Owner of South West Water, Bristol Water and Bournemouth Water is tapping its investors for £550m after sewage spills

• South West Water owner taps investors after sewage spills

Water is “a service where the shareholders never lose and the public never win,” Andy Burnham, the prime minister, told the Labour party conference last week, reflecting the popular feeling towards the industry in England.

And, of course, his big-picture point is familiar: the £80bn, or thereabouts, that has been paid in dividends over the past 35 years represented over-the-top rewards for investors in many cases. It is easy to agree the public was taken for a ride.

Pennon slashes dividend and launches £550m cash call ‘to drive improved outcomes for customers and communities’

• Burnham, take note: water shareholders have their uses

The owner of embattled South West Water has slashed its dividend and launched a cash call to investors as it attempts to fund infrastructure investment, days after it was hit by a record £7.9m fine for hundreds of sewage spills.

London-listed Pennon said on Wednesday it would tap investors for £550m, as part of a £1bn investment “to drive improved outcomes for customers and communities”.