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CMS advises Octopus Energy on takeover of Bulb Energy

31 October 2022

CMS has advised Octopus Energy Group (Octopus), the British renewable energy group specialising in sustainable energy, on its takeover of Bulb Energy’s (Bulb) 1.5 million customers, following an almost year-long tender process run by Bulb’s administrators. The ground-breaking transaction will include an energy transfer scheme (a statutory process available to energy supply companies that are in special administration), used for the first time in the United Kingdom. 

Octopus is headquartered in the UK and operates in 14 countries, with significant businesses in energy retail, generation, technology and electric vehicles. It has received well over $1bn in investment from global giants including investment funds and large energy companies. It is also the only energy provider to have been recommended by consumer advice group Which? for five years running.

Bulb, still the 7th largest energy supplier in the UK, is also one of the newcomers in energy retail. Launched in 2015, its aim was to provide fair and transparent pricing and use tech to help its customers manage and reduce their energy usage. The company grew to 1.7 million customers thanks to the team’s focus on growth and smart, green products.

Greg Jackson, CEO and founder of Octopus Energy Group, comments: “It has been fantastic working with the CMS team to support us through this first of a kind transaction, which covered such a wide range of different specialisms, but Charles and the team brought it all together tremendously to help take us on the next step in our journey to drive a greener, cheaper energy system with people at the heart.”

Charles Currier, CMS Corporate Partner added: “We are pleased to have worked closely with the Octopus team on such an important and complex transaction throughout what has been a difficult period for the energy markets generally. We are also delighted to have advised on the first ever energy transfer scheme in the UK, which is testament to the breadth of CMS’ market leading and innovative Corporate Practice.”

The CMS team was led by Charles Currier (Corporate), supported by Emma Clark, Jennifer Louch, Maximilian Weaver, Alicia Ingham, Aisling Knapton and Aoife Fenlon (Corporate); along with Aaron Fairhust and Philip Reid (Tax); Dalia Majumder-Russell, Stella Mavrommati and William Stewart (Energy); Hannah Curtis and Megan McCulloch (TMIC); Jonathan Dames, Stephanie Flynn and Christopher Thorp (Banking & Finance); Peter Wiltshire and Christos Christoforou (Restructuring and Insolvency); Loretta Pugh and Theofili Elenoglou (Commercial); Tracey Marsden and Emma Sweetman (Employment); and Brian Sher, Russell Hoare and Gabrielle Carter (Competition).