Michelle Mone's Business Empire Shrinks Amid Fraud Investigations
Michelle Mone, the former lingerie tycoon and Conservative peer, has seen her business empire shrink significantly as two more of her companies have been dissolved. This leaves her with just one active business, MGM Media, based in Edinburgh.
The closures come amid ongoing investigations by the National Crime Agency (NCA) into an alleged multi-million-pound PPE fraud involving Mone's husband, Doug Barrowman. The NCA has seized £75 million in assets, including properties in Glasgow, as part of its investigation.
Mone, who founded the Ultimo lingerie brand, applied to Companies House to dissolve MMI Global and Michelle Mone Interiors. Both companies had links to the controversial Knox Group, a business network run by Barrowman. The applications were approved on July 16, officially removing the companies from the register.
This marks a significant reduction in Mone's business interests, which once included 12 companies, including the well-known MJM International. A business expert commented that the closures were expected as the companies were no longer trading and it was necessary to sever ties with Barrowman's business network.
Mone, who was made a Conservative peer in 2015, owned 35% of Michelle Mone Interiors, while the remaining 65% was held by Knox International.
The NCA launched its investigation in May 2021 and has declined to provide further details, citing the ongoing nature of the inquiry.
As the investigation continues, Mone's business portfolio has been dramatically reduced, leaving only one active company in the wake of these closures and the ongoing legal scrutiny.