Shares in troubled wealth manager and Financial Planner Kingswood have been cancelled on the AIM market with effect from today as the full £48m takeover of the business by its PE owner HSQ moves to its final stages.

Private equity firm HSQ has today confirmed its unconditional offer to buy the remaining 10% shares of the troubled Financial Planning business Kingswood and said it hopes to conclude the deal by 15 April.

Private equity firm HSQ has injected a further £4.8m to support its troubled Financial Planning business Kingswood which warned recently that it may run out of money to service its £91m debt pile.

Two long-serving directors of troubled Financial Planner Kingswood, including a former CEO, have resigned from the board with immediate effect.

Troubled Financial Planning group Kingswood, which has expanded rapidly in the past five years, may be sold 100% to a private equity firm as it wrestles with a £91m debt mountain.

Acquisitive wealth manager and Financial Planner Kingswood said group assets under advice and management (AUA&M) climbed to £12.9bn by the end of June, up 8.2% year-on-year.