ULTIMO: MJM founder comments on report of heavy loss
PAPERS filed in the UK showed the funds available to shareholders of MJM International, that produced and marketed the Ultimo range of bras, had declined from GBP 0.49m in February 2013 to a negative GBP 0.28m by the end of that year. The accounts also showed that founder Michelle Mone had personally loaned the company GBP 40’915. Ms Mone countered that the figures have no bearing on the Ultimo brand, which is now produced and marketed by Ultimo Brands International that took over the assets of MJM after the end of the 2013 financial year. She added that Ultimo Brands, which is 51 per cent owned by MAS Holdings, has a strong balance sheet and is on target to return to profitability in 2015.
Since MJM International is no longer trading, its performance in 2013 does not affect the current prospects of the Ultimo brand. On the contrary, supported by the considerable skills and resources of MAS Holdings, as well as by the proven creative talent of Ms Mone, the label could well come to surpass its performance of past peak years.