Irish businessman Martin Dunphy has sold his stake in London-based Marlin Financial Group, which he founded over a decade ago.

Mr Dunphy had held a 20% stake in the firm following a 2010 investment by Duke Street, which saw the private equity firm take a 58% stake in the company for £12.5 million.

The two parties have now sold their combined 78% stake in the company, which specialises in the purchase of non-performing consumer debt, for £295 million.

The shares were sold to Cabot Credit Management, a British debt collection company.

Martin Dunphy, originally from Co Waterford, created Marlin Financial Group in 2002.