Three directors of Financial Planning and wealth management group AFH have resigned today as the £232m sale of the business went through.

The directors leaving the board are chairman John Wheatley and non-executive directors Sue Lewis and Mark Chambers. 

AFH shares have now been delisted by the London Stock Exchange as the sale has been completed.

West Midlands-based AFH, which has been one of the UK’s fastest growing adviser firms and has been led by Chartered Financial Planner Alan Hudson, has been acquired by US private equity interests.

The £232m cash takeover of AFH Financial Group was given the green light by the FCA in March and has now been approved by the High Court.

AFH Financial Group has been bought by US private equity firm Flexpoint Ford which is using a takeover vehicle, Cortina Bidco Limited, to execute the deal.

The deal was almost derailed when major AFH shareholder Slater Investments objected to the price being paid. Slater owned approximately 13% of AFH.

Following the opposition, Flexpoint increased its bid for AFH to 480p in cash for each AFH share. Under the previously agreed deal, shareholders would have been entitled to only 463p per share.

The independent directors of AFH have unanimously supported the takeover and urged shareholders to vote in favour. They believe the deal will help highly acquisitive AFH to grow faster. 

AFH has acquired 50 Financial Planning and IFA firms in the past six years and has been a leading consolidator although acquisition growth has slowed in recent years.

Flexpoint said recently that it expects the acquisition scheme to become fully effective this month as it takes control.

Flexpoint has offices in Chicago and New York.