The swift nature of the breakdown in relations between Payzone's board, led by chairman Bob Thian, and its chief executive John Nagle and chief financial officer John Williamson, is probably best illustrated by the company's admission document issued in mid-October ahead of its stock market listing early last month.

On page 27, reference is made to the "talented management team" which is considered to be "key" to the running of the business being formed by the merger of Irish electronic payments business Alphyra with British ATM operator Cardpoint.

Nagle is described as being "instrumental" to the merged group's "business development" in the section of the document outlining the potential risk factors to the group.

Williamson is described as a "key member" of the enlarged company's management.

"The loss of the services of John Nagle or John Williamson or any of the enlarged group's management team or key employees, particularly to competitors, would represent a significant obstacle to the enlarged group's continued success," the document states.

Payzone listed on London's Alternative Investment Market on December 5th. Wind on to Wednesday morning, and Payzone's board had radically changed its view.

Chairman Thian said Payzone had "now reached a stage of its development where a different set of skills is required" as part of the company's (premature) announcement to the stock exchange that Nagle and Williamson had left the business.

Nagle and Williamson went from hero to zero all in the space of three months. Even managers of Newcastle football club get longer than that.