International Personal Finance has become the latest UK-listed firm to be snapped up by a foreign buyer after agreeing to a £543million takeover by New York hedge fund Basepoint Capital.

The doorstep lender’s board said it had accepted the cash offer following a series of approaches beginning more than a year ago, which provoked a backlash among some shareholders.

It comes days after Janus Henderson, one of the City’s biggest fund managers, agreed to a £5.5billion takeover spearheaded by Wall Street billionaire Nelson Peltz.

And it is likely to add to fears that, despite hopes of a revival for the London stock market, foreign predators are continuing to pick off bargain-basement acquisitions in Britain.

International Personal Finance (IPF) said that over the past decade its valuation ‘has consistently been at a substantial discount to comparable international businesses’.

The group specialises in lending to those who struggle to obtain credit from mainstream banks. 

While based in Leeds, the FTSE 250 group operates in overseas markets with 1.7 million customers across eastern Europe, Mexico and Australia.

It was founded in 1997 as the international division of Provident Financial – the UK doorstep lender – before being spun out and listed in 2007. 

IPF reported a profit of £73million on revenues of £726million last year. Shares have soared by 79 per cent so far this year amid takeover talk. They climbed by a further 5.9 per cent yesterday.

The group was approached by Basepoint in November 2024, which subsequently made a series of improved offers.

In July this year, IPF said it was ‘minded to recommend’ a 223.8p per share bid – but a number of shareholders reportedly saw the valuation as too low.

The offer that has now been accepted by the board values it at 235p plus a dividend of up to 9p. 

Chairman Stuart Sinclair said: ‘Whilst the board continues to believe in the strategy and long-term prospects of IPF on a standalone basis, we recognise that the acquisition allows IPF shareholders to monetise their entire investment for cash at a fair price.’

The deal is expected to complete in the third quarter of 2026. Basepoint ‘does not intend for there to be material operational or customer-facing headcount reductions in the first 12 months’.

Gary Greenwood, an analyst at Shore Capital, has argued 250p per share may be required to get full shareholder support. 

He said yesterday: ‘Investors still have a good while to wait before they get their cash and that will also need to be taken into account when considering the offer.’