Collapsed energy firm bought

Octopus Energy has sealed a deal to buy Bulb, its collapsed rival which has been run with billions of pounds of Government support for nearly a year.

Yesterday Octopus announced it is taking on Bulb’s 1.5 million customers after the firm was placed into special administration in November 2021.

The Department for Business, Energy & Industrial Strategy confirmed an agreement had been reached between Bulb’s administrators and Octopus, saying the deal will protect consumers and taxpayers and provide a stable home for Bulb’s customers and 650 employees.

Octopus said it is paying above market value for the firm.