A RIVAL lingerie firm set up by Michelle Mone’s ex husband has gone into liquidation after suffering losses of more than £600,000.
Michael Mone set up Pendulum Apparel in 2011 after Michelle, 45, bought out his share in their Ultimo firm following their acrimonious split.
He set up the rival underwear firm in partnership with the designer at the centre of the couple’s split. Samantha Bunn, 32, held a similar role to the one she had at Ultimo, The Mone’s divorced after Michelle accused Michael of having an affair with Miss Bunn, a successful lingerie designer who made her name working for Ultimo.
Ms Bunn was sacked by Mrs Mone over her alleged relationship with Michael but received a £10,000 pay off after threatening legal action.
Michael and Samantha were married at St Palladius Church near Auchenblae, Aberdeenshire in 2015.
Shortly before Pendulum entered liquidation he set up firm Muse 88 which is officially listed as “Non-specialised wholesale trade”.
Mr Mone said: “Due to margin pressures, retail nervousness and the hugely weakened Pound, it was decided to wind up the company.
“A sad reality in btoday’s political climate.”
Michelle and Michael co-founded Ultimo in 1996 and they quickly turned it into a global brand by using a host of top famous models including Penny Lancaster and Rachel Hunter.
But in 2014 Michelle announced she’d “hung up her bra” and sold most of her shares in Ultimo.
The following year the costumer designer for the movie Erin Brockovich rubbished her claims that she designed the bra Julia Roberts wore in the film.
Michael and Michelle split in 2011. She accused him of having an affair with 37-year-old Samantha – something he has always denied.
After Michelle made the accusation in her autobiography he said: “The book is a work of total fiction, easily disproved by simple facts and is full of accusations about me which I refute entirely.”
The entrepreneur recently tied the business knot with Glaswegian business man Douglas Barrowman.
The pair recently launched their first venture MMI Global Limited, with Lady Mone owns 49 per cent of shares.
She recently revealed that she was planning to slim down for her new partner -by embarking on a zero-carbs diet.
Ultimo’s first bra went on sale in 1999 and the design sold out instantly and Ultimo is now one of the biggest lingerie companies in the UK.
A string of famous faces have fronted the brand’s campaigns, beginning with Rod Stewart’s statuesque wife, Penny Lancaster.
Stewart’s former wife, Rachel Hunter, and daughter Kimberley have also appeared in Ultimo campaigns, as has Girls Aloud singer Sarah Harding.