Disgraced Baroness Michelle Mone is retaining an estimated £15,000 per week in rent from a mansion subject to a freezing order, as recently revealed.
The former Conservative peer and her spouse had £75 million worth of assets frozen by a court order two years ago while the UK’s equivalent of the FBI investigated a PPE supply deal. However, the order has been modified to permit them to keep the rental income from a £25 million property during the ongoing probe.
Situated in Belgravia, central London, the mansion is owned by an Isle of Man-based company linked to 54-year-old Mone’s husband, Doug Barrowman, aged 60. The firm acquired the Grade-II listed property for £9.25 million in December 2020.
Approval was granted for the refurbishment of the Belgravia residence, including the construction of a basement for a cinema and spa facilities. Initially listed at £25 million, the property underwent market evaluation.
The adjustment to the freezing order, reviewed by The Times, was sanctioned by Judge Tony Baumgartner at a discreet hearing in Southwark Crown Court. Judge Baumgartner clarified, “Any rental revenue from this property is not restrained, and there are no limitations on its use.”
PPE Medpro, managed by Mr. Barrowman, secured a £122 million government contract for PPE supply during the pandemic. However, following a High Court ruling in October, the company was instructed to refund the funds due to contract breaches.
Baroness Mone and Mr. Barrowman have refuted any misconduct allegations and have not been formally charged.
PPE Medpro, reportedly indebted to the Department of Health for £148 million, entered liquidation in the Insolvency and Companies Court last month. Additionally, the company is said to owe HMRC £39 million. In response to the High Court’s decision, Mone criticized it as “shocking yet unsurprising,” characterizing it as a government victory in a crucial case.