Bulb boss continues earning £250k salary despite special administration

The salary is being paid by taxpayers as the company entered into special administration

Pathway to COP26 report

The boss of energy supplier Bulb, which was put into a so-called special administration regime continues to take home £250,000 a year.

That was the salary he was also receiving before the company’s collapse, Hayden Wood confirmed.

Addressing the Business, Energy and Industrial Strategy Committee, Bulb‘s Chief Executive Officer and Founder said: “My salary now, in the last year is £250,000 a year. The administrators asked me to stay on to help.

“The reason I stayed on was that we wanted to support customers have a smooth transition into special administration – what I think we are doing within the company right now is to minimise costs for consumers, minimise costs for taxpayers and hopefully affect a sale of the company out of the special administration.”

Asked about how much of his own capital was put into Bulb, Hayden Wood said: “I put all of my personal savings into the company in 2015.”

Last month, ELN reported that Bulb’s special administration was predicted to cost taxpayers at least £1.3 billion more than the original £1.7 billion estimate.

A few days ago, Gabriele Sabato, Co-founder and Chief Executive Officer at fintech startup Wiserfunding told ELN that fragile financial foundations were a “major catalyst” for failed UK energy firms in 2021.

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 

Latest Podcast