Abstracts » Business

No mourners as Cedric the bogeyman goes

Article Abstract:

Cedric Brown will leave the post of chairman at British Gas in 1996. The company has seen a rise in complaints and a poor performance in terms of share price since 1992 when Brown was appointed. Brown was criticized following a 75% salary increase in 1994. Employees at the company's showrooms suffered a pay cut in that year in a move creating public relations problems. The company has also faced increased competition and has contracts to purchase gas that is not required.

Officials and employees

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Gas payout 'at risk' as watchdog has final say

Article Abstract:

British Gas will have to reduce the company's dividend due to price controls brought in by the UK gas industry regulatory body, the Office of Gas Supply (Ofgas). Clare Spottiswoode, the regulator, has not taken measures as harsh as the market had feared and share prices in the company rose following the announcement of price controls. Average UK bills for domestic gas supply have to be reduced by 9%. The company could appeal to the Monopolies and Mergers Commission.

Laws, regulations and rules, United Kingdom. Office of Gas Supply

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