Paperlinx Netherlands Holding has entered into an agreement to sell its operations in Poland to a consortium of the local management team and private equity firm Warsaw Equity Management.

Paperlinx managing director and chief executive Andy Preece said: "After an intensive sale process, we are pleased to announce the successful sale of this business to the management and their financial sponsors.

"We wish the Polish management team and their employees all the best in the future."

The sale was for an undisclosed amount, all of which will go to the company's European stakeholders in line with the firm's previous statement that it did not expect to receive "any direct material benefit from a sale or realisation of any European business".