Ultimo bra tycoon Michelle Mone has announced she is teaming up with MAS holdings, one day after officially cutting business ties with her former husband.

MAS Holdings will be Ultimo's business partner for sourcing and manufacturing. The conglomerate, based in Sri Lanka, is an underwear and sportswear manufacturer, whose strategic partnerships also include Victoria’s Secret and Marks and Spencer.

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Michelle Mone said: "I am extremely excited that we have signed a partnership deal with MAS, this is fantastic news for Ultimo and it will put the brand on a Global platform. MAS are one of the leading intimate apparel companies in the World, I've always respected MAS as agGlobal player and I am ecstatic that we have signed this deal for Ultimo."

Ajay Amalean, Co Founder and Board Director of MAS Holdings, said “Ultimo is a very exciting brand and we are delighted to have signed this deal with Ultimo and Michelle. We look forward to successfully growing this partnership”.

The 41-year-old Scots businesswoman, now sole owner of the underwear empire, said she was delighted she had come to an agreement with her former husband, after a difficult year.

Michael and Michelle Mone founded MJM International together in 1996 and had been in dispute over who should take ownership following their split in 2011. They had been married for 19 years and have three children together - Rebecca, 19, Declan, 15, and Bethany, 11.

Speaking after their separation, Ms Mone claimed she could no longer work with her ex-partner.

A joint statement from the couple said: "We are both saddened that our marriage has broken down; however, we are pleased to confirm that we have reached an amicable agreement on all matters.

"We wish each other all the best as we embark upon the next chapter of our lives and, as parents, are committed to continuing to work together in the best interests of our children."

Ms Mone added: "I'm delighted after a tough year this has all come to an end. Michael has left Ultimo today. My focus is my children and growing Ultimo to the next level."

Ultimo is rumoured to have a £42 million turnover and has subsidiaries like Ultimo Swimwear, Miss Ultimo, Adore Moi and Diamond Boutique.

Ms Mone is understood to have held 142 shares in parent firm MJM International while her husband had one more with 143. However, the details of her takeover remain unclear.