Michelle Mone takes control

MichelleMone.jpgDeal news seems to have been dominated by entrepreneurs making hasty exits this year following the hike in capital gains tax and faltering economy. So it was nice to see Michelle Mone and husband Michael regain full control of lingerie company Ultimo.They acquired £800,000 of shares back from serial entrepreneur and philanthropist Sir Tom Hunter and Arcadia COO Ian Grabiner, who’d helped save the company from the brink of collapse soon after launch in 1999.Now prospering with five brands under holding company MJM International worth an estimated £45m, it’s a success story all round. Mone says Hunter has been extremely supportive over the years but has also made a healthy profit on his investment, reported to have been around the £200,000 mark.She’s also confident of further growth, insisting the company is yet to feel the impact of the downturn and with plans to launch a new ‘Young Ultimo’ range later this year.

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