The company says £1m of the proceeds will be used to reduce borrowings and the rest for working capital.

Metanium products generated sales of around £1.05m a year and a gross contribution of £0.6m. Ransom expects to continue to manufacture the products pending transition to Thornton & Ross.

CEO Ivor Harrison said the sale was consistent with the company's strategy of creating a focused, natural consumer healthcare offering.

As stated at the December interims, trading 'continues to be difficult and the outlook uncertain as we implement the turnaround plan while operating under very testing business and economic conditions'.

Story provided by Business Financial Newswire