Credit, Collections & Insolvency News
The Government has approved a deal between the administrators of Bulb and Octopus Energy to acquire the failed supplier. It will see the Government meet the cost of buying energy for Bulb customers over the winter, with a profit-sharing agreement put in place until Octopus has paid off the debt.
The move comes after an almost year-long process run by Bulb’s administrators to find the best solution for the company, its employees and taxpayers.
Bulb, still the 7th largest energy supplier in the UK, is also one of the newcomers in energy retail. Launched in 2015, its aim was to provide fair and transparent pricing and use tech to help its customers manage and reduce their energy usage. The company grew to over 1.5 million customers thanks to the team’s focus on growth and smart, green products.
Business and Energy Secretary Grant Shapps said “This Government’s overriding priority is to protect consumers and today’s sale will bring vital reassurance and energy security to consumers across the country at a time when they need it most.”
“This is a fresh start and means Bulb’s 1.5 million customers can rest easy, knowing they have a new energy home in Octopus.”
“Moving forward, I intend to do everything in my power to ensure our energy system provides secure and affordable energy for all.”
Greg Jackson, CEO and founder of Octopus Energy Group, said “We take our responsibilities very seriously. We will work unbelievably hard to deliver value for taxpayers and to look after Bulb’s staff and customers.”
“We started off as rivals but shared the same mission – driving a greener, cheaper energy system with people at the heart. We know how important this is to Bulb’s loyal customers and dedicated staff, and are determined that Octopus can provide them with a stable home for the future.”