Ultimo’s rival lingerie firm goes bust after losing £630K

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A rival lingerie brand set up by Michelle Mone’s ex husband has entered liquidation after posting losses of more than £630,000.

Michael Mone established Pendulum Apparel in 2013 after Michelle bought out his share in their Ultimo firm for a reported £24m.

According to public accounts, Michael Mone owned just under 48% of Ultimo’s company shares, which was one percent more than Michelle.

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Michael hired his now wife Samantha Bunn as a senior designer and began to retail lingerie and swimwear from Pendulum’s headquarters in Dumbreck, Glasgow.

But according to accounts filed on Companies House in February, Pendulum had suffered an annual loss of £630,124 in the year to April 2016, down from a loss of £394,926 the year before.

Blair Nimmo and Tony Friar of KPMG were appointed as joint liquidators on 19 April, 2017.

Michelle Mone resigned from the boards of Ultimo and its related company, MJM International, to focus on her role as a government adviser in August 2015.

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