Michelle Mone resigns from Ultimo board

Michelle Mone, founder of lingerie and swimwear brand Ultimo, has stepped down from her label's board and its parent company MJM International. Her resignation comes after she was appointed as the leader of a large government review on supporting business start-ups in disadvantaged communities earlier this month.

"As such, Michelle will spend most of her time on these new projects and commitments, leaving limited time for her engagements with Ultimo," reads a statement from Ultimo on her departure. "Ultimo wishes Michelle every success in her new personal projects and public engagements, and thanks her for her contributions in the past and for her future support of Ultimo’s growth."

Mone co-founded Ultimo's parent company in 1996 with her ex-husband, launching brands including Miss Ultimo and Ultimo Miracle Shapewear. She previously sold an 80 percent stake in MJM to Sri Lanka-based lingerie and sportswear manufacturer MAS Holdings in a multi-million pound deal last year.