Andy Hornby the former boss of HBOS at the time it had to be bailed out by the taxpayer, and who was too stressed to continue as boss of Alliance Boots four months ago, has been given the job as chief executive of bookmaker Coral.

The gaming group has spent the last 12 months looking for a replacement, after Nick Rust left to work for Ladbrokes last year.

It is reported that Andy Horny is joining the company to launch a private equity buyout of the bookmaking operations from the remainder of the Gala Coral group. It has long been reported that the Gala Coral Board were looking at selling off the bingo and casino operations, even though the company continue to officially deny it.

A spokesman for Coral said: "We are delighted that someone of [Hornby's] calibre is taking the reins and will be chief executive of retail and remote gambling. Any breakup of the group is not planned or on the horizon."

Horny started the new role on Monday and the company announced the appointment internally on Friday. Ironically he resigned as the chief executive of healthcare retailer Alliance Boots less than four months ago citing a need to step back from the demands of corporate life.