Octopus Energy’s £1bn request to buy failed rival

View this email in your browser
1st August 2022

Bite-sized business news from the UK and beyond
Good morning Congratulations to the Lionesses who gave England its first major football trophy since 1966 after beating Germany 2-1 in the final of the 2022 Women’s Euros last night. 
Today's stories
  • Octopus Energy’s £1bn request to buy failed rival
  • Fast fashion giants investigated over eco claims
ENERGY
Octopus Energy’s £1bn request to buy failed rival


What happened?
Yesterday it was revealed that Octopus Energy has asked the government for £1bn to fund the takeover of rival energy provider Bulb that collapsed last year.

How did we get here?
Last November Bulb, Britain’s seventh largest energy supplier, went bust amid the turmoil in the energy market which saw gas prices double in a matter of weeks. But the energy price cap meant it was unable to pass on rising prices to customers.

Normally customers of failed suppliers are taken on by remaining providers. But Bulb’s customer base of 1.6m was far too many to transition overnight. Instead the company entered special administration which means it’s been run by the government – costing the taxpayer upwards of £2bn - until a new owner could be found.

Going once, going twice…
The government auction to sell Bulb attracted only one bidder, Octopus, the fifth largest supplier. 

Sources close to the deal said it would involve Octopus paying between £100m and £200m to take on Bulb's customers. But a £1bn loan would be needed from the government to buy energy in advance aka hedging. Bulb doesn’t hedge its purchases of wholesale gas, leaving it exposed to soaring prices during an energy crisis which has been made worse by Russia's invasion of Ukraine.

Octopus would also give a portion of its profits to the government for several years on earnings from Bulb customers.

Next steps: Given the complexity it could take weeks for a final agreement to be reached. If successful taking over Bulb would give Octopus a customer base of 5m and cement its status as one of the most important energy providers in the UK.
Other stories to keep you in the loop
RETAIL
Fast fashion giants investigated over eco claims


What happened?
On Friday the UK competition regulator, the CMA, announced it was launching an investigation over the environmental claims made over the fashion by Asos, Boohoo and Asda.

How did we get here?
Fashion – from material sourcing, through supply chains to washing and waste -  is one of the most polluting industries. It’s estimated that it is responsible for 10% of global carbon emissions.  

In recent years fast fashion has come under heavy criticism for the role it plays in encouraging high and unsustainable consumption.

As a result, brands are trying to highlight the eco-friendly credentials of their products, for example, by claiming they are made from recycled materials.

However the CMA is concerned that consumers are being misled with false claims, so called ‘greenwashing’.

The CMA’s focus on Asos, Boohoo and Asda is all part of a wider review into the UK sector worth £54bn. 

In January the watchdog identified concerns around potentially misleading sustainability claims including companies that were creating the impression that their products were better for the environment but with little evidence.

The CMA isn’t alone in shining a light on the fashion greenwashing. In June industry publication, The Business of Fashion, released its annual survey of sustainability efforts at the 30 biggest listed companies and found that no company scored more than 49 out of 100 on measures such as emissions, waste, chemicals and transparency.
Stat of the day

The final of 2022 Women’s Euros at Wembley was watched by 87,192 fans - a men’s and women’s Euro record
Interesting links from around the web
Forward to Friend Forward to Friend
Not a subscriber? Join free
Twitter
Sent this by a friend? Sign up here
How did you like today's email?
Get in touch with any feedback or even just to say hi
hello@marketloop.co

Copyright © 2022 Market Loop, All rights reserved.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.
 






This email was sent to you
why did I get this?    unsubscribe from this list    update subscription preferences
Market Loop · 16 Great Chapel St · London, London W1F 8FL · United Kingdom

Email Marketing Powered by Mailchimp

Older messages

Shell and British Gas face backlash over bumper profits

Friday, July 29, 2022

.... and US (sort of) enters a recession View this email in your browser 29th July 2022 Bite-sized business news from the UK and beyond Good morning Today marks two momentous pop culture events: 1.

Consumer businesses pass on higher costs to customers

Thursday, July 28, 2022

.... and Lloyds gets ready for economic downturn View this email in your browser 28th July 2022 Bite-sized business news from the UK and beyond Good morning Tomorrow $1bn will be up for grabs in the US

Downgraded: IMF cuts UK growth forecast to the lowest in G7

Wednesday, July 27, 2022

.... and Gas off: EU agrees to winter gas ration amid Russia fallout View this email in your browser 27th July 2022 Bite-sized business news from the UK and beyond Good morning Congratulations to

UK and French satellite firms eye space race merger

Tuesday, July 26, 2022

.... and Ryanair issues gloomy travel warning as it swings back into profit View this email in your browser 26th July 2022 Bite-sized business news from the UK and beyond Good morning Yesterday it was

Ukraine's grain gets freed up

Monday, July 25, 2022

.... and Barclays takes stake in $2bn crypto firm View this email in your browser 25th July 2022 Bite-sized business news from the UK and beyond Good morning Can you believe it, it's been 10 years

You Might Also Like

How This "1 PAGE" Website Makes $21,000/Month!

Wednesday, January 15, 2025

I just uncovered a website that is just a single page, and get this...it's making over $21000/month! In my video today, I'm going to reveal this website, how its getting traffic, and how its

$1,654 in DAILY sales 😮 (Beta-Tester results + NEW system)

Wednesday, January 15, 2025

This needs to be seen to be believed View in browser ClickBank Hey there, This coming Sunday, I highly recommend attending this private event because you'll be shown something brand new. Here's

Founder Weekly - Issue 669

Wednesday, January 15, 2025

January 15, 2025 | Read Online Founder Weekly (Issue 669 January 15 2025) In partnership with Where tier-one VCs get their news 📰 Get smarter about venture capital. 5x / week <5 minutes / day 15000

Building AI Agents the Easy way

Wednesday, January 15, 2025

Today's Guide to the Marketing Jungle from Social Media Examiner... Presented by social-media-marketing-world-logo It's National Bagel Day, Reader! Do you like yours sweet, savory, or plain? In

Are you a Chaos Coordinator? It's one of the top gifts on Amazon

Wednesday, January 15, 2025

Trending Products on Amazon This Week For the week of Monday, January 13 to Sunday, January 19 Welcome to this week's edition of the hottest trending keywords and products on Amazon over the last

The Market Is Pushing Asset Prices After Inflation Report — But Should It Be?

Wednesday, January 15, 2025

Listen now (2 mins) | To investors, ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

When Video Matters And When It Shouldn't

Wednesday, January 15, 2025

Humans, it seems, like to be all or nothing on things. It's a Twitter-killer or a Google-killer. Not here's another way to access content or do things. It's all or nothing. And that's

😎Wake up, babe. State of Marketing just dropped.

Wednesday, January 15, 2025

Data and insights from 1.4k marketers globally View in browser hey-Jul-17-2024-03-58-50-7396-PM The webcomic XKCD once estimated that, on average, there are 10000 people hearing about something “

VC climate-tech funding falls for 3rd year

Wednesday, January 15, 2025

PE's comeback hits a speed bump; meet Europe's new crypto unicorn; Macquarie inks $5B data center partnership Read online | Don't want to receive these emails? Manage your subscription. Log

🦅 We're rescheduling Jesse Pujji's masterclass

Wednesday, January 15, 2025

It will be in March ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏