Gala Coral Group announces that Gary Hughes, Chief Financial Officer, will be leaving the Group on Friday the 30th September 2011. Gary was instrumental in restructuring the business in 2010 and in the recent refinancing and the Board is very appreciative of the role he played. Gary leaves the Group in good shape financially and well positioned to deliver on its clear plan for value creation.
Paul Bowtell will join Gala Coral Group as Chief Financial Officer on Monday the 3rd October 2011. Paul brings a wealth of experience gained within large consumer facing businesses, having previously been CFO of TUI Travel plc and Finance Director of British Gas. Before this Paul held a number of senior roles with WH Smith and Forte. Paul is a non-executive director of Capita Group and SThree plc and chairs the Audit Committees of both companies.
Carl Leaver, Group CEO of Gala Coral, comments:
“I would like to thank Gary for his significant contribution over a very challenging period for Gala Coral. He played a central role in successfully restructuring the Group last year and, more recently, refinancing its debt. Gala Coral is a stronger business for his involvement and Gary leaves with the Board’s best wishes.
I am very pleased that Paul Bowtell will be joining the Group on Monday the 3rd of October as part of an orderly succession plan. Paul has extensive experience of retail and leisure businesses and brings an insight that I am confident will help Gala Coral achieve its potential.”
Gary Hughes comments:
“Since I joined the business three years ago, the financial position of the Group has been transformed through a complex restructuring and the recent refinancing of its debt, enabling me to move on to other things confident that the business is on a sound footing. I wish Carl and Paul and all the Gala Coral team the very best and will watch the Group’s progress with great interest.”
Paul Bowtell comments:
“I am delighted to be joining Gala Coral at this exciting time in the Company’s development. With its strong financial position, there are substantial opportunities to drive shareholder value and I look forward to being part of the team to deliver this.”
Press enquiries should be directed to Simon Clare, Gala Coral Press Office on 07860 465139
