Online retailer THG has today announced the sale of Claremont Ingredients for £103m in a cash deal.

The business, which THG acquired in 2020 for £52m, has been bought by fast-growth international flavour specialists, Nactarome Group, which is majority owned by TA Associates.

The proceeds from the deal will go towards reducing Manchester-based THG’s net leverage and borrowing costs as it targets a neutral net cash / net debt position.

CEO Matt Moulding said: “Claremont has been a huge success, building Myprotein’s global licensing franchise from a standing start to partnering with category leading brands in just a few years.

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“After receiving a highly competitive offer, the timing was right to realise that value. The level of interest we received is a testament to the quality of the business.

“This disposal highlights the significant value embedded across THG’s portfolio.

“Finally, the decisions we are taking as a business to support our customers and grow Myprotein’s market share aligns clearly with our wider strategy to streamline the group and focus on our core strengths, whilst maintaining a strong balance sheet.”

However, Moulding used his LinkedIn account to renew his long-standing criticism of Numis (now rebranded as Deutsche Numis).

Moulding has accused Numis of previously trying to discredit THG and him personally, citing a critical memo the investment bank circulated in 2021 suggesting THG had ‘irregularities in accounting’ – which they later retracted and apologised for.

The 53-year-old, who has been enjoying a family holiday, claimed Numis had questioned the 2020 decision to buy Claremont – and said today’s announcement finally put the matter ‘to bed’.

He wrote: “The acquisition has been a huge success. It’s paid back most of our investment already, and now we’ve sold it for double what we paid, less than five years later.

“But beyond the numbers, Claremont was pivotal in launching Myprotein’s global licensing model, unlocking a long list of international collaborations.”

Deutsche Numis has previously failed to respond to BusinessCloud’s requests for a comment.

THG’s interim results will be published in September.