Baroness ‘very sad’ as bra firm goes under

BARONESS Mone has said she is ‘very sad’ that the Ultimo underwear firm she set up 21 years ago has announced it is to cease trading.

The Tory peer established the lingerie brand – whose models have included Penny Lancaster and Rachel Hunter – in 1996.

The firm achieved international success after actress Julia Roberts reportedly wore an Ultimo bra in the hit film Erin Brockovich.

Sri Lankan-based MAS Holdings bought a majority shareholding in parent company Ultimo Brands International in 2014, with Mone resigning as a director the following year.

Now the firm has announced the operation will cease trading. Staff at the Ultimo headquarters in East Kilbride were told, with a formal redundancy consultation under way with the 11 employees. Mone tweeted: ‘I am immensely proud of what we achieved.’

An Ultimo spokesman said: ‘The last few years have been extremely challenging.’

Ultimo was set up in 1996 by Michelle Mone (pictured) and her ex-husband MichaelMone, 46, left school at 15 with no qualifications and was pregnant with her first child, Rebecca, at 18Models Helena Christensen and Kelly Brook are among those who have fronted ad campaigns Ultimo went global in 2001 when Julia Roberts wore an Ultimo bra in her Oscar-winning role in Erin Brockovich The entrepreneur’s husband left her on Christmas Day 2011, with a divorce costing her £24m After the couple separated Mone sold off the majority of her stake in Ultimo to Sri Lankan MAS Holdings