We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Bulb

Options
Linda99
Linda99 Posts: 8 Forumite
in Energy
Have Bulb's customer now reached 1,000000 ?



I received an email from them stating this
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Name Dropper First Anniversary First Post
    Options
    I m with Bulb . They have nt sent me one..Last I heard is that they were struggling and likely to go bust.. I ll be leaving them the instant they raise their rates which they are predicted to be doing very shortly.. Very kind of them to pay my £60 exit fees from Eon last year, which is probably why they are struggling with their generous referral fees and payments of exit fees
  • Linda99
    Linda99 Posts: 8 Forumite
    Options
    The email was from Bulb yesterday,due to them reaching 1,000000 customers their are choosing certain areas to offer £100 referrals.I am included in this from the 24th to the 31st of January.I have been with Bulb for only 4 months.So quite pleased with that.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Name Dropper First Anniversary First Post
    Options
    They were reporting 100,000 customers a year ago. They ve done well if they ve added a nought to make a million customers. If that is correct they are probably the top supplier after the big 6 ..but will they last ? They are losing me at the next rise as they are variable only tariffs.
  • wavelets
    wavelets Posts: 1,164 Forumite
    Combo Breaker First Post
    Options
    Houbara wrote: »
    They were reporting 100,000 customers a year ago. They ve done well if they ve added a nought to make a million customers. If that is correct they are probably the top supplier after the big 6 ..but will they last ? They are losing me at the next rise as they are variable only tariffs.

    To be fair, I think I saw a report that said they had about 830,000 customers about a month ago

    But anyone can attract customers by thowing money at them.. but its just vanity
    https://forums.moneysavingexpert.com/discussion/5948047/bulb-energy-reports-huge-23million-annual-loss-and-late
  • gt94sss2
    gt94sss2 Posts: 5,690 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    Options
    Houbara wrote: »
    I m with Bulb . They have nt sent me one..Last I heard is that they were struggling and likely to go bust.

    I don't know where you heard that, but it doesn't seem to be true.

    According to Bulb, they raised £60 million in new capital over the summer and its common for new firms to make losses in the first few years as they gain customers (almost all businesses do)

    There are also details of their customer numbers etc at https://bulb.co.uk/blog/annual-update-for-members-2018
  • gt94sss2
    gt94sss2 Posts: 5,690 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    Options
    Houbara wrote: »
    They were reporting 100,000 customers a year ago. They ve done well if they ve added a nought to make a million customers. If that is correct they are probably the top supplier after the big 6 ..but will they last ? They are losing me at the next rise as they are variable only tariffs.

    There are several firms with a similar market share to Bulb. The largest after the big 6 is Ovo.

    Have a look at:

    https://www.ofgem.gov.uk/data-portal/electricity-supply-market-shares-company-domestic-gb

    Since that was produced, Ovo has taken over both the Spark and EE customer bases.
  • Thomas_Edison
    Thomas_Edison Posts: 148 Forumite
    Options
    Their latest wholesale update says prices have dropped and if they stay low they'll lower their prices. bulb.co.uk/blog/wholesale-energy-market-update-december

    If someone's happy to give them £60m they must be doing something right.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Name Dropper First Anniversary First Post
    Options
    gt94sss2 wrote: »
    I don't know where you heard that, but it doesn't seem to be true.

    According to Bulb, they raised £60 million in new capital over the summer and its common for new firms to make losses in the first few years as they gain customers (almost all businesses do)

    There are also details of their customer numbers etc at https://bulb.co.uk/blog/annual-update-for-members-2018
    I heard it on here last week 9 th Jan..
    Search for the thread "Bulb Energy reports HUGE £23 million+ annual loss! and late
  • Thomas_Edison
    Thomas_Edison Posts: 148 Forumite
    Options
    Yeah I've seen all that, seems like hyperbole to me.

    You have to spend money to make money and growing by that many members is going to cost a lot. Companies like Netflix do the same.

    Imagine they grew by a million again, if they made the aimed for £50 profit per member they'd have huge losses again even though their actual product is profitable.

    Guess we'll wait and see but good to see that real competition is coming to the market.
  • masonic
    masonic Posts: 23,655 Forumite
    Photogenic Name Dropper First Post First Anniversary
    edited 19 January 2019 at 7:07PM
    Options
    Houbara wrote: »
    I heard it on here last week 9 th Jan..
    Search for the thread "Bulb Energy reports HUGE £23 million+ annual loss! and late
    The specific comment being questioned was that "they were struggling and likely to go bust". Despite the reported loss, this is unlikely to be the case, especially as they have raised almost three times that figure in new capital.

    Eventually they will need to hike their prices, but for the moment they are cheap, and somewhat better capitalised than other cheap providers.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 12 Election 2024: The MSE Leaders' Debate
  • 344.2K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.1K Spending & Discounts
  • 236.3K Work, Benefits & Business
  • 609.7K Mortgages, Homes & Bills
  • 173.6K Life & Family
  • 248.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards