Mone resigns from lingerie firm she founded

The Scots entrepreneur who was this month appointed by the UK Government to carry out a review of support available for people from less advantaged areas to start up their own businesses has resigned from the board of the firm that made her a multimillionaire.

Michelle Mone, who co-founded bra, lingerie and swimwear firm Ultimo, revealed yesterday that she had left both its board and the board of parent group MJM International earlier this month.

An Ultimo statement said: “As such, Michelle will spend most of her time on these new projects and commitments.”

Ms Mone, who is reportedly worth £20 million and has appeared on TV shows as diverse as The Apprentice, Celebrity Masterchef and Surprise Surprise, co-founded Ultimo’s “cleavage-enhancing” bras in 1996 with her then husband Michael.

The news of her resignation comes during a month that also saw the controversial 43-year-old business woman, who grew up in the east end of Glasgow and proved to be a divisive personality in the run-up to last year’s independence referendum, rumoured to be in line to become a Conservative member of the House of Lords.