Former Horsham, Worthing and Redhill manager Colbran, who succeeded Steve Baker at the High Road at the start of the year, resigned after Saturday's 4-1 defeat at home to Moseley.
The reverse followed away defeats at Hastings on the opening day of the season and South Park and a 2-1 reverse at home to Herne Bay, the 44-year-old Colbran, pictured, seeing his side collect only a single point from a 1-1 draw at home to Three Bridges.
Former reserve team manager Stone is a stalwart at the Chips having spent more than a decade at the Surrey outfit before the reserves were disbanded last term.
Chipstead
Funnell, who played up front for Brighton & Hove Albion, took over as East Grinstead Town manager in 2011 and guided the Wasps into Ryman South from the Sussex County League in 2014 as runners-up before leaving the GAC Stadium last November.
Chipstead lost 5-0 on Bank Holiday Monday and in a statement on their website, the club said: "Chipstead Football Club regrets to confirm that manager Simon Colbran has resigned with immediate effect. Tony Stone and Martin Fuller will take over in a caretaker capacity for the time being.
"We wish Simon well in the future and thank him for all his efforts during his time at Chipstead."
Potential candidates for the post should email Chipstead's secretary at: secretaryfc@virginmedia.com.
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