Center Parcs to float on stock market

Center Parcs is to be floated on the stock market next week following its sale for £285million. The UK holiday village operator will be listed on the Alternative Investment Market following the sale by MidOcean Partners to Arbor, a company created for the deal which will shortly change its name to Center Parcs UK. Earlier this year MidOcean sold its 50% interest in Center Parcs Europe, which operates holiday parks in The Netherlands, France, Belgium and Germany, for £189 million to Pierre & Vacances. Center Parcs, which claims to be the “shortbreak holiday market leader” operates four holiday parks in the UK and has about 4,000 full and part time staff. During 2001/02 it had 1.2million guests with a total 4.8million overnight stays and a turnover of £166 million. Aimed at ABC1 families with young children, it prides itself on its high occupancy levels of over 90% at all four parks and repeat bookings of more than 60% within a year. The UK parks are located at Elveden Forest in Suffolk, Longleat Forest near Bath, Oasis Whinfell Forest in the Lake District and Sherwood Forest near Nottingham.