Over-50s holiday and insurance group Saga is on the hunt for a chief financial officer after its incumbent announced he is moving to Paddy Power Betfair.

Jonathan Hill will remain with the Folkestone-based firm until September after three years with the business.

The company has begun searching for a successor.

Chief executive Lance Batchelor said: "Jonathan has played a key role in Saga since he joined in 2015. I would like to personally thank him for his invaluable support over the past three years."

The board change comes as the company reveals half a million people have signed up to its new free membership programme.

Its Possibilities initiative was launched in October and offers VIP events, discounts and welcome gifts.

Director of membership Jeff Baker said: “Possibilities was designed as a way for us to say thank you to our customers, by giving them something truly unique.

"We currently have 25,000 customers signing up to become new members every week, and we are on track to reach a million by the by the end of this year, which is telling us that they’re really keen on the benefits we have put together."