Tory Peer Baroness Michelle Mone and her husband Doug Barrowman have had £75m in assets frozen or restrained as part of a court order.

They reportedly include a country estate in the Isle of Man, a six-bedroom house in London's Belgravia and a number of bank accounts.

According to a report in the Financial Times, the restraint order was lodged in December and stops the billionaire couple from selling some of their assets while restrictions have been placed on others.

The court order was granted following an application submitted by the UK's Crown Prosecution Service (CPS) under the Proceeds of Crime Act, the report states.

Mr Barrowman and Barroness Mone, who own a home in the Isle of Man, are currently subject to a National Crime Agency investigation related to an alleged fraud involving personal protective equipment (PPE) manufactured and sold during the coronavirus pandemic.

The CPS acts in court on behalf of agencies such as the NCA.

The court order was 'a result of a consensual process during which negotiations took place with the CPS', a spokesperson for Mone and Barrowman told the Financial Times.

'It allows the wider businesses and assets of the Barrowman family to operate normally and free from any restrictions or uncertainties.

Michelle Mone and Doug Barrowman

'Doug and Michelle did not contest the application and were happy to offer up these assets, which means they can begin the task of proving their innocence more quickly.'

PPE Medro, a company chaired by Mr Barrowman, is currently contesting a multi- million pound court claim from the UK’s Department of Health and Social Care (UK DHSC) over surgical gowns that were deemed not fit for use.

PPE Medpro was awarded two contracts by the UK DHSC in June 2020 – the first an £81m contract to supply masks and the second, worth £122m, to supply surgical gowns.

The contracts were referred to the UK Government by Baroness Mone under the ‘VIP lane’, a system which was introduced to help it choose between large numbers of supply offers during the pandemic.

PPE Medpro was formed during the pandemic, which Doug Barrowman said was because they wanted ‘to do their bit’.

In a previous statement, Mr Barrowman said: ‘Michelle and I are being hung out to dry to distract attention from government’s incompetence in how it handled PPE procurement at time of national emergency.

He also repeated a claim that the UK government has offered to make the legal case against PPE Medro go away and would ‘call the dogs off’ if he paid enough money.

He added: ‘Michelle was neither a shareholder, a director nor a decision maker in the Medpro consortium that I led. ‘Nor was she entitled to any remuneration. All PPE money earned by me was fully disclosed on my tax return and, like all my sources of income, was put into trust for the benefit of my family.'