Manchester-based online retailing group THG plc agreed to sell Claremont Ingredients from its THG Nutrition business for £103 million in cash.

“The cash disposal proceeds will contribute towards reducing net leverage and borrowing costs in line with THG’s capital allocation strategy targeting a neutral net cash / net debt position,” said THG.

International flavour specialists Nactarome Group, majority owned by TA Associates, agreed to acquire Claremont.

THG said it acquired Claremont for £52 million in late 2020.

Claremont is a UK independent flavour manufacturing and development laboratory for sports nutrition, alongside specialisms in bakery and beverages.

THG CEO Matthew 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.

“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. My sincere thanks go to the entire Claremont team for their fantastic contribution and hard work.

“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.”