The Baker-Munton family had been trading in malt and grain in Lincoln, Liverpool, and London during the 19th century. During this time, family member Horace Baker-Munton had established a business importing malt extract from America to Britain. Shortly after WWI and the Spanish flu pandemic, there was a demand for malt extract from the bakers, food manufacturers and breweries, inspiring Horace’s son, Munton Baker-Munton, to start his own business and directly supply British manufactured malt extract.

Munton Baker-Munton moved his dreams to the disused Phoenix Brewery in Bedford, which was owned by the brewing family business, Charles Wells Ltd. Muntona Ltd was established on 27 September 1921, with the Wells family becoming major shareholders. Today, there are two members of the Wells family on Muntons' board: Paul Wells serves as Chairman having been on the board for several years, and more recently, Peter Wells joined as a Non-Executive Director.

With the Wells family still a firm part of the day to day running of the company, Muntons continues to be a family-owned business, employing a team of over 250 at the Stowmarket headquarters and over 300 people globally.