The Chairman of Gala Coral, Neil Goulden confirmed in an interview that the company was now considering launching a high-yield bond of up to £600m. This would result in the group with a balance sheet that would allow the company to be eventually floated.

It was reported that the group has offered its senior lenders a £3m consent fee for permission to launch the bond within the next nine months.

"Senior lenders benefit because it's a subordinated bond," Mr Goulden commented. "They have £1.5bn of debt that could go down to £900m. The leverage on the senior lending will then be three times public company levels of leverage. For us, it provides diversified sources of funding."

The Chairman added that while Goldman Sachs was one of the four biggest shareholders, with 8 percent of the company, it had decided not to have a seat on the board: "They didn't want to be conflicted,".

"We are going to be active corporately over the next five years. Goldman's would like a position on the bond. We are looking at a float. Goldman would like to do that."