Debt restructuring is reported to have led to Center Parcs making a pre-tax loss of £47.8 million for the year to April 2012.

Sales were slightly ahead, reaching £291.7 million, up from £290.5 million a year earlier, according to a Sunday Times report.

Profits of £32 million were wiped out as the company re-organised its borrowings as part of a plan to raise funding for its fifth UK holiday park.

This included spending £66 million to wind up an interest rate swap, the newspaper reported.

It made £15 million the previous year.