Center Parcs UK is to be sold for £300 million in a deal which will lead to a stock market listing for the holiday chain.
A group of fund managers, led by stockbroker Collins Stewart, is thought to be willing to take control of the business, which is currently owned by private equity firm MidOcean Partners.
The consortium will take temporary ownership before floating it on London's Alternative Investment Market (AIM).
About 25 institutional investors have already agreed to take shares, the Sunday Times reported.
Center Parcs UK consists of four holiday parks in the UK - Elveden Forest in Suffolk, Longleat Forest near Bath, Oasis Whinfell Forest in the Lake District and Sherwood Forest near Nottingham.
The operation has about 3,100 villas and apartments and had about 1.2 million guests and turnover of about £166 million in the 2001/02 financial year. It employs about 4,000 staff.
The reported deal, which could be unveiled this week, mirrors the process that led to the flotation of Northumbrian Water earlier this year. It is seen as a way of enabling institutions to outbid private equity parties.
MidOcean signalled its intention to offload the business in October after earlier selling its 50 per cent stake in Center Parcs Europe, the operator of holiday parks in the Netherlands, France, Belgium and Germany - for £189 million.
The company is based in New York and London.
Monday December 01, 2003
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