Michelle Mone: Who is the Conservative peer? What is Ultimo and what is Michelle Mone's net worth?

The BBC has released a new two-part documentary, The Rise and Fall of Michelle Mone, tracing the businesswoman’s story from 1999, when she landed a deal with Selfridges at just 28, to her more recent involvement in a government PPE scandal during the Covid pandemic.

Renowned as a brilliant self-publicist, Baroness Mone of Mayfair was frequently described as one of the UK's most successful businesswomen.

Michelle Mone. Picture: PA

However, Baroness Mone has now been stripped of the Conservative whip, is on leave from the House of Lords and a business connected to her is under investigation by the National Crime Agency.

Responding to the documentary, Ms Mone labelled it as “misleading and one-sided”.

Here is who she is, what happened and her net worth.

Who is Michelle Mone?

Michelle Georgina Mone OBE is a Scottish business entrepreneur and peer in the House of Lords. She is on leave from the House of Lords due to the investigation.

She was born in Dennistoun, Glasgow on October 8, 1971 and grew up in the east end of the city, leaving school without qualifications at the age of 15.

She initially pursued a modelling career, before successfully applying for a marketing job with the Labatt brewing company. Within two years, she had become the company’s head of marketing in Scotland, but was later made redundant, prompting her to set up her own business.

Baroness Mone had been a Labour supporter, but defected to the Conservatives in 2010. Just four years later, she was a prominent voice in favour of the union during the independence referendum. In 2015, Prime Minister David Cameron made her his government's "entrepreneurship tsar", and weeks later she became a Conservative peer.

How did Michelle Mone make her money?

In 1996, Baroness Mone founded the lingerie company Ultimo, along with MJM International Ltd, with her former husband Michael Mone.

The Tory peer has previously described her upbringing in Glasgow as giving her “balls of steel”, telling Michael Malone for his 2012 book profiling Scottish entrepreneurs, Carnegie’s Call: "I thought it was normal to go to the local swimming baths to get a wash two or three times a week.”

In 2014, Baroness Mone sold her 80 per cent stake in Ultimo, which went bust in 2018. She was appointed to the House of Lords as Baroness Mone by Mr Cameron to lead a review into supporting business start-ups in areas of poverty across the UK.

In 2018, she launched two businesses in the form of mentoring and lifestyle app, Connect 2 Michelle Mone, offering “advice, guidance and inspiration” for those looking to take their lives “to the next level”, and ‘tokenised venture capital fund’ Equi Global Ltd.

In the same year, it was revealed Baroness Mone’s absence rate from the House of Lords was 88 per cent. She attended just 19 days out of a possible 157 at the House of Lords in total. She has also maintained an active interest in cryptocurrency.

Former Conservative Party leader made Michelle Mone a peer | PA

What is Michelle Mone’s net worth?

Michelle Mone’s net worth is not precisely known, but is estimated to be in the region of £20 million or more.

One website listing Baroness or Lady Mone as a motivational speaker cited her in-person event speaking charges as between £20,000 to £25,000, and between £15,000 and £20,000 for virtual events.

Who is Michelle Mone married to?

Baroness Mone is married to Scottish businessman and founder of the Knox Group of Companies, Douglas Barrowman. The the Knox Group is worth an estimated £3 billion.

Mr Barrowman was also a director of Aston Management Ltd (AML), which provided tax advice and offshore loan schemes to freelance workers, including social workers, locum doctors, nurses and engineers, before it ceased trading in 2010.

Baroness Mone was previously married to Michael Mone from 1989–2011, with whom she had three children.

Why is she being investigated?

Baroness Mone is being investigated by the NCA as it looks into allegations of personal protective equipment (PPE) fraud.

The evidence is said to include texts and emails from senior officials and at least three ministers concerning the procurement of masks and gowns during the Covid pandemic.

Baroness Mone, 52, and her husband deny all allegations against them.

The UK government is also suing PPE Medpro, a company set up by Mr Barrowman, to try and recoup £122 million over an alleged breach of contract concerning PPE, which was not used by the NHS because of a claim it did not meet required standards. PPE Medpro has denied the claims.

Baroness Mone has claimed “everyone in government knew of my involvement” with the company.

When does the BBC documentary come out?

The BBC documentary explores the rise and fall of one of the UK’s most high-profile businesswoman, going from rags to riches to a possible jail term.

The Rise and Fall of Michelle Mone is available now on BBC iPlayer. The programme will be broadcast on BBC Scotland on Monday evening (May 26). Part two is also available to watch online.

Responding to the documentary, Ms Mone said: “I am deeply disappointed by the BBC’s decision to broadcast a programme using misleading and one-sided accounts of my life and career. I hope that the programme does not discourage young women from pursuing their ambitions. The allegations relating to my husband’s company, PPE Medpro, will be defended in court.”