Bulb boss continues earning £250k salary despite special administration

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

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.

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

Latest Podcast