The former Conservative peer Michelle Mone and her husband, Doug Barrowman, have acknowledged for the first time that he made multimillion pound profits from two PPE deals during the Covid pandemic.

Mone also acknowledged for the first time that, as revealed by the Guardian last year, Barrowman then transferred money from those profits to a trust, the Keristal Trust, set up for the benefit of Mone and her three adult children. The couple said Barrowman’s children were also beneficiaries of the trust.

In an interview with the BBC’s Laura Kuenssberg on Sunday, Mone and Barrowman both also admitted they lied to the media for years when they denied they were involved with the company awarded the contracts, PPE Medpro Ltd.