Teneo Announces Agreement Between Special Administrators of Bulb Energy and Octopus Energy to Acquire 1.5m Bulb Customers
Teneo, the global CEO advisory firm, today announced that on Friday 28 October an agreement was reached between the Special Administrators of Bulb Energy and Octopus Energy to acquire Bulb’s 1.5 million customers, in a transaction that will protect consumers while providing the most value to the taxpayer.
On 24 November 2021, Matthew Cowlishaw, Matthew Smith and Daniel Butters of Teneo’s Financial Advisory business were appointed to oversee the Special Administration of Bulb Energy.
Since then, a Teneo team from across Financial Advisory, Strategy & Communications and Management Consulting has worked with the UK Government on delivering the objectives of the Special Administration as well as an extensive and competitive sale process. The agreement, announced on Saturday 29 October, will be implemented using a statutory process called an Energy Transfer Scheme and is subject to UK Government approval.
Matthew Cowlishaw, Senior Managing Director at Teneo and Special Administrator to Bulb Energy, commented:
“When the Energy Administrators were appointed in November 2021, our primary objectives were to enable Bulb to trade as usual while minimising the cost to the taxpayer. Following a thorough and extensive process over the course of almost a year, we examined all options and in conjunction with the UK Department for Business, Energy& Industrial Strategy (BEIS), came to the conclusion that this transaction would provide the most value to the taxpayer and protect customers. Against the backdrop of wider energy market disruption, thanks to the hard work and commitment of the Bulb team, we were able to keep the business trading and prepare the business for sale. The transition of employees and customers will provide certainty for both going forward.”
For more information, please contact:
Haya Herbert-Burns Haya.Herbert-Burns@teneo.com
Matthew Thomlinson Matthew.Thomlinson@teneo.com
About Teneo
Teneo is the global CEO advisory firm. We partner with our clients globally to do great things for a better future.
Drawing upon our global team and expansive network of senior advisors, we provide advisory services across our five business segments on a stand-alone or fully integrated basis to help our clients solve complex business challenges. Our clients include a significant number of the Fortune 100 and FTSE 100, as well as other corporations, financial institutions, and organizations.
Our full range of advisory services includes strategic communications, investor relations, financial transactions and restructuring, management consulting, physical and cyber risk, organizational design, board and executive search, geopolitics and government affairs, corporate governance, ESG and DE&I.
The firm has more than 1,500 employees located in 41 offices around the world.