Billionaire tycoon pledges to give Reform seven-figure sum after Tory defection

Billionaire property tycoon Nick Candy has pledged to donate a “seven-figure” sum to Reform UK after resigning his Conservative Party membership to become Nigel Farage’s new treasurer.

Mr Candy, who is married to pop singer Holly Valance, posed for pictures alongside the party leader in Westminster after it was announced he would take over as chief fundraiser in the new year.

Reform has been buoyed by a series of Tory defections, including former minister Andrea Jenkyns as it seeks to make inroads at the local elections in May.

Mr Candy joined the party alongside former Conservative MP Aidan Burley on Tuesday, with Mr Farage suggesting the Tories faced “death by a thousand defections”.

Asked by journalists whether he was giving any money himself, the businessman, who previously poured hundreds of thousands into Tory coffers, said “of course” he would be giving “seven figures” to the party.

X owner Elon Musk expressed an interest in his appointment, prompting questions about whether the tech entrepreneur would be making a donation after reports he was prepared to give tens of millions to the party.

Mr Farage has repeatedly insisted he knows nothing about a potential contribution from Mr Musk, but on Tuesday said that if money were offered “we will take it”.

Asked whether Reform was the party of millionaires and billionaires, the party leader said on Tuesday: “No, we haven’t sold a single peerage.”

He added: “We need ammunition. We can’t fight big national campaigns without the money.”

Reports of a potential cash injection from Mr Musk were first aired in The Sunday Times, attributed to claims by Conservative Party officials and leading businessmen.

Valance is also a prominent Reform backer.

The Australian-British actress and singer was pictured with her husband, Donald Trump and party leader Mr Farage at the US president-elect’s Mar-a-Lago resort in 2022.

In a statement released earlier on Tuesday, Mr Candy said: “I have today resigned my membership of the Conservative Party after many years of active support and substantial donations to the party.

“I am sorry to say there have been too many broken promises and a complete breach of trust with the wealth creators in our country.

“Nigel Farage is a close personal friend of mine, and Reform UK represents the future of British politics.

“I am pleased to announce that I will now become the treasurer for Reform UK and intend to raise enough funds for them to win the next general election.

“I will take up the role in the new year.”

Reform leader Nigel Farage MP said: “I warmly welcome this decision. We are the fastest-growing movement in British politics today and Nick’s efforts will help Reform UK transform our country.”

Mr Candy later told GB News he would raise “more than £40 million”, with the broadcaster reporting he would donate £1 million in the coming weeks on top of £3 million pledged over the past few hours by a number of business people.