Anglian Water has requested permission from the Cayman Islands High Court to proceed with the removal of its Cayman Islands subsidiary.
The move follows unanimous consent from its lenders for the subsidiary to be removed from the company’s structure.
Anglian announced the removal in March, as part of a wider transparency overhaul. It was eager to point out that its Cayman Islands subsidiary has “always been registered in the UK for tax purposes”.
The company said it has already made “significant progress” in improving the clarity of its financial structures, with the repayment of an intercompany loan in March.
The changes aim to simplify the presentation of Anglian Water’s accounts and improve the transparency of its financial structure.
The news follows challenges laid down by Ofwat’s chairman Jonson Cox and environment secretary Michael Gove earlier this month at the annual Water UK City Conference.
Anglian Water chief executive Peter Simpson said: “As a responsible business, I’m delighted with the speed at which we have been able to start to implement the initiatives we announced in March, and I’m grateful to our shareholders for their support in making these changes.”
Towards the end of last year, Yorkshire Water and Thames Water both vowed to close their Cayman Islands subsidiaries.
Yorkshire Water said it expects to receive the final regulatory clearances to remove its companies in the Cayman Islands imminently.