Baroness Michelle Mone’s business interests have sharply contracted, leaving her with only one active company. Meanwhile, investigations into an alleged multi-million-pound PPE fraud continue.
The closures encompass two companies linked to the controversial Knox Group, managed by her husband, Doug Barrowman. This significant reduction marks a turning point in her commercial activities.
Closures Amidst Ongoing Investigations
The recent corporate closures come as Michelle Mone, 53, and her husband, Doug Barrowman, 59, face intense scrutiny regarding an alleged multi-million-pound PPE fraud. The National Crime Agency (NCA) has launched an investigation, seizing £75 million in assets, including properties in Glasgow.
Companies Dissolved
Mone applied to Companies House to dissolve MMI Global and Michelle Mone Interiors. These firms were closely tied to the Knox Group, a business network run by Barrowman. On July 16, the UK Government agency approved these applications, removing the companies from the Companies House register.
This move leaves Mone with just one directorship, MGM Media based in Edinburgh. The closures draw a clear line under her publicly registered British business endeavours with Barrowman.
Former Business Interests
Michelle Mone’s business ventures once included up to 12 companies.
Among these was the widely recognised MJM International.
The reduction to a single company marks a dramatic shift from her previously expansive business portfolio.
Involvement with PPE Medpro
The National Crime Agency has closely monitored PPE Medpro, a firm linked to the Knox Group. This company, implicated in the procurement of medical gowns and masks, is a focal point of the ongoing investigations.
The NCA launched its investigation in May 2021. However, the agency has refrained from disclosing further details due to the confidential nature of the probe.
Expert Opinions
Industry experts have weighed in on the recent developments. A business analyst stated, ‘The companies didn’t appear to be trading anymore, so it made sense to dissolve them. It also draws a line under her publicly registered business links in the UK with Barrowman.’
This viewpoint suggests a strategic retreat from inactive business pursuits, possibly to simplify their legal and commercial positions amidst growing scrutiny.
Mone’s status as a businesswoman has significantly shifted, with her current focus narrowing considerably.
Impact on Personal Image
Mone was made a Conservative peer in 2015.
Owning 35% of Michelle Mone Interiors has tied her public image to the company.
The ongoing NCA investigation undeniably impacts her reputation and future business ventures.
Remaining Business Activities
With MGM Media now her sole directorship, Mone’s once-vast empire is all but dismantled.
Whether this company will remain unaffected by the ongoing investigations remains to be seen.
The contraction of Michelle Mone’s business empire to just one company is a significant development. Coupled with ongoing investigations into alleged PPE fraud, it marks a new phase in her career.
As the National Crime Agency continues its inquiries, the future of Mone’s last remaining business interests is uncertain. This story, undoubtedly, remains one to watch.