Businesswoman relinquishes directorships

Mone quits two board roles to focus on new projects

Michelle MoneMichelle Mone has resigned her board appointments at the lingerie business Ultimo and MJM International.

Ultimo Brands International said the Scottish businesswoman, is relinquishing these posts to focus on her new business projects and her role as a government adviser on start-ups.

She will spend the next 10 months investigating the needs and obstacles faced by would-be entrepreneurs in deprived areas of Britain.

Sri Linkan firm MAS, a manufacturer of intimates and sportswear, bought an 80% stake in Ultimo as part of its global brands strategy.

Ultimo said it “wishes Michelle every success in her new personal projects and public engagements, and thanks her for contributions in the past and for her future support of Ultimo’s growth.”

Ms Mone’s appointment as an adviser to the Conservative government has attracted considerable criticism from business leaders who do not consider her to be adequately qualified.

Daily Business spelled out her chequered business career in an analysis more than a week ago, since when a number of other media and observers have raised doubts about her role.

She created MJM International with her now-estranged husband Michael.

Analysis of Mone’s career here:

Daily Business’s own 10-point plan for start-ups here:  


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