The new owner of City AM is Manchester-based health and beauty retailer THG, whose chief executive Matt Moulding is famously known not to be the biggest fan of many financial media publications following their criticisms of his business after its IPO.

The company, which owns brands such as Lookfantastic and MyProtein, is understood to have paid a “small seven-figure sum” for the newspaper, saving it and its 40 staff from a likely collapse.