Mone and billionaire Scottish boyfriend set up ‘tax-planning’ firm

Glasgow-born lingerie tycoon Michelle Mone has gone into business with her new billionaire Scottish boyfriend.

The Tory peer and Ultimo bra inventor has set up a company with fellow Glaswegian Douglas Barrowman, according to official paperwork.

MMI Global Limited was incorporated last week, with Lady Mone owning 49 per cent of the shares, and Mr Barrowman’s Isle of Man firm Knox Limited owning the other 51 per cent.

Lady Mone is one of three directors of MMI Global Limited, alongside two senior figures from within the Knox empire, Luke Webster and Sandra Robertson.

The new venture is registered at Knox House in Mayfair in London, the home to many of the companies in Mr Barrowman’s Knox Group.

According to its website, Knox Private Office offers a “tailored advisory service to ultra high net worth individuals, entrepreneurs and their families” and “tax planning services to both corporate and personal clients”, including help buying superyachts and property in Belgravia.

Mr Barrowman, from Rutherglen near Glasgow, made his fortune in private equity and property development, and lives in a multi-million pound home on the Isle of Man.

Lady Mone’s spokesman declined to comment.