Bulb ‘owed £254m to customers’

Bulb’s special administrators reportedly revealed that by the end of last October the company had a total of £640 million of liabilities

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Administrators of failed supplier Bulb have revealed the company owed £254 million to customers who had prepaid for their bills.

The company, which was Britain’s seventh biggest energy supplier, had £640 million of liabilities on October 31, according to a report by special administrators at Teneo.

The report, seen by the Financial Times, suggests of this amount, £254 million were “credit balances”, bills that were prepaid by customers.

Bulb, which announced two months ago that would go “into special administration” was bailed out with a £1.7 billion loan.

The scheme was heavily criticised by energy suppliers and MPs who have raised concerns over its feasibility and the impact it would have on taxpayers and energy bills.

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