Bulb’s CEO and co-founder Hayden Wood is to leave the company at the end of July.
Since, the company grew to capture 6% of the UK market, as well as expanding into France, Spain and Texas.
However in November 2021, the company was placed into special administration after failing to find new funding opportunities and announcing insolvency amid high power prices. Consultancy Teneo was appointed as administrator by the government, and has since been running the company.
The supplier’s insolvency is expected to cost the government £2.2 billion. In the six months since nationalisation, Bulb has lost £886 million, noted a recent article in the Financial Times.
Financial advisory Lazard has been tasked with finding a new owner for Bulb, with the auction to acquire it closing yesterday (30 June).
It is rumoured that Octopus Energy and UAE government-owned energy company Masdar are in the running to buy the supplier and its 1.6 million customers. Meanwhile, Centrica reportedly pulled out of the auction just this week (26 June).
In a statement provided to Current± by Bulb, the company said: “Bulb’s CEO and co-founder, Hayden Wood is stepping back from the business. We wish him all the best for the future.”