Thames Water hit with record £104.5m fine over sewage failures, Pets at Home vets surge ahead but UK retail confidence plunges

Thames Water has been hit with a record £104.5 million fine for sewage failures, plus £18.2 million for breaking dividend rules.

Regulator Ofwat says the penalty will be paid by the company and its investors - not customers. It follows Ofwat’s biggest ever probe into how sewage works and networks are run.

Pets at Home’s vet division overtakes retail: More Business in Brief

• Pets at Home has posted flat revenue, with retail and vet services pulling in opposite directions. Retail profit fell 16.6 per cent to £72.9 million, while vet profit surged 23.3% to £75.9 million - overtaking retail for the first time. Vet revenue now makes up a third of the business. Retail sales dropped nearly two per cent, as weak footfall and consumer pressures continue to bite.

• Retailers across the board are bracing for tough times, with plans to raise prices, cut jobs and slash investment. A CBI survey shows sector confidence has dropped faster than at any point since the pandemic. Rising costs from tax hikes and a higher minimum wage are squeezing businesses.

• Willmott Dixon is back in profit, reporting £46.8 million before tax after a £14.4 million loss last year. The turnaround follows recoveries from cladding-related costs and a steady £1.2 billion turnover. The construction firm says it's entering the new financial year with strong momentum.

• The UK’s biggest bioethanol plant says it could shut down due to the latest UK-US trade deal. Hull-based Vivergo Fuels warns the removal of a key tariff on US ethanol is the “final blow”. It says British producers can’t compete with subsidised US imports. Vivergo is urging the Government to step in and fix what it calls “regulatory failures”.

• And Growth investor BGF has pledged £100 million to support Welsh businesses. It’s part of a wider £3 billion UK commitment over the next five years. BGF has already invested £47 million in Wales since 2011. It’s also backing female-led firms, with £300 million earmarked across the UK.