Lingerie entrepreneur Michelle Mone is resigning from the boards of Ultimo and its related company, MJM International, to focus on her new role as a government adviser.
Mone announced earlier this month that she had been appointed by the government to conduct a review into how best to encourage start-ups in areas of high unemployment.
Ultimo said Mone, who has recently relocated to London, “has new business interests and has taken on new responsibilities with the UK Government”.
“As such, Michelle will spend most of her time on these new projects and commitments, leaving limited time for her engagements with Ultimo,” the company said.
Mone will draw on her own experiences of setting up and running her own business for the review that will make recommendations to Work and Pensions Secretary Iain Duncan Smith and Business Secretary Sajid Javid in 10 months’ time.
The review will identify the obstacles that people in the most disadvantaged areas face in becoming entrepreneurs, such as the lack of business networks and the lack of inspiring role models and mentors.
Mone left school in Glasgow at 15 with no qualifications, but went on to launch Ultimo in 1996.
She subsequently won the World Young Business Achiever Award in the US, as she took the lingerie brand global before the multi-million pound sale of 80% of the business last year.
Ultimo said in a statement: “Ultimo wishes Michelle every success in her new personal projects and public engagements, and thanks her for contributions in the past and for her future support of Ultimo’s growth."