Ultimo tycoon Michelle Mone finally divorces hubby, buys him out of 50m pounds empire

London, Jan ary 27: The multi-millionaire founder of lingerie empire Ultimo, Michelle Mone, has finally divorced her husband and won control of her company in a seven-figure take over deal.

Mone, whose marriage to Michael ended after more than 20 years together, finalised the buy-out of the business – estimated at 50 million pounds – on Friday, the Daily Mail reported.

It is understood that the couple’s divorce will be made official on Wednesday, completing a life-changing double for the bra tycoon who vowed never to work with her husband again after discovering he was allegedly in a relationship with one of the firm’s designers.

The 41-year-old businesswoman has always been the public face of the business, MJM International, while Michael, an accountant, has been happy to remain in the background doing the finances and production element.

But following their break-up in December 2011, it was reported a shocked Michelle discovered her estranged husband had one more share in the business than her – something sources close to her said she was having difficulty coming to terms with.

As a power struggle within the company developed, she expressed concerns that big development plans she had ‘might all be for nothing’ because of doubt over who would ultimately gain control.

But, according to The Scottish Mail on Sunday, the paperwork, which gives her a clean break professionally and personally from the man she alleges cheated on her with former colleague Samantha Bunn has now been signed.

The deal gives her complete control of the firm and secures jobs at the company headquarters in East Kilbride, Lanarkshire. (ANI)