While the Gala Coral chairman Neil Goulden has suggested that the company is now concentrating on the business, and that the financial problems are now resolved. Following an extensive restructuring program over the last 52 weeks, the city will no doubt be questioning the recent decisions of the gambling giant.

Gala Coral will be no stranger to the need to be transparent with high levels of integrity and disclosure as let’s not forget it has numerous gaming and operator licenses and is regulated by the Gambling Commission. The bingo, casino and betting shop operator knows that trust is at the heart of its business model and without trust all its gambling operations would collapse. It is ironic therefore that the company has refused to publish its company accounts and has been able to do this by two name changes and winding up the company which will no doubt lead to concerns amongst investors.

The accounts were expected at the end of June but the Gala corporate website states: 'Until the restructuring is completed, it is not considered appropriate to publish the Gala Coral Group's annual report and accounts for the 2009 financial year.'

The same website also confirms that the restructuring was completed on June 21, so analysts will be at a loss at to why the company is not prepared to produce its accounts for the year. During an interview with the Telegraph last weekend the Goulden did suggest that the company is now able to focus on the business rather than the debts. Experts in the industry believed the 2009 results for the company would disappoint the city anyhow given the short-term financial strategies the company have been forced to adopt. The secrecy only suggests that the numbers would be worse than expected.

So how have Gala Coral managed to get out of their reporting obligations?

According to the Daily Mail the Gala Coral Group changed its name on the 29th June to “Suitcase One”. A resolution was then filed to wind up the Gala Coral Group and liquidators were appointed. In addition a company called GCG Holdco was incorporated at Companies House on May 14.

The company then changed its name to….. Gala Coral Group. It’s the same company, the same company name, the same company chairman but just a different company number, but now the company does not need to file its 2009 accounts because the original Gala Coral company that had been trading at that time no longer exists. The new company does not need to file any accounts until 2012 as it is only a few months old. Officials at Companies House have stated that the actions of Gala Coral were entirely legal and all the paperwork was completed correctly.

Given the company intends to raise £600 million in high-yield bonds past accounts would help to convince investors to part with their money. It does beg the question of how bad the operating figures were therefore were for 2009.