Martin Lewis discusses Octopus Energy’s acquisition of Bulb
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Retailer Marks and Spencer have announced that it will close its energy supplier side business within weeks, in a move that will affect 60,000 customers. On April 1, the customers affected will be moved to Octopus Energy, which is currently the UK’s fourth-largest supplier. It already supplies gas and electricity to customers of the retail giant on behalf of the firm.
However, this move means that all 60,000 customers will be managed by Octopus Energy directly. This comes after the firm completed the acquisition of its rival Bulb, which went into special administration last year during the energy crisis.
The switch will take place automatically and customers will not need to do anything to be moved over to Octopus Energy, according to the Mirror.
Marks and Spencer Energy released a statement on its website which reads: “From April 1, 2023, Marks and Spencer Energy will become Octopus Energy.
“All our customers will continue to receive honest pricing, 100 percent renewable energy and outstanding customer service, however, we’re not accepting new customers at this time.”
Octopus recently came top in the Which? annual customer energy survey with a combined score of 78 percent based on customer feedback and an assessment by the consumer champion.
The energy provider was also the only company to get a five-star rating in any category and nine in ten customers said they would recommend it as a supplier.
Kirsty Ward, Marks and Spencer Connect director said: “We want to simplify our services offering and focus on serving our customers brilliantly and giving them more reasons to shop with us.
“As a result, we have decided to step back from providing energy and ultimately, our partnership with Octopus Energy. All existing Energy customers have already been contacted and there is no action required from them.”
An Octopus Energy spokesperson said: “Over the last five years Marks and Spencer Energy, powered by Octopus Energy, grew to serve around 60,000 customers, all while maintaining five-star customer service ratings on Trustpilot.
“As a result of the company exiting their energy supply business to simplify their services, all Energy customers are now switching over to Octopus, where they will enjoy the same rates and world-class customer service as before.
“Customers don’t need to worry or take any action. There will be a smooth transition and no disruption to their supply and customers have already been contacted about the next steps.”
This follows the news of the supplier’s acquisition of Bulb, an energy company which went into Special Administration last year. In December, Octopus Energy confirmed the news that 1.5 million former customers of the defunct supplier would now see their accounts transferred over.
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Households are currently experiencing an exponential increase in energy bills and those affected by this acquisition will soon be eligible for vital support from Octopus Energy.
It should be noted that customers will remain on Bulb systems for the time being and will still receive support from the supplier’s team.
Under the agreement, taxpayers will save millions of pounds as Bulb moves back into private ownership. On top of this, taxpayers across the UK will also benefit from a profit share agreement that forms part of this new deal.
Completed using a process called the Energy Transfer Scheme, the deal was approved by the Business and Energy Secretary on November 7 and the High Court ruled that the transfer could be carried out.
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