Octopus Energy has reportedly submitted a last-minute bid to take over Bulb, which entered special administration in November.

The company, which was the biggest of more than two dozen energy suppliers that went bust in the past year, was put into this regime after the government stepped in appointing Teneo to run the company with £2.2 billion of taxpayer money.

Reports claim that Centrica and UAE government-owned company Masdar had previously submitted non-binding offers during the first round of bids for Bulb which has nearly 1.6 customers.

A source told the Financial Times: “Bulb is eating cash and the government is desperate to do a deal and the buyers know that.”

In November, Business Secretary Kwasi Kwarteng said: “We do not want this company to be in this temporary state longer than is absolutely necessary.”

ELN has approached Octopus for a response – the company declined to comment on Mergers & Acquisitions rumours or speculation.