A lingerie tycoon who introduced sex toys to the UK’s high street will receive a CBE at Windsor Castle on Tuesday.

Jacqueline Gold, 55, the chief executive of Ann Summers, will be awarded the honour for her services to entrepreneurship, women in business and social enterprise by Princess Anne who is leading the ceremony.

The Jewish mother-of-one who is reportedly the 16th richest women in the country, with an estimated fortune of £250 million.

As well as the chain of shops, which currently employ more than 10,000 people, she launched the Party Plan business where women can buy Ann Summers lingerie and sex toys at events hosted in people’s homes.

Learning of her accolade in the New Year’s Honours List she said the CBE was the “highlight” of her career and ahead of the ceremony Gold tweeted saying she was “very excited”.