After waging war against the senior leadership of Aryzta in 2020, Swiss investment firm Veraison has sold almost all of its stake in the speciality bakery giant in recent weeks and made a tidy profit in the process.

Veraison confirmed this week it had sold around 4% of the shares in Aryzta in the last days of 2020. Aryzta shares traded around the €0.63 mark in the final days of 2020, meaning the Swiss investment firm offloaded 4% of the shares in Aryzta for about €25m.

This is the second time in less than a month that Veraison has sold a significant chunk of its shares in Aryzta. Before Christmas, Veraison sold over 5% of the shares in Aryzta for a price in the region of €0.63 a share, which would have netted the group circa €33m.

Following these two block sales, Veraison now holds circa 0.5% of the shares in Aryzta having built up a near 10% stake back in May 2020.

The block sales in December mean Veraison has effectively doubled its money from its shortlived investment in the troubled bakery company Aryzta.

Separately, Aryzta boss Urs Jordi confirmed this week that Aryzta had completed the sale of its final stake in Picard, the French frozen food group. Aryzta sold its remaining stake in Picard, which amounted to less than 5% of the shares, for around €24m.

Having invested almost €450m for a 49% stake in Picard in 2015, Aryzta has lost almost 40%, or €176m, on its initial investment.