Magazine article Marketing

British Gas Unit Takes on Banks

Magazine article Marketing

British Gas Unit Takes on Banks

Article excerpt

British Gas has set up a new division to oversee its push into areas that could include products and services as diverse as savings accounts and home security.

Centrica Financial Services (CFS), which launched internally this week, will explore any areas into which British Gas might take its brand or the Goldfish brand in the future.

Simon Waugh, group marketing director and managing director of the new division, said it will look at "any business area that adds significant value to the customer".

At least two new financial products are expected over the next six months. These are likely to be ventures with third parties, similar to the Goldfish credit card, which British Gas jointly owns with the Household Finance Corporation.

"While the new products and services will initially add value to our energy customers, we hope to build businesses which generate real revenue streams," said Waugh.

Waugh confirmed that new products will be developed under either the British Gas or Goldfish brands, depending on which was the most suitable. Each initiative will get a "significant" marketing budget.

The division will have a marketing budget of around [pounds]25m and Waugh has appointed a team of four unit heads. …

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