Underwear Queen Michelle Mone gives her ex-husband a deadline of tomorrow to buy her out of their lingerie empire
14:57 GMT, 1 November 2012
Entrepreneur: Michelle started her career as a model before founding Ultimo. She is now thought to be worth 39 million
Bra tycoon Michelle Mone has given her ex-husband until tomorrow to buy control of their multi-million pound lingerie business.
Ms Mone split from husband Michael last Christmas over his relationship with Ultimo designer Samantha Bunn, 31.
She confirmed earlier this week that she has offered to buy Mr Mone out of the 50m business and given him until tomorrow to consider it.
Ms Mone, who is battling for control of her business, revealed on Monday on Twitter that she had made an offer.
'I’m hoping my ex will accept offer for me to buy him of the business I started,' she tweeted.
The lingerie queen has insisted that she can never work with Mr Mone, 45, again and says their firm has to be controlled by one or the other.
And Ms Mone later added: 'I have made him an offer to buy him out which he has until Friday to consider.'
The businesswoman recently told a trade magazine: 'I’m changing a lot of plans at the moment. My husband went away with my designer – [it all depends on] who is going to be taking over the business, either him or me.
'Ultimo is my baby. I am still exceptionally passionate about it, so we will see what happens. I hope to take over it.
'But I will certainly not be working with him much longer. If I take over, I have got big plans for it.'
Ultimo is rumoured to have a 42 million pound turnover and has subsidiaries like Ultimo Swimwear, Miss Ultimo, Adore Moi and ‘Diamond Boutique’.
It recently celebrated its 13th birthday and launched a range inspired by the 'mummy porn' novel Fifty Shades of Grey.
Ms Mone, 41, is estimated to be worth 39 million pounds, according to Celebrity Networth.
But Ms Mone holds 142 shares in parent firm MJM International while her estranged husband has one more with 143.
Michelle Mone and her ex-husband Michael are in a battle over who will take over the hugely lucrative lingerie empire they built up together during their marriage
Michelle Mone, pictured here unveiling the new Ultimo lingerie range at Frasers in Glasgow last week, says she is passionate about the brand, which she describes as her 'baby'
She founded MJM International Ltd in November 1996, and three years of research, design, and development resulted in the patented Ultimo bra. In August 1999, a month after having her third child, Michelle launched Ultimo at Selfridges department store in London. Selfridges sold the pre-launch estimate of six weeks of stock within 24 hours.
She grew up in relative poverty in Glasgow before finding work as a model.
After running a sales and marketing team for the Labatt’s brewing company, she made the decision to create a range of support bras after the idea came to her while wearing an uncomfortable bra during a dinner party.
Ms Mone recently amicably split from her new man after just four months.
Ultimo's new range is inspired my the Fifty Shades of Grey phenomenon and looks set to enhance the brands already huge estimated 42 million turnover
She started dating handsome financier Karl French earlier this year following her stormy break-up from husband Michael.
But Ms Mone claimed they struggled to see each other because Mr French lives in Dubai.
Mother-of-three Ms Mone fell for ex-boyfriend Mr French as she holidayed with her kids in Dubai in April while trying to put her split with hubby Michael behind her.
The bra queen later described Mr French as her 'rock' after he helped her get through a cancer ordeal.
She had an operation in May to remove a cancerous mole with Mr French by her side.