Gala Coral, a private equity-owned gambling group, has accused one of the world’s largest credit insurers of “appalling behaviour” in withdrawing cover against unpaid bills to Gala Coral’s suppliers.

Drinks and packaging suppliers to Gala Coral were denied cover on the grounds that insurers were increasingly worried about the future of companies backed by private equity, according to people close to Permira, Candover and Cinven, the gambling group’s owners.