"Peter said to me 'chairman, I think the best thing for us to do is to go our separate ways, I've taken the club as far as I can'.
"It's been extremely difficult for me, I brought Peter in because of his experience but we haven't had luck on our side. "We lost at Gillingham, we drew against Derby when we were 2-0 up with three minutes to go - you can just go on and on.
"We as a club were underachieving, don't put all the blame on Peter Reid, the players are responsible too. "I've had an excellent working relationship with Peter, there's total honesty between us and I wish him all the very best.
"You've got to look at the restraints he is working under here. All I know is if this is the new year I'm not looking forward to it.
"Adrian (Heath) is taking the game on Saturday. I will call a board meeting, as I do with all big decisions affecting the club, and we will sit down and decide where we go from here."