Veraison Capital, a Zurich activist investment firm that mounted a campaign against Aryzta in May, has reduced its stake in the beleaguered Swiss-Irish bakery group to "significantly less" than 3 per cent, it said on Tuesday.

Before Christmas the group sold more than half of its 9.81 per cent stake following the completion of the boardroom coup it initiated.

In a short statement on Tuesday, the firm, led by financier Gregor Greber, said it had sold another 4 per cent of its stake in two blocktrades to two Swiss family offices.

“In the last trading days of December 2020, Veraison sold around 4 per cent of Aryzta in two blocktrades to two Swiss family offices,” it said. “The achieved return amounts to more than 100 per cent. Veraison now holds significantly less than 3 per cent in Aryzta.”

Aryzta owns the Cuisine de France label in Ireland, and supplies the likes of McDonald's, Subway and Lidl.