Kaupthing Capital Partners' administrators moved one step closer to paying its lenders yesterday, although investors, including the Candy Brothers and Kaupthing Bank, could still lose £100m (€111m).

Smith & Williamson, the administrator of Kaupthing Capital Partners - Kaupthing's buyout arm - yesterday sold a majority stake in UK dental company Associated Dental Practices for £136m, to a Palamon Capital Partners-led consortium. Consequently, the firm has now only one private equity investment left to sell; its stake in UK clothing retailer, Phase Eight.