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WATER BOSS: SEWAGE WAS NOT PRIORITY
TRADE BODY EXEC: WE ‘WEREN’T FOCUSED’ ON SPILLS NICHOLAS EARL WATER suppliers took too long to recognise the problem of storm overflows and failed to predict the scale of the public backlash from sewage polluting Britain’s rivers, lakes and beachfronts, industry body Water UK has admitted. Stuart Colville, director of policy for the group, which represents suppliers, told City A.M. that for “far too long” water companies “weren’t focused” on the issue. He revealed that storm overflows – where untreated sewage is discharged into the environment during rainy or stormy weather – were not previously perceived as a priority, with firms instead targeting improvements for beaches and sewage network upgrades. The policy chief suggested that sewage spills were only responsible for a “a very small amount of the environmental damage” suffered by invertebrates and fish in rivers, but he
recognised that public anger over the issue was “understandable”. “People just moved faster than the water industry to recognise that it’s unacceptable to have sewage going into rivers in this way in the 21st century. They are horrible things; they are a legacy of Victorian infrastructure, and we’ve got to act on them. We’ve got to get rid of them, tackle them and sort them out,” he said. His comments come as water companies have been put under increasing pressure to do more to tackle sewage spills. Water companies released raw sewage into rivers and seas in England for more than 1.75m hours last year, according to Environment Agency data, with an average of 825 sewage spills into waterways per day. This was down 19 per cent on the previous year, but the watchdog attributed the decline to drier weather, rather than action taken by water companies. The issue has gained further traction
again this month following reports of sewage dumping in Lake Windermere. Water suppliers have publicly apologised for sewage spills last month and launched an investment plan worth £10bn to combat storm overflows by the end of the decade. While water suppliers conduct has prompted calls for tougher sanctions, such as bigger financial penalties and even jail time for top bosses, Colville said the issue of investment was just as important as enforcement. “If a company has done something wrong, then of course the regulator should step in and the regulator should have the powers that it feels it needs to do that effectively,” he said. “However, it’s also worth remembering that even when we get to that point, that is not going to transform our rivers in terms of good ecological status and environmental health. That is something that will only be transmitted through real investment and that really is something Water UK is focused on,” he added.
GEIGER COUNTER CLICKS UP Retailer set for international push JAMES SILVER LONDON-FOUNDED fashion brand Kurt Geiger looks set for a global expansion after securing new funding facilities.
The bags-and-boots retailer – which has more than 70 stores in the UK, including a flagship Covent Garden operation – has worked up the credit line with Wells Fargo Capital Finance UK and credit fund Blazehill Capital.
Regulator blocks Odey executives from withdrawing funds from hedgie CHARLIE CONCHIE THE FINANCIAL Conduct Authority (FCA) has blocked bosses at Odey Asset Management from withdrawing funds as it circles the hedge fund following misconduct allegations made against founder Crispin Odey. Odey’s eponymous firm has been
in crisis after he was accused of sexual assault by 13 women in an investigation by the Financial Times. He denies the allegations and has described them as “rubbish”. The FCA has now placed restrictions on the company that will prevent any staff, including Odey, from pulling cash from the firm without the prior consent of
the watchdog. “The firm must not, other than in the ordinary course of business or without the prior written consent of the Authority, in any way dispose of, withdraw, transfer, deal with, Crispin Odey denies the allegations
or diminish the value of any of its own assets,” the FCA said. The restrictions will apply to both Odey Asset Management and Odey Wealth Management and came into force over the weekend,
according to the FCA register. The restrictions apply to the company itself rather than its funds. The tightened guardrails come after the beleaguered hedge fund was forced to shutter one of its funds and place restrictions on another last week after investors fled the firm in the wake of allegations against Odey.
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