For sale sign hoisted over Center Parcs
Scottish & Newcastle (S&N) has finally put its Center Parcs holiday-camp business up for sale.
The sale, which industry observers have thought likely since last year, is expected to raise up to £800m.
There are 13 Center Parcs, three in the UK and 10 on the Continent. S&N said it had already received approaches from potential buyers.
"We expect to have a significant level of both financial and trade interest and expect to complete about mid-summer," said a spokesman.
Also up for sale are S&N's 16 Pontins holiday camps. These will be sold separately from Center Parcs.
The S&N board said it had decided that growth in shareholder value would best be served by concentrating on its beer business and its pubs and restaurants.
Brian Stewart, chief executive and deputy chairman, said: "The management and staff of Center Parcs have done a remarkable job in building an outstanding record of success in the UK and in returning the Continental villages to a position of accelerating growth.
"Today the business is well-placed to expand and develop its leadership in the buoyant European short-break holiday market."
Center Parcs made operating profits of nearly £55m last year, but in previous years its profits had been declining.
Pontins lost money last year.
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