Crean sells Staples for £11.8m

The sale of Staples Disposables, the tissue conversion business, by James Crean, for £11.79 million sterling (£13.2 million), is a "forerunner to reinvestment in selected sectors of the print and packaging industry", according to Crean. Confirming the sale to Highblack, a private investment company, Mr Larry Westman, a Crean director, told The Irish Times the proceeds would initially be used to reduce Crean's debt. However, "over the medium term", the funds will be used to expand print and packaging, and possibly food. Gearing will amount to some 70 per cent after the proceeds come in.

Crean is still waiting for regulatory approval for the sale of its minority stake in United Beverages. This will bring the gearing down to around 60 per cent, Mr Westman said.