Blackstone has agreed a £300 million deal to sell Butlins back to one of the previous owners it bought the UK resort operator from last year, according to a report by Private Equity Insights.

The Harris family, one of three that founded former Butlins owner Bourne Leisure in 1964, has established a new company to acquire the business. 

The families sold Bourne Leisure, which also operates the Haven and Warner Leisure businesses, to Blackstone last year in a deal worth around £3 billion last year while retaining a minority stake.

Butlins operates family holiday resorts in Skegness, Minehead and Bognor Regis.