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Michelle Mone’s business empire reduced to single company after closure of two firms

August 11, 2024

The House of Lords commissioners for standards are considering a complaint against the Conservative peer Michelle Mone, relating to the PPE business awarded £203m government contracts after she referred it to the Cabinet Office in May 2020.

Michelle Mone, the embattled businesswoman and former lingerie tycoon, has been granted permission to dissolve two more of her companies, leaving just one active business in what was once a thriving empire.

The closures come as Mone, 53, and her husband, Doug Barrowman, 59, face ongoing investigations over an alleged multi-million-pound PPE fraud.

Mone, known for her role in founding the Ultimo lingerie brand, applied to Companies House to dissolve MMI Global and Michelle Mone Interiors, both of which have links to the controversial Knox Group, a business network run by Barrowman. The UK Government agency approved the applications on July 16, officially removing the companies from the Companies House register.

This development leaves Mone with only one remaining directorship, MGM Media, based in Edinburgh. The closures mark a significant reduction in her business interests, which once included 12 companies, including the well-known MJM International.

The couple, who were once prominent figures in the business world, are now under scrutiny by the National Crime Agency (NCA). The agency has been investigating suspected criminal offences related to the procurement of medical gowns and masks by Barrowman’s firm, PPE Medpro, which is connected to the Knox Group. As part of the investigation, £75 million in assets, including properties in Glasgow, have been seized.

A business expert commented on the situation, stating, “The companies didn’t appear to be trading any more, so it made sense at some point to dissolve them. It also draws a line under her publicly registered business links in the UK with Barrowman.”

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, which launched its investigation in May 2021, has declined to provide further details, citing the ongoing nature of the inquiry. A spokesperson for the agency said, “The NCA opened an investigation in May 2021 into suspected criminal offences committed in the procurement of PPE contracts by PPE Medpro. As this is an ongoing investigation, we will not be commenting further at this time.”

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.