Next the Jewellers, which lost between £1m and £2m in this half, is in the process of being sold to its management.
It was sold to its management for £300,000 last year.
But, he added, selling the office to its management is "a way for San Francisco to keep an agency and a lot of talented people."
During bankruptcy proceedings in 1984, the Baldwin piano business was sold to its management.
National Express was sold to its management in 1988, and floated on the stock exchange in 1992.
This unit was subsequently sold to its management but ceased operations in 2004.
Wilts & Dorset was sold to its management in 1987.
In 2007, Orchard was sold to its management for £175m.
Southdown was sold to its management in October 1987, and both companies quickly made changes.