The Australian headquartered group has also sold its Spanish business to its management team, as part of the offloading of its entire European business.

In a statement Paperlinx chief executive Andy Preece said: “We are very pleased that they will continue to operate and we wish all parties every success.”

The sale of Paperlinx Ireland Holdings is subject to a number of conditions, but is expected to complete soon. The business has operations in Northern Ireland and the Republic of Ireland.

Administrators at Deloitte, which is handling the administration of the Paperlinx UK business, have stated that a number of employees in Northern Ireland were employed by Robert Horne Group and cross-charged to the Irish business. Paperlinx UK also leased the Belfast site on behalf of Paperlinx Ireland.

“Discussions are ongoing to arrange the transfer of the employees and assets to Paperlinx Ireland… once it concludes a proposed share sale process to become independent,” Deloitte said.

The latest sell-offs leave Paperlinx with just two remaining businesses in Europe, in Germany and the Czech Republic. “Efforts continue to either sell or realise these operations,” Paperlinx said.

The terms of the three sales were not disclosed. Paperlinx reiterated that it would not receive any direct benefits from the proceeds.