Bulb boss Hayden Wood to step down from collapsed energy firm

The boss and co-founder of collapsed energy firm Bulb will leave at the end of July, the company said.

Bulb went bust late last year when wholesale gas prices soared. It is being run by the government through regulator Ofgem until a buyer is found.

There are reportedly several bidders to buy the firm. Bulb said Mr Wood was "stepping back from the business".

A spokesperson added: "We wish him all the best for the future."

Mr Wood had previously defended remaining in his role after the collapse, telling MPs he was asked to stayed on to help with the company's sale.

The firm, which has 1.6 million customers, was among 29 energy suppliers which went under after massive hikes in wholesale gas prices.

When Bulb collapsed, the Treasury set aside £1.7bn to buy the gas its customers needed until the end of the tax year in April 2022.

It was hoped by that time the business would be sold but so far no buyer has been found.

This is the biggest state bailout since the Royal Bank of Scotland collapse during the 2008 financial crisis.

The BBC has asked the Department for Business for a comment.