The Wellcome Trust has sold its stake in payday lender Wonga, saying the holding is no longer consistent with its investment criteria.

A spokesman for the Wellcome Trust would not disclose who had bought its stake in Wonga, and refused to comment on reports that no new buyer had been found for the shares, so Wonga had cancelled them.

Commenting on how much Wellcome Trust received for its Wonga shares, the spokesman said: “The total value was less than 0.05 per cent of the Trust’s total portfolio worth around £14.5bn.”

It is very unusual for a venture capital investor to sell its stake in a private company before an exit event such as a stock market flotation when initial investors usually see their original investments multiply in value.

In a statement released last Friday, the Wellcome Trust says it made the decision to sell its stake in the payday lending website several months ago.

But the timing of the announcement is noticeable in the light of recent scrutiny on Wonga whch has been criticised for charging very high interest rates on its loans. 

The Archbishop of Canterbury, the Most Rev Justin Welby, vowed to put Wonga out of business last month, by competing with it.

However, his bold warning was later undermined when it was revealed that the Church of England had indirectly invested in the company.

The Wellcome Trust has a very broad investment portfolio which it says has increased in value by 165 per cent over the past decade. It is one of the country's biggest investors.