Investment group One51 has sold its 12.3% stake in Irish Continental Group, which it had originally acquired in 2007.

This latest disposal follows the sale of the group's interest in IFG, and operating business Foamalite - all concluded since January 2012.

The company said the deals form part of the two year action plan presented to shareholders at the its AGM in September 2011.

The focus of this plan is to stabilise the group, reduce its debt levels, restructure activities around core areas and bring a new focus to potential future development.

The company said the proceeds from these disposals will result in a material reduction in its net debt position.