Bulb’s special administrators will reportedly appoint soon a financial advisory and asset management firm to handle the sale process of the energy supplier.

Bulb, which was Britain’s seventh-biggest supplier with around 1.5 million customers was the first company to be set in a special administration regime a few months ago.

That was followed by a £1.7 billion taxpayer loan to fund the operations of the firm.

The Financial Times reported Teneo, the company which runs the special administration of Bulb has invited Lazard to conduct a sale process that would lead to a potential buyer.

A few weeks ago, it was reported that on 31st October the company owed £254 million to customers who had prepaid for their bills.

Bulb had said it was a “difficult decision” to agree to a special administration.

That was triggered by soaring energy prices that had led dozens of energy suppliers in the past few months to exit the market.