Bulb Energy Ltd (08469555): administration
- Status
- In administration
- Administration began
- 2021-11-24
- Administrators
- Matthew James Cowlishaw, Daniel Francis Butters, Paul James Meadows
- Administrators' firm
- Teneo
- Formerly
- Hanbury Energy Limited; Regent Power Limited
- Incorporated
- 2013-04-02
- Location
- Birmingham
- Industry
- 35140 Trade of electricity
Why it went into administration
- Energy costs
- Cash flow / liquidity pressure
From the administrators' statement
The Company experienced a sharp increase in net losses and deterioration in cash flow due to increases in the price of wholesale gas and electricity from May 2021, which meant the Company was required to trade at a loss in order to maintain a continuity of supply to its customers.
The unprecedented levels of wholesale prices resulted in rapid increases in the levels of cash collateral required by energy suppliers, exacerbating liquidity constraints within the business.
Steps taken to remedy/turnaround
Administrators' statement of proposals (2022-01-20) · Companies House register