Michelle Mone takes Lords seat as former empire suffers losses

Entrepreneur Michelle Mone is admiited to the House of Lords as Baroness Mone of Mayfair, after being made a Tory peer
Entrepreneur Michelle Mone is admiited to the House of Lords as Baroness Mone of Mayfair, after being made a Tory peer
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Lingerie entrepreneur Michelle Mone took her seat in the House of Lords today as it emerged her former empire suffered losses last year.

Wearing the usual red robe, Baroness Mone of Mayfair was flanked by supporters Work and Pensions minister Lord Freud and Tory peer Baroness Morris of Bolton for the short introduction ceremony.

Lady Mone founded the bra and underwear business Ultimo Brands in 1996 but announced she had left the firm in August as her political and other business interests grew.

The latest accounts for Ultimo Brands show annual losses spiralling to £388,191 to the end of December last year, compared with £48,673 in 2013.

Baroness Mone, 44, who grew up in the east end of Glasgow, has been appointed by the Prime Minister as a business tsar with special responsibility for start-ups and will sit on the Conservative benches.

Lady Mone is one of 45 new peers announced by David Cameron in August.

Over half the new intake are Conservatives prompting accusations of “cronyism” from critics of the appointment process.

The growth in the size of the Lords to more than 800 members has sparked renewed demands for reforms of the upper chamber.