Laxey Partners, the hedge fund group with a fearsome reputation as a corporate raider, has taken a loss on its stake in Shaftesbury, the property company that specialises in London’s West End.

Laxey, which was Shaftesbury’s largest shareholder, confirmed the sale of its 25.7m shares and 17.2m nil paid rights at a price of £2.82 per share and 107p per nil paid, realising just over £92m.