The early departure of J ohn Kelly as chairman of Gala Coral marks the start of a new and unwanted era for its owners - Permira, Cinven and Candover - as well as the end of its glory days under the man who founded the conglomerate. Mr Kelly hatched a succession plan in March to stay on until October 2009, with the aim of taking Gala Coral to a long-awaited float allowing its owners to exit.
As that bet has failed, Mr Kelly, who remains a large shareholder, has brought forward the handover to Neil Goulden , former chief executive, to the end of the year. The private equity partners are bracing themselves for another three years of ownership.
