Holiday resort operator, Center Parcs, has been sold in a deal worth £285m.

Former owner, Mid Ocean, sold the group to Arbor, a purchase vehicle set up especially for the purpose and which will rename itself Center Parks (UK) Group upon completion of the deal.

Arbor funded the purchase through a placing of its shares through stockbrokers, Collins Stewart, and plans to apply for its shares to be listed on the Alternative Investment Market, with share dealing commencing shortly thereafter.

Center Parcs operates four holiday villages in the UK – at Longleat, Elveden Forest, Oasis Whinfell Forest and Sherwood Forest – attracting about 1.2m visitors every year. Details: www.centerparcs.co.uk