CENTER Parcs UK was floated on the London Stock Exchange yesterday after being sold in a £285m deal.

Former owners MidOcean Partners have sold the holiday chain to newly-formed company Arbour and bosses hope its new public company status will give it a strong platform for future growth.

Arbour plc - a group set up specifically for the bid comprising a consortium of fund managers - raised money to buy the four UK holiday parks through the issue of shares.

Trading on Arbour's entire issued share capital was due to begin on the Alternative Investment Market (AIM) yesterday. No senior management will change as a result of the sale and officials say there will be no job losses.

Chairman Martin Robinson, who will continue to head the group, said: "Center Parcs UK has enjoyed a successful period under the ownership of DB Capital and MidOcean who have made a great contribution to its development and growth.

"We are encouraged by the warm response we received from institutional investors and believe our new statues as a public company provides a strong platform for future growth, and if needed, access to capital markets."

The last takeover bid of Center Parcs was sealed two years ago, when a multi-million pound deal was struck with European company Deutsche Bank Capital Partners.

The operation had been owned by Scottish and Newcastle since 1989, but was put up for sale when the parent company decided to concentrate on its core brewing business.

The four UK Center Parcs are: Longleat Forest, Warminster; Elveden Forest, Suffolk; Sherwood Forest, Nottingham and Whinfell Forest in the Lake District.