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

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The management buy-out bought MFI from its previous owner, private equity group Merchant Equity Partners (MEP).

BBC: MFI shop

"I tried to help with the management buy-out, " he was quoted as saying.

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Shortly afterwards he led a management buy-out, after which First emerged as one of Britain's two leading private bus firms.

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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

Since Japan does not yet have an effective management buy-out market, younger employees will not be able to take charge either.

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Formula One supremo Bernie Ecclestone told the News of the World that team bosses had turned down his offer to help with a management buy-out.

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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.

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Brawn spent the winter looking for a buyer and engineered an 11th-hour management buy-out, aided by financial help from Honda and support from engine supplier Mercedes-Benz, to secure his outfit's future.

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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.

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