Scottish & Newcastle has finally signed an agreement with French holiday group Pierre & Vacances and DB Capital Partners to sell its Center Parcs leisure group for £670m (€1.124bn), six months after it selected the shortlist of bidders.

Morgan Stanley Dean Witter is advising Scottish & Newcastle, with Piers de Montfort, head of UK mergers and acquisitions at the bank, leading the team. The deal marks the first time Scottish & Newcastle has used Morgan Stanley as financial adviser on an acquisition.

Scottish & Newcastle sells Center Parcs to Pierre & Vacances venture

Janine Brewis

Morgan Stanley

Pierre & Vacances

Natexis Banques Populaires

Deutsche Bank

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Research group GfK’s measure of consumer confidence climbed to minus 18 in November’s survey from minus 21 in October.

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