The outgoing chairman of a debt-ridden company has splashed out on a £1million penthouse in Edinburgh as well as a range of properties.
Leaving behind £14billion worth of debt, Ian Marchant, 62, is stepping down as chairman of Thames Water, the water supplier that had crisis talks with the UK Government earlier this week.
As the Daily Mirror reports, the chairman is being replaced after more than five years but should have no trouble making ends meet with an impressive property portfolio.
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He splashed out a whopping £975,000 in 2015 for the three-bedroom penthouse with four terraces, in a block of eight apartments in Edinburgh.
As well as his luxury apartment in the capital, he also has a plush beachside property with a heated pool in Bognor Regis, West Sussex, was bought for £925,000 back in 2010.
A brochure for the gated development says the “elegant and private retreat provides outstanding modern architecture immersed in green natural surroundings”.
Thames Water, which has 15million customers, was also hit this week by the resignation of its chief executive Sarah Bentley, as it slips from one crisis to another.
Marchant earned a fortune as chairman of the company that is leaking hundreds of millions of litres of water every day.
He was paid £325,000 in 2021/2 and £460,000 in 2020/1. On Thursday, it said Sir Adrian Montague will become its new director and chairman on July 10.
The firm thanked its old chair for “the leadership [he] has demonstrated in guiding Thames Water through a challenging period for the water industry”.
Mr Marchant said he was “delighted to be handing the chair reins to Adrian”.
Unite general secretary Sharon Graham said: “That the Thames Water chairman is paid hundreds of thousands of pounds to oversee a failing company while hard-working families struggle with rising bills is a shocking indictment of the privatised water industry.”
A Thames Water spokesman said: “Finding and fixing leaks is a top priority... We’re repairing over 1,300 per week.” The company did not comment on Ian Marchant’s properties.
