Entrepreneur Michelle Mone has resigned from Ultimo, the lingerie company she founded nearly 20 years ago.
The Scottish businesswoman has recently been appointed the Government’s start-ups czar and has been tipped to become a Tory peer.
In a statement issued by the company they said:
“Ultimo has announced that Ms. Michelle Mone OBE resigned earlier this month from the boards of both MJM International Limited and Ultimo Brands International Limited.
Michelle, who recently relocated to London, has new business interests and has recently taken on new responsibilities with the UK Government.
As such, Michelle will spend most of her time on these new projects and commitments, leaving limited time for her engagements with Ultimo.
MAS, a leading manufacturer of intimates and sportswear, invested in Ultimo as part of its global brands strategy and continues to make significant investments in Ultimo’s omnichannel retail offering.
Ultimo 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.”
Mone is however believed to have retained a 20 per cent stake in the firm so will remain to benefit from the further growth of the business.
Mone did not comment of the announcement straight away as to provide an example of why her other business interests are taking her away from Glasgow and Ultimo she tweeted a number of pictures overnight of the filming of new TV commercial for her jewellery range for sales channel QVC.
— Michelle Mone OBE (@MichelleMone) August 17, 2015
Mone did take to her Instagram account once filming was over to post an emotional message about her departure from the Glasgow-based underwear firm.
She wrote: ‘To my beloved Ultimo, I gave birth to you in 1999, comforted you whilst you were teething, watched you grow, helped you through your pains and protected you from the bullies.
‘But now I’ve made my decision and it’s time for you to flourish and start your next chapter with the biggest and best intimate apparel manufacturer in the world. I will always love you, Mummy x’.