Last year’s incident in Brixham, south Devon, cost it about £21 million, pushing it deeper into an annual loss, it said.

The utility said it would take forward discussions with ‘certain senior creditors’ on an alternative plan to stabilise its finances.

The Government has threatened legal action against former Chelsea owner Roman Abramovich to release £2.5 billion of funds from the sale of the London football club to help victims of the Ukraine war.