Bulb energy has announced they are going into special administration today, Monday 22 November, after rumours they were on the brink of collapse.
Following this news, financial guru Martin Lewis has issued urgent advice for Bulb customers as the energy suppliers has warned that their phone lines will be busier than normal.
The energy firm took to social media to announce the latest news to their 1.7 million customers.
However, being in special administration means that their customers are still be provided energy and Bulb has told their customers that they 'don't need to do anything'.
Consumer champion Martin Lewis has been offering his expert money saving advice throughout the energy crisis that has seen nearly 20 energy suppliers fold as the wholesale market skyrockets.
Martin has given urgent advice and told customers not to switch.
He wrote on Twitter: "Pls share.
Reports Bulb energy's now in special administration. Details sparse, but don't worry ur supply continues & almost certainly
1. Ull stay on the price cap, there's nowt meaningfully cheaper. DON'T switch or you may pay 30%+ more
2. Your credit's safe
More as we know"
Rumour's of Bulb's collapse began circulating back in September but the company hit back at the statements.
However, as the wholesale prices of gas have spiked, smaller energy companies haven't been able to handle the heat and 19 have folded since.
Today, Monday 22 2021, Bulb released a statement and said: "Bulb said: "We’ve made the difficult decision to support Bulb being placed into special administration. This process is designed to protect Bulb members, ensuring there’s no change to your supply and your credit balance is protected."
They have reassured customers that there is no need to change providers or tariffs.
They added: "We’ve made the difficult decision to support Bulb being placed into special administration. This process is designed to protect Bulb members, ensuring there’s no change to your supply and your credit balance is protected."
