On 3 May 2016, the Competition and Markets Authority approved the formation of a joint venture, Water Plus Group Limited (Water Plus), between United Utilities PLC and Severn Trent PLC. On 1 June 2016, the group completed the disposal of its non-household water and wastewater retail business, principally comprising billing and customer service activities, to Water Plus. This resulted in a £22.1 million profit and £3.3 million of cash proceeds on disposal of the business, together with a £15.6 million disposal of assets that had been classified as held for sale. The formation of the joint venture resulted in an increase in interests in joint ventures of £39.1 million (see note 12), comprising £25.6 million of shares in the joint venture received on disposal of the non-household retail business, and £13.5 million of equity contributed during the year. The group's £2.0 million share of the joint venture's losses for the period was subsequently recognised, which included £5.2 million of initial set-up costs not expected to be incurred in future years.