Scottish & Newcastle (S&N) has confirmed it is in exclusive negotiations with DB Capital Partners, part of Deutsche Bank, and Pierre et Vacances for the sale of Center Parcs. The brewing-to-leisure giant also confirmed it was in exclusive talks with Manor Parcs, in which entrepreneur Trevor Hemmings is involved, for the sale of Pontin's holiday camps.

The news disappointed the markets following press reports suggesting S&N would unveil the disposal of Center Parcs for around £700m at Thursday's annual general meeting.

The plan is that subject to the completion of satisfactory contractual negotiations and regulatory clearance, the UK Center Parcs will go to DB and the European ones to a joint venture operated by DB and Pierre et Vacances. Final agreement is expected by the end of next month.