The administrators of Bulb Energy are set to appoint Lazard to handle the sale of the business, according to a report by the Financial Times on Friday.
Bulb, which was bailed out by taxpayers last year, was placed into “special administration” in November as it was deemed too large to be absorbed by a bigger player. The seventh largest energy supplier in Britain was pushed to the brink last year amid a surge in wholesale gas price.
Lazard sought to find Bulb new investors in 2021 and to sell it to a rival but the process came to nothing as wholesale gas prices continued to surge, the FT explained.
Reports published by Teneo and administrators for Bulb’s parent company Simple Energy have shown that it owed £254m to customers when it had to be rescued with a £1.7bn taxpayer loan.
