JAMES Crean is expected to complete the sale of a number of its non core business before the end of the month, sales that are part of a fundamental restructuring of the industrial holding group, writes Brendan McGrath.

Crean is also redeeming £32.2 million of convertible loan stock - but this would not impact on the group's gearing, as most analysts have always treated the loan stock as debt.

Between debt and loan stock, Crean has a gearing of 85 per cent, gearing that would be reduced sharply once the asset sales were completed.

No spokesman for Crean was available for comment, hut the company has already indicated that the 28 per cent stake in United Bottlers is likely to be sold, with Guinness seen as a likely buyer for the soft drinks and beer distribution company.

The American office products company Master Products is also for sale, as are the various businesses that make up the Inishtech subsidiary.

It is understood that the sale of some of these businesses would be completed before the end of the month, and this would leave Crean with two divisions - food manufacturing in the US and electrical distribution in Britain.

The sale of the various assets is aimed at converting Crean from a company with debts of almost £55 million to a net cash position.