A lingerie firm set up by bra tycoon turned Tory peer Michelle Mone has plunged into liquidation.
Baroness Mone co-founded MJM International with ex-husband Michael in 1996 and they turned the business into a multi-million pound empire.
But the company has now been placed into liquidation following a hearing at Aberdeen Sheriff Court.
A sheriff put Neil Dempsey – from accountants Anderson Anderson & Brown – in charge of its liquidation.
The move follows last April’s announcement that Ultimo, the brand created by Mone, had gone bust.
The defunct firms established by the 47-year-old were once hailed as Scottish business success stories.
After setting up MJM with Michael, she launched the Ultimo bra in 1999 and it grew into a global brand. Actress Julia Roberts reportedly wore an Ultimo bra in the hit 2000 film Erin Brockovich.
But in 2014, papers filed with Companies House showed MJM was almost £300,000 in the red. Accounts revealed Mone had to give the firm a £40,915 loan.
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The Tories’ 2015 decision to make Mone a business czar was slammed after it emerged MJM used tax avoidance schemes.
Last night, a Mone spokesman said: “Baroness Mone sold 100 per cent of MJM International in 2013. She has not had any connection with that company since.”
