MJM financial losses continue

MJM International, the Scotland-based lingerie firm run by Michelle Mone, is continuing to lose money, it has emerged.

The firm lost £231,000 in between October 31 2012 and February 2 this year, according to a financial statement that was filed at Companies House. This follows a loss of £547,018 in the 18 months to October last year.

The document shows that the company’s net assets had fallen from £725,320 to £493,382.

Story continues below

Notes in the document said: “The company has made significant losses for the three-month period and the directors anticipate that the company will continue to be loss-making for the next 12 months.”

The news follows the bra tycoon’s announcement in February that she was teaming up with MAS Holdings after cutting business ties with her former husband.

The loss was expected, according to a company spokesperson. But with the support of MAS and changes in strategy, it believes MJM will return to profit.

Earlier this year, a senior employee of Mone told an employment tribunal that he quit the company after discovering his office had been bugged.

Scott Kilday said he was “horrified” after he found the listening device hidden between artificial flowers in his office at MJM International.
MJM chairman Eliaz Poleg later said he feared that Kilday, who left the MJM board after its takeover by MAS Holdings in February, was leaking confidential information to rivals

Kilday now works for Pendulum Apparel, a company set up by Michael Mone after he left MJM.




Related posts