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Michelle Mone's Lingerie firm goes bust due to tax bill

10 April 2019

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MJM International, bra tycoon Michelle Mone's' old lingerie firm has been placed into liquidation following a £120k tax bill.

Mone and her ex-husband set up the company in 1996 and created a multi-million pound empire.

Neil Dempsey, from Anderson Anderson & Brown (Accountants) has been appointed the liquidator.

MJM was launched, before Michelle launched the globally branded, Ultimo bra in 1999. After great success and the likes of Julia Roberts wearing the bra, last April it became bust. 

2014 saw poor financials. Companies House documents showed a loss of £300k, leaving Mone to give a £40,915 loan to the firm. Tax avoidance schemes were also shown to have been used. 

A spokesman for Mone, claims ''Baroness Mone sold 100 per cent of MJM International in 2013. She has not had any connection with that company since.''

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