Thames Water will have to stump up £749m if a rescue deal, that would give control of the firm to senior creditors, is approved.

The Financial Times has reported that the emergency deal, which aims to prevent the troubled utilities firm falling into nationalisation, would see it have to pay £160m in fees to senior creditors, £254m in “other costs” including fees attributed to bankers and lawyers, and an estimated £285m in accrued interest that is owed to creditors when the deal completes.

A further £50m is owed to other creditors.

Thames Water is set to run out of money in October and therefore is working to ensure a deal goes ahead. Creditors had previously announced that they would provide £5bn in funding last June, comprising £3bn of equity and £2.25bn in debt.

If a deal does go ahead, it must be signed off by the High Court, and could see the largest water firm in the country be listed on the stock market once again by 2030, under plans proposed by creditors.

Investment director at AJ Bell, Russ Mould, said: "The company which has made the water utilities sector’s name mud with the public, investors, regulators and politicians is continuing its efforts to avoid nationalisation.

"The latest reporting suggests a significant outlay will be required to get a creditor-backed takeover of Thames Water off the ground. The deadline is ticking with Thames Water expected to run out of cash by October.

"The eventual plan is that Thames Water might list on the stock market as soon as 2030 although it may be a hard sell for investors given its difficult history."

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