UK betting group Gala Coral has defended a key executive, Andy Hornby, despite reports published yesterday into the collapse of UK bank HBOS, where he was once chief executive.
Gala Coral and gambling firm Ladbrokes are currently in the midst of securing regulatory and shareholder approval for a €3.2bn merger. On Wednesday, Irish billionaire Dermot Desmond wrote to Ladbrokes' shareholders, urging them to reject the tie-up.
He's a shareholder in Ladbrokes and is believed to own at least 2pc of the group.
Mr Hornby joined Gala Coral in 2011 as chief executive of Coral. He's set to be appointed chief operating officer of the Ladbrokes Coral group if and when the merger is completed.
Gala Coral said Mr Hornby has been a key part of the group for the past five years and remains supported by management and investors.