MICHELLE MONE earned millions of pounds last year, but still wakes up every morning with a sick feeling in her stomach, which she describes as “the fear of failure”.
Born in the working-class east end of Glasgow, Mone, who is dyslexic and was told she was not academic, left school at 15 without any qualifications and started modelling. In 1996 she founded Ultimo, the lingerie brand, with just £500.
She went on to make her fortune as one of Britain’s leading entrepreneurs and was awarded an OBE in 2010 for services to business. She has now reduced her stake in Ultimo to 20%.
Mone, 43, is based in London. She has three children — Rebecca, 22, Declan, 18, and Bethany, 15 — with ex-husband, Michael. The couple ran Ultimo together and Mone describes their messy divorce in her memoir, My Fight to the Top, published last week.
How much money do you have in your wallet?
Normally, I don’t have much cash because my three children help themselves. Today I have £40 and some change. I also have dollars and UAE dirham.
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What credit cards do you use?
I have a Centurion American Express card and a Coutts card, but I am more of a cash person. I hate borrowing. While growing the business, I had 12 credit cards. My goal was to get rid of them all.
Are you a saver or a spender?
I used to spend all the time, but now I invest a lot. I have a nice life, fortunately, but I know how fast things can change. I almost went bust three times. And I have never relied on a guy for money.
How much did you earn last year?
In the millions.
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Have you ever been really hard up?
Many times. I have been more hard up than in the nice life I’m in now. I sunk everything into Ultimo — I put my house up to the bank three times.
Do you own a property?
I have two houses outside Glasgow. I had my main house built with six bedrooms and a nightclub. I love dancing, I love karaoke, and I thought I can’t really go out and do that now without someone talking on social media — so I can just grab the mike and blast away at home. I have recently bought a new flat in London near the Thames.
What was your first job?
I started a paper round when I was 10 and turned it into a business, by sub-contracting streets to other kids. When I was 11, I was employing 17 people. I always wanted to be a businessperson. I suppose Sir Richard Branson inspired me, and I wanted to be a female version of him.
What’s been your most lucrative work?
Corporate speaking. I now speak around the world. At one conference, I spoke with Al Pacino and Sylvester Stallone. [At such events] you can command fees up to $50,000 (£33,000).
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To read an extract of Michelle's latest book, click the cover
Are you better off than your parents?
Yes. My mum, Isobel, was a home-help and has now worked for Ultimo for 17 years in the returns department. My dad, Duncan, has not worked since he was 38 when he woke up paralysed from the waist down. But they’ve supported me my whole career.
Do you invest in shares?
Yes — in what I am advised. I also back young businesses.
What’s better for retirement – property or pension?
I would say property, especially in London. I lost money on my main house in Scotland. It cost me £2.5m to build six years ago and now it’s worth about £1.7m.
When did you first feel wealthy?
I don’t mean to sound blasé, but I don’t feel wealthy. I wake up every morning and I get a sick feeling in my tummy, the fear of failure. That’s what keeps me going. I don’t think I’ve made it yet. I’ll work 20 hours a day if I have to — I sleep four hours a night. I go to bed about 1-1.30am and I get up at 5.30am. I go to the gym or I run, and I get my hair done. I get a blow dry four or five times a week.
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What’s been your best investment?
Ultimo — starting a business from scratch, building a team and learning all the pitfalls. I could go to university for 200 years and not learn what I learnt at Ultimo in 17.
Do you manage your own financial affairs?
I have an accountant, a private banker and my PA.
What’s the most extravagant thing you have ever bought?
Montblanc pens — the most I have spent on one is £600. I will never use a cheap pen. I am quite a religious person and this is a weird thing, but I’ll take my new pen into Mass with me and when I’m doing my holy water, I’ll put a wee bit of it over the pen. I’m quite superstitious about signing legal things.
What’s your money weakness?
I’m all about bling. I love watches and jewellery. And I’m getting a new car, a Bentley Continental GT V8.
What aspect of the tax system would you change?
I don’t have an issue with paying my tax if it is making a difference to education and health.
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Do you support any charities?
A good friend of mine, John Caudwell [the Phones 4U entrepreneur] has a charity called Caudwell Children. I support them a lot.
What’s the most important lesson you’ve learnt about money?
It is so hard to make and so easy to lose. Never become complacent. I love the fact that I feel quite sick every morning. The fear of failure drives me every single day.