Paperlinx’s complete exit from Europe is drawing close as it makes clean breaks with three operations that will continue with new ownership.

The embattled paper merchant has just offloaded its Scandinavian, Irish, and Spanish businesses, leaving only the Czech Republic and Germany to go.

The company’s exit from Europe followed years of losses, and came on  the back of the collapse of the UK, Austrian and Benelux businesses. Since then it has been steadily selling off its merchants in various countries.

[Related: The ups and downs of Paperlinx]

In the latest developments the Scandinavian arm was sold to global paper and packaging distributor Antalis International, which last month also bought the UK packaging operation, while Ireland and Spain were both sold to management teams.

Paperlinx chief executive Andy Preece says he is pleased the businesses will continue to operate. The UK, Benelux, and Austria operations had heavy job losses when they collapsed.

“After an extensive sales process and given the backdrop of recent events in our European operations, the successful sale of these three businesses represent the most appropriate outcome for all stakeholders,” he says.

Proceeds from the undisclosed sale prices will be used to help pay off various Paperlinx European creditors and will not be retained by the group.

Preece says the Czech Republic and Germany will continue to trade and efforts will continue to either sell or realise the operations.

The Paperlinx share price has fallen in recent weeks and now sits at 2.7c.

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