Is Bulb’s sale process about to start?

The company’s administrators will reportedly appoint an asset management firm to handle the sale

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.

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast