NEW jobs and a bright future are on the horizon for one of West Craven's most important companies.

The Holiday Cottages Group, based at Spring Mill, Earby, has been sold to the American Cendant Corporation for an undisclosed sum.

Managing director Steve Foster described it as 'great news' for the local company and its 300 employees.

He said: "The Cendant Corporation is one of the world's leading businesses and it is very positive about growing our business here. There are lots of exciting ideas and plans for the Holiday Cottages Group, generating new jobs in this area." Mr Foster added that the company was committed to staying in Earby, where it is based in a converted textile mill more than a hundred years old.

Its parent company, the Thomson Travel Group, took the decision to sell the Holiday Cottages Group after a strategic review of its operations.

He said: "Thomson took the decision to concentrate its core business on air inclusive packages, so we didn't really fit with that strategy.

"The decision was no reflection on the company's performance -- in fact, we've just had our best year ever."

Founded in the 1980s by local entrepreneur Philip Green, the business -- then called Country Holidays -- started small but grew quickly. The move to bigger premises in Earby was followed by the sale to the Thomson Travel Group.

As it continued to prosper, the company took over rival businesses to become the Holiday Cottages Group eventually becoming the UK's biggest letting agent for self-catering holiday cottages, and branching out to offer its specialised tele-marketing services to other companies.

Some 12,000 property owners in the UK, France and Ireland contract annually with the Holiday Cottages Group to market their rental properties on an exclusive basis. It also provides boat rentals in the UK, the Netherlands and France.

The business bought by the Cendant Corporation comprises several companies under the umbrella of the Holiday Cottages Group, including Country Holidays, English Country Cottages, Blakes Cottages and Holiday Parks, Blakes Boating Holidays, Country Cottages in France, Country Cottages in Ireland, Chez Nous, and an Internet company, Cottages4you.com.

Steve Holmes, chairman of Cendant's Travel Division, said: "The acquisition of the Holiday Cottages Group represents further revenue diversification within our travel division. HCG's product offering and business model are a great complement to our existing European travel operations.

"Cottage rentals in the UK and Europe require call centre, property recruitment and established brand development and marketing expertise -- all Cendant core competencies."