Shareholders in buy now, pay later and commercial leasing group Humm welcomed news that the company’s entire board, apart from renegade director Andrew Abercrombie, would step down after the planned sale of its consumer finance division to Ahmed Fahour’s Latitude Financial collapsed.

The dramatic about face comes after calls for Humm chairman Christine Christian and director John Wylie to quit after the majority directors agreed to “mutually terminate” the deal with Latitude on Friday, on the basis it undervalued the assets.