Two One51 divestments raise €5m

ONE51 HAS sold plastic extrusion business Enplast and its 4.4 per cent stake in e-learning business Thirdforce, as part of the company’s ongoing rationalisation process.

Some €5 million was raised from the divestments, which will be used to pay down debt, chief executive Alan Walsh said yesterday.

Longford-based Enplast produces polypropylene sheets. Its sale follows One51’s disposal of Cavan-based plastic extrusion business Foamalite in June.

Although the company had been expected to sell its UK plastics business, it still retains a number of speciality plastics businesses.

The sale of the company’s stake in Thirdforce follows the purchase of the Irish e-learning company by Skillsoft last month.

One51 bought a stake in Thirdforce in 2007.

One51, the investment group which was founded by businessman Philip Lynch, has been divesting of assets since the departure of Mr Lynch from the company last year in a bid to pay down debt.

Results for the investment group last month show that the company made a loss of €12.7 million in the first six months of this year.

The group was pushed into the red by exceptional costs of €14.5 million.

This comprised of a termination provision relating to the closure of the Recycling UK South business, losses on the disposal of the group’s shareholdings in listed companies ICG and IFG, and redundancy costs.

One51’s net debt stood at €100.5 million at the end of June 2012.