In May 2003 Suez, who had acquired Lyonnaise by merger in 1997, sold 75% of NWG to a consortium of private investors,[7] and the company was listed on the London Stock Exchange in September 2003.

NWGL has two other direct subsidiaries, NWG Commercial Solutions Limited, which acts as a holding company for other non-regulated trading companies, and NWG Business Limited, which carries out non-household retail activities in England and in Scotland and to which NWL’s non-household customer base transferred at the opening of the market in April 2017 (except for customers who pre-registered to switch retailer upon the market opening).

The chart shows the principal intermediate holding companies, which are wholly owned unless otherwise shown.

The Appointment covers two areas: Although the Instrument of Appointment covers both the northern and southern areas, for operational purposes NWL treats them as separate trading divisions, Northumbrian Water and Essex & Suffolk Water.

Other minor activities include consultancy (SA Agrer NV) and vehicle leasing services.