Gala Coral Group has appointed Paul Bowtell as the company’s new chief financial officer, replacing Gary Hughes who will step down from the role at the end of this week. Hughes joined Gala Coral as CFO in October 2008 and was key to the company restructuring program last year and subsequent refinancing.

“Since I joined the business three years ago, the financial position of the Group has been transformed through a complex restructuring and the recent refinancing of its debt, enabling me to move on to other things confident that the business is on a sound footing,” added Hughes.

Gala Coral’s board said it was “very appreciative” of the role he played, with the company now in good shape financially and well positioned to deliver on its clear plan for value creation.

“I would like to thank Gary for his significant contribution over a very challenging period for Gala Coral,” said Carl Leaver, Group CEO of Gala Coral. “He played a central role in successfully restructuring the Group last year and, more recently, refinancing its debt. Gala Coral is a stronger business for his involvement and Gary leaves with the Board’s best wishes.

“I am very pleased that Paul Bowtell will be joining the Group on Monday the 3rd of October as part of an orderly succession plan. Paul has extensive experience of retail and leisure businesses and brings an insight that I am confident will help Gala Coral achieve its potential.”

Paul Bowtell added: “I am delighted to be joining Gala Coral at this exciting time in the Company’s development. With its strong financial position, there are substantial opportunities to drive shareholder value and I look forward to being part of the team to deliver this.”

Bowtell joins the company from a CFO position with TUI Travel plc, prior to which he was the finance director for British Gas. He will start the new role as 3rd October.