his real estate company to long time business associate and friend Alex Swan.

JWS Rentals -- a major chunk of John W. Swan Ltd -- changed hands for an undisclosed sum last Wednesday, The Royal Gazette has learned.

Sir John said he made the deal in order to concentrate on the development arm of his property empire.

Describing the sell-off as "very satisfactory'' he said: "This will allow me to get focused on an area which I have been doing over the years in the building of homes and the development side of the business.

"The rental side is a big portion of the company and it will allow Alex Swan to be in business on his own.'' Alex Swan, who has worked for the former Premier for the past 33 years and ran the company during Sir John's term in office, last night refused to comment on how the change in ownership will effect the company.

The two men are not related.