The provider was thrown into crisis last month when an existing business plan was branded ‘uninvestible’ by its owners.

The new plan will see Thames Water, which supplies about a quarter of the British population, said the rise in expenditure would go on projects benefiting the environment and would come without a further increase in customer bills than the increase already set out.

While that may help win over the regulator Ofwat, the company also needs to win support from its shareholders, who in March refused to invest a £500million equity lifeline.

Thames Water boss Chris Weston said the updated business plan focused on its customers’ priorities.

‘We will continue to discuss this with our regulators and stakeholders,’ he said added.