A renewable energy supplier established by two friends four years ago has been named Britain’s fastest-growing private company. Bulb, founded by Amit Gudka and Hayden Wood, secured the top spot in a new ranking of Britain’s top private companies compiled by Syndicate Room, an online investment platform. Using information supplied by Beauhurst, a data provider, it said that Bulb had grown its valuation by a factor of 351 since 2015. The business, which has almost 900,000 customers, is also the nation’s biggest supplier of renewable energy. Mr Gudka, a former energy trader at Barclays, and Mr Wood, who used to work at Bain & Company, the consultancy, set up their business over a shared frustration with poor customer service and inefficiency in the energy industry. In contrast with the array of tariffs offered by its “Big Six” rivals, Bulb is a single tariff energy provider supplying electricity from solar, wind and hydro-electric sources and 10 per cent of its gas from renewable sources. It says that it aims to give three months warning before prices rise and says that it is quick to cut bills when wholesale energy costs fall. There are no exit fees for customers who choose to leave. The company’s investors include DST Global, also an investor in Facebook, Airbnb and Twitter.
Times 10th Dec 2018 read more »