Slaughter and May is advising Pennon Group plc on its rights issue to raise gross proceeds of approximately £550mn

Slaughter and May is advising Pennon Group plc, a UK environmental infrastructure company that owns South West Water, Bristol Water, Bournemouth Water, and SES Water, on a rights issue to raise about £550 million. Announced on 7 October 2026, this fully underwritten rights issue is part of Pennon's broader funding plan. The funds will support Pennon's strategic goals to improve operational performance across its group and invest in growth opportunities through Ofwat's cost change process during the AMP8 period, which runs until March 2030. The plan also aims to maintain appropriate and sustainable financial gearing throughout this period.