Private equity group Candover is said to be cancelling plans to either sell or float Parques Reunidos, the Spanish theme park operator, after offers failed to reach the €2bn (£1.7bn) sought.

According to reports, both Apollo Management and a consortium of Advent International and the Carlyle Group submitted final bids for Parques last week but neither met Candover's asking price. Executives at Candover are due to meet this week to discuss what happens next but are expected to keep the company and refinance the group's debts to fund its expansion and acquisition plans.

Parques Reunidos operates 69 theme and amusement parks, zoos, water parks, family entertainment centres and cable cars across Europe, the UK, Argentina and the US, with visitor numbers last year approaching 25m. Turnover for the 2009 financial year was around €502m (£441m).