Water Plus is now a legally incorporated company, Severn Trent and United Utilities have confirmed.
The companies’ joint venture (Water Plus) now has all its conditions confirmed and satisfied, with the transaction now complete.
The operations of the new company will be transferred progressively to Stoke-on-Trent, where its new head office is situated, throughout this year.
First announced at the beginning of March, the joint venture will bring together the two firms’ wastewater retail and non-household water businesses into one group.
Last month the Competition and Markets Authority granted approval for the venture.
Ahead of the opening of the English non-household retail market next year, Water Plus will see a combination of both companies’ complementary skills such as credit management, business strategy, customer service and sales.
It is hoped that this combination will result in successful delivery of an attractive proposition for businesses both large and small across the UK.
Both Severn Trent and United Utilities said that by teaming their businesses together in this venture, they will see the creation of a cost effective and efficient operation, focussing on improving growth and customer service.
Sue Amies King, Chief Executive of Water Plus, said that the group has an aim of becoming a ‘market winner’ with the aim of leading the market in terms of engaging people and providing excellent service standards.
She added that growth ambitions are high, with a clear desire for success shown by both companies for Water Plus to become a ‘go to’ firm for business customers.
Earlier in the year, it was announced that Portsmouth would be the first water company to reveal it will be leaving the market due to the introduction of competition.
The company, which dealt solely in the water industry, sold its customer base to Castle Water, a Scottish supplier.
As a result Castle Water has sent an application to Ofwat for a sewerage and water supply licence.