Bulb Energy reports HUGE £23million+ annual loss! (and late)

Cardew · 11 January 2019 at 11:18AM

spadoosh wrote: »

Theyre breaking in to a market (the big 6). That kind of things needs money chucking at it.

Agreed! The interesting question is who is chucking the money at the firm.?

As 'Will at Bulb' stated in an earlier post, they raised £60million this summer on the strength of their business plan. So presumably banks or venture capitalists must have great faith to lend to a company without tangible assets.

My reservation, as expressed earlier in this thread, would be that their 870,000 customer base will shrink rapidly unless they continue to have really competitive tariffs. Especially when comparison website are offering financial incentives to switch.

gadgetmind · 12 January 2019 at 12:52PM

What Bulb are doing is what was called "A Land Grab" in those heady dotcom days before the crash.

It maybe still is, but investors are now very wary of companies where the customer is regarded as being "the product" and the route to profitability seems to be an afterthought at best.

As the chair of Ofgem put it 'The “downsides” of the market’s growth meant that “arguably too many suppliers have come into the market with unsustainable business models” '

https://www.telegraph.co.uk/business/2019/01/10/ofgem-chair-admits-many-energy-suppliers-unsustainable/

falcieri · 12 January 2019 at 5:30PM

spadoosh wrote: »

Saw this post this morning and had a look through. Whilst i appreciate massive losses arent typically good i must admit i thought theyve got to be expected when a new company breaks on to the energy sector. Theyre competing with the like of BG in a very price led industry.

I agree.. You have to speculate to accumulate. Besides, nothing seems to be safe in the energy sector, but since escaping from Economy Energy to Bulb I see all the signs of a well organised company. Their communication is exceppent, their app works and when I send them a metre reading every month they put it on my account and debit me accurately. I ever saw anything like this with EE.

I'm happy to give Bulb the benefit of the doubt and I have no intention of moving again if things tick over like this. The more customers they have the safer they should become over time, with any luck.

JJ_Egan · 29 August 2019 at 6:41PM

You use the refers board or get marked as spam and deleted.

sunnyspirit · 8 November 2019 at 1:06PM

Hi,

Last week, I got switched to them accidentally, looked into them, read about their objectives, found them on the website of the Living Wage Foundation so they seemed a good supplier to switch to.

But now I am reading here that Bulb does not employ its own staff? On the basis of what are you saying that, wavelet? Do you work at Bulb?

I'd really like to know, please, because on the basis of the Company House info that does not appear to be the case. Simple Energy is the holding while Bulb is the actual company here.

Simple Energy is not listed on the Living Wage Foundation site.

Thanks in advance.

Sunny