Dermot Desmond sells stake in plastics firm One51

Financier Dermot Desmond has sold his near 25% stake in plastics business One51 to Canadian fund manager Caisse de dépot et placement du Québec (CDPQ).

Mr Desmond had been One51’s largest shareholder, with his investment represented by his International Investment and Underwriting business and certain other related parties.

As a result of the move, IIU’s non-executive representative on the One51 board, Pat Gilroy, has resigned.