Octopus Energy has made a last-minute entry in a three-way race to buy collapsed electricity and gas supplier Bulb, according to two people close to the deal.
Deadline is the 30th June BTW.
& the gov are losing fortunes propping it up
Has bulbs brand been damaged beyond repair
A sale to a competent buyer can’t come soon enough. Octopus are the one I’d choose if I could.
Fingers crossed, Going to miss bulb, I was hoping it would survive, Just read it in the FT, What happens after the 30th June Deadline I have no idea.
Octopus sounds good to me, but id rather bulb survives.
Hope the staff are OK too, this is no time to be made redundant.
Fingers Crossed BULB.
I think Bulb have lost the will to survive. Their UK call centre is gone, replaced by one in South Africa, a huge step down in customer service and their new meter and meter repairs are non existent. I know, I’m waiting for a replacement.
I read if British Gas win they don’t want staff, buildings or any assets, just the customers.
I think your right, they sorted all my issues in the end, took some time though, just as everything was working and done, Smart tariff over. at least I am one of the lucky few, my reading and everything works as should.
I hope BG don’t win, id rather go powerless than go with BG, been there done. saying that going by what people say, all the companies are the same guess we will have to wait and see now
with just 5 days to go, Has there been any news yet, 30th June is the so called deadline for a takeover.
Will it be BG or Octopus. are people moving already.
What’s our options now.
Story on ft com
Centrica pulls out of Bulb auction in blow to government
Withdrawal by British Gas owner leaves just two potential bidders for failed energy group
thanks for update, not seen anything yet. So BG are out, leaving Octopus & Not sure who the others was.
With only 2 days to go to the deadline, not sure what happens after the 30th of June
Centrica out ! Now that is good news, I was absolutely dreading being transferred to them.
Of the remaining 2 interested parties Octopus sound the better option , but might need Masdar to supply the financing. I do hope that the staff at Bulb are switched as well, they are the backbone of Bulb and deserve looking after. With a bit of luck the entire Bulb organisation will be merged as a whole business.
Fingers crossed for the staff at Bulb, wishing them well
agree & agree we are saved from BG TOO
Hopefully the failed Chiefs at Bulb get turfed out on their backsides.
They will probably get a huge bonus, as the UK appear to be a world leader in rewarding failure
Today is the Deadline, Centrica withdrew from the sale process, leaving two potential bidders, Octopus Energy and Abu-Dhabi-based energy company Masdar
Praying that octopus win, I just hope that octopus don’t end up losing too much money where it becomes a burden for there other customers.
not sure they will. octopus seem to be in hot water too, refusing to stop using customer account credit for on going running. it should be ring fenced and unable to use them. I think the gov is stuck with bulb tbh. and it could work out being the cheapest, for me it still is the cheapest supplier. im also sure todays deadline will pass and nothing will happen.
It looks as if today is a non-event day regarding any progress in finding a new home.
Back to the drawing board and another period of idleness as far as Bulb customers and staff are concerned.
Agree, Octopus not agreeing to segregate customer funds from the day to day working capital
in not a particularly attractive feature of their management. If we end up there and this point is not updated, I for one, will ensure that any credit balance of mine is miniscule.
Never had that concern with Bulb!
Today was always going to be a non-event. Yes it’s the “deadline” but there’s obviously a load of work that needs to happen before a bid would actually be accepted. Maybe today there might have been an official announcement about the bidders, nothing else was expected.
Agree with you that customer funds ought to be segregated. Anyway it looks as if tptb (the powers that be) intend to change the rules so that the energy companies no longer have the option to “use customer credit as a company credit card” as a recent investigation stated. I was reading an article in Which? magazine and apparently what has been happening, in addition to the obvious, is that not only customer credit, but also the money for the green levy which we all pay as part of our standing charges, has not been passed on when a customer is passed from a failed company. This means that the company taking on the customer (from the failed company, I don’t think it is the same for customers just moving to a new company, their credit fund ought to follow them) has to stump up both the customer’s credit and the green levy - which is hardly fair on the company taking on the customer. But of course it ends up being all of us, the ordinary folk, that actually pay in the end, as the cost is passed on in our bills. According to Which? the cost on average to each of us for the year (before the price rises) when 29 energy companies failed was £94 per customer.
So I definitely support a rule change, and I’m keeping my credit to a level that corresponds to my actual cost of energy.