Complex sentence: Both McAlmont and Butler had recently departed from their previous bands in acrimonious circumstances (McAlmont from Thieves, Butler from Suede), and the lyrics of the song were a thinly-disguised attack on their former colleagues.
Split into simpler sentences: Both McAlmont and Butler had departed from their previous bands in acrimonious circumstances shortly before the releaset-McAlmont from Thieves, Butler from Suede. The lyrics of the song were a thinly-disguised attack on their former colleagues.