Lingerie tycoon Michelle Mone is to be made a Tory peer, it has emerged.

The 43-year-old Ultimo founder told friends she was 'delighted and thrilled' at the prospect of becoming Lady Mone and taking a seat in the Lords.

Michelle, who is thought to be worth around £38million, was told the news personally in a phone call from Prime Minister David Cameron, according to The Sun.

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Lady Mone: Lingerie tycoon Michelle Mone, who is thought to be worth around £38million, is to be made a Tory peer

The Glasgow-born entrepreneur was vocal in her support for the Union in the run up to last year's independence referendum, saying she would move to England if Scotland became independent.

And it is believed that the Conservatives want to make the tycoon a business czar as a reward for backing the 'No' vote.

Mr Cameron revealed last week he wants to appoint more Tory peers to parliament’s second chamber.

'Delighted and thrilled': The Ultimo founder told friends she was excited at the prospect of becoming Lady Mone and taking a seat in the Lords

A source told The Sun: 'Michelle is thrilled and delighted. She proves strong, independent women in business have a vital role to play in our economy.

'And she will bring something new to the stuffy Lords. It needs shaking up.'

The mother-of-three, who already holds the OBE, left school at 15 with no qualifications and built her global lingerie empire from scratch.

She met her former husband Michael at 17, got engaged at 18 and was pregnant at 19.

The couple began their business in 1996 and launched the first Ultimo bra, with its gel-filled 'chicken fillet' padding, in 1999.

Michelle admitted she was 'distraught' after finding out he had begun a relationship with her former colleague Samantha Bunn.

She said she cried herself to sleep every night after the 'heart-breaking' split from her husband of 20 years.

Last November she revealed she had sold 80 per cent of her stake in Ultimo.