The 153-year-old United Auctions had been bought by East-Renfrewshire-based land developers Elphinstone in 2005, but became independent again in 2007 after a management buy-out.

BBC: United Auctions buy Stirling Agricultural Centre

More than 100 jobs were saved at Floform in 2007 following a management buy-out.

BBC: Staff at car parts firm lose jobs

The firm, subject of a management buy-out in September, has 110 stores and a workforce of more than 1, 000 people.

BBC: MFI shop

Trembling, who completed a management buy-out from former owners Munto Finance last month, admitted in a statement that he had held talks with a consortium but did not agree with the proposals.

BBC: Notts County deny new investment crisis