THE 300 staff employed by Mid Kent Water will not know whether their jobs are safe until the details of the company's acquisition are finalised.

The Snodland-based utility company, which supplies water to 600,000 customers in the county has been sold to Australian investment house Hastings Fund Management in a deal worth £241m.

Mid Kent Water’s owner, German bank West LB, said that the sale of Mid Kent Water was part of a gradual reduction in its non-strategic holdings. The water company’s departure follows that of the Pubmaster chain and Odeon Cinemas.

These companies were part of a controversial investment unit created by City high flier Robin Saunders, but since her departure from West LB in December 2003 the businesses have been sold off.

One of the first to comment on the sale was former Mid Kent chairman Keith Tozzi. Mr Tozzi has long been an advocate of stronger strategic management of water supply in Kent and made an unsuccessful bid for Mid Kent Water early in 2004.

Mr Tozzi said: "We must wait now and see what the new owner’s strategy is. I have always said that for the good of the customer and for future South East water supplies, a consolidated approach is needed."