Ultimo has gone bust.

The lingerie brand was founded in 1996 by entrepreneur Michelle Mone and has decided to close after difficult sales in the market which saw the business's - which was once an extremely affluent company before selling a 100 per cent stake to a Sri-Lankan firm called MAS Holdings in 2014 - losses rocket from £1.8 million to £3.9 million in 2016.

A spokesman for Ultimo said: ''The last few years have been extremely challenging for Ultimo, driven by increasing competition in the market and more cautious consumer spending due to uncertainty surrounding the UK economy over the last 18 months.''

Ultimo Brands is based in East Kilbride, Scotland as homage to Michele's Glasgow roots, and the brand's closure will reportedly see 11 workers lose their jobs.

Michelle founded the brand with husband Michael Mone after she struggled to find a cleavage enhancing brassiere which was also comfortable, but Michael stepped down from the company after the pair divorced in 2013.

She was awarded an OBE in 2010 by the British Monarch Queen Elizabeth II and in 2016, Michelle became Tory Prime Minister David Cameron's business tsar and a Conservative peer before she stepped down from the position of director at the company but maintained her 200 shares in the business.

Despite its closing, fans of the brand will still be able to buy Ultimo products online until April 15 whilst stocks last and it's UK operations will halted by the end of June after the company fulfil their financial commitments with suppliers and partners.