The consortium backed by Gala Coral’s board to carry out a restructuring of the private equity-backed UK gaming company has offered a two-pronged approach to fend off rival offers from two private equity giants.

The gaming company, which is owned by Permira, Candover and Cinven, is currently undergoing a restructuring after opening discussions with lenders to leave the company with less debt. It is decreasing its debt load in order to reassure the market about its capital position, and not because it is likely to breach covenants, according to a person close to the company.