Underwear tycoon Michelle Mone and her husband, Michael, today announced they had finalised terms for personal and business separation.

The couple split at Christmas 2011, reportedly over his relationship with Ultimo designer Samantha Bunn, 31. They had been married for 19 years and have three children: Rebecca, 20, Declan, 16, and Bethany, 12.

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Ms Mone, 41, insisted that she could never work with Mr Mone, 45, again and said their firm had to be controlled by one or the other.

She told a trade magazine: "My husband went away with my designer - [it all depends on] who is going to be taking over the business, either him or me.

"Ultimo is my baby. I am still exceptionally passionate about it, so we will see what happens. I hope to take over it. But I will certainly not be working with him much longer. If I take over, I have got big plans for it."

Today, the couple said in a statement: “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. This has been a difficult time for all involved and we would ask the media to please respect our privacy.”

Ms Mone, from Glasgow, is the creator of the Ultimo bra and co-founder of MJM International with her husband.

She 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.