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BUSINESSES could collectively save as much as £39 million on their water bills.

This follows the deregulation of the water market in England, giving business owners the chance to renegotiate their existing water contracts or look to a new supplier.

Utilitywise, the energy and utilities consultancy, estimates that savings on water tariffs will be around ten per cent dependent on region.

Around 234,000 businesses in London and the South East now have control over who supplies their water, giving the local water market a value of approximately £393 million.

In the month following water deregulation on April 1, Utilitywise received more than 50,000 business engagements regarding water supply.

This represents a 740 per cent increase from the month prior to deregulation as business owners look to take advantage of potential savings on their water bill in a time of economic uncertainty and rising costs.

Brendan Flattery, CEO of Utilitywise, said: “We are delighted to see such a high number of enquiries since the water market deregulated, but also believe that more can be done to make businesses aware of its potential benefits.

“A deregulated market could produce savings of as much as ten per cent as well as improved service and greater choice.

“To compliment this, bundled utilities contracts, such as those offered by Utilitywise, which combine electricity, gas and water, have shown to save businesses up to 25 per cent. “Ofwat has a responsibility to ensure that these companies are aware of the water options open to them and to push for greater margins of savings for smaller businesses, like we have seen in Scotland.”

The water market in England is now valued at £2 billion giving businesses the opportunity to access up to £200 milion of potential new savings.

There are potentially hundreds of thousands of businesses missing out on its benefits.