Reform has received almost £5m from wealthy donors since 2023, including those with links to fossil fuels, the financial services industry and tax havens, openDemocracy can reveal.
Nigel Farage’s party received around £1.5m in large donations in the first quarter of this year – far less than the £3.3m given to the Conservatives and £2.3m to Labour – according to our analysis of Electoral Commission data published this week.
The figures are likely particularly disappointing for Reform’s leadership, which has boasted of a major fundraising drive this year, as they don’t include a further £1m that the Tories reportedly received in recent weeks from software and gaming entrepreneur Jeremy San.
But what does the £4.8m of donations tell us about Reform’s aims, especially if it were to win office at the next general election? openDemocracy analysed the past 18 months of donations data to shed light on who is donating to the party – and where their interests lie.
Our findings reveal that, despite claiming to represent a break with the current political establishment, Reform is largely funded by ex-Tory donors, who account for around a quarter of the £4.8m it has received in large donations (only those who give £11,180 or more in a year need to be declared to the Electoral Commission) since 2023.
We also found that Reform has an unusually high number of overseas backers with links to tax havens, which the party has publicly stated is part of its fundraising strategy.
While the party previously criticised Labour’s £4m donation from a Cayman Islands-controlled hedge fund, which openDemocracy revealed last year, more than 10% of its total donations are from sources with strong offshore ties.
How much has Reform raised?
Reform looks set to receive more money in large donations in 2025 than it did last year. The party took £1.5m in Q1, compared to £3m in all of 2024. (The latter figure has been misreported as £4.75m, due to double-counting of donations made during the election period, which are listed twice on the Electoral Commission’s website.)
Farage’s party has sought to frame itself as an alternative to the political status quo of the Conservatives and Labour, yet this is at odds with its wealthy funders, many of whom are longtime political donors and paid-up members of the elite.
Commercial interests in regulated sectors such as energy and financial services are overrepresented among both the established political donors and the first-time donors that Reform has attracted.
As well as this cash from rich donors, Reform has likely raised a significant amount of money through its membership, which party figures say has been the main source of funding over the last year or so.
While Reform declined to provide details of its funding through membership and small donations, its own website says it has more than 233,000 members at the time of writing. If accurate, this would generate between £2.3m and £5.8m a year for the party, whose annual membership costs £25 or £10 for under-25s.
It is important in understanding Reform to note this element of its support, particularly at a time when Labour and the Conservative memberships are thought to be dropping significantly.
The estimated figures suggest that Reform’s claims of being driven by a grassroots movement are true, though so are claims from the party’s opponents that it is taking millions of pounds from the ultra-rich.
Who has donated to Reform?
More than half the £4.8m given to Reform since 2023 comes from people in its inner circle.
The party’s biggest donor is Richard Tice MP, its deputy leader, who has put more than £1m into its coffers, while Zia Yusuf, who spectacularly quit as party chair last week in a row over a burqa ban only to rejoin two days later in a similar role, has chipped in £206,000.
Holly Vukadinovic, better known as Holly Valance, who is married to the party’s main fundraiser, Nick Candy, has also given £50,000.
After Tice, the party’s top donor is Fiona Cottrell, an aristocratic socialite who once reportedly dated the King, who has given £750,000. Though she isn’t directly tied to the party, her son George Cottrell – nicknamed ‘Posh George’ – is a longtime associate of Farage and ran fundraising for his previous political party, UKIP, as a teenager.
George is today understood to be a close aide to Farage and, despite having no official role in the party, was last spotted alongside the Reform leader at a press conference this week. He is believed to live between the UK and Montenegro, where he has a number of business interests, including in cryptoassets.
As openDemocracy has reported, George recently set up opaque corporate entities in the UK and the US, which his lawyers told us will be political consulting firms.
Although George has not given money directly to Reform, he has funded trips for Farage to Belgium and the US worth around £25,000. Electoral rules state that an individual must be registered to vote in the UK – including as an overseas voter – in order to donate directly to political parties, but anyone can pay the “reasonable costs of a visit outside the UK”.
As the party has grown in influence, it has attracted the backing of many donors with a history of financially backing right-wing political projects. The majority previously gave money to the Conservative Party, but some have funded Farage’s former parties and the hard-right Reclaim Party, which is fronted by actor Laurence Fox.
David Lilley, who gave £274,000 to Reform, is a veteran hedge fund boss who co-founded Redwood Kite Capital alongside Tory peer Lord Michael Farmer. Both Red Kite and his current firm, Drakewood Capital Management, focus on mining and metals trading.
First Corporate Consultants, a think tank that has given Reform £200,000, is owned by Terence Mordaunt, former chair of the opaque think tank Global Warming Policy Foundation (GWPF) which campaigns as Net Zero Watch. openDemocracy revealed in 2022 that the GWFP has been funded by an oil-rich foundation with huge investments in energy firms.
We have also previously uncovered significant interests in fossil fuels held by Jeremy Hosking, who has given Reform £140,000 and whose fund, Hosking Partners, has tens of millions invested in oil firms and the wider fossil fuel sector. Hosking has poured millions into the UK right in the last decade, including backing Vote Leave to the tune of millions and more recently funding the Reclaim Party and The Critic, a conservative political and cultural magazine.
Among the most recent converts to the Reform cause is Bassim Haidar, an entrepreneur who publicly criticised Labour’s plan to scrap the tax breaks given to non-doms. Haidar paid £25,000 to attend a Reform fundraising event in January. Around the same time, Reform received £50,000 from Nova Venture Holdings, one of several companies controlled by energy executive Jacques Tohme, who previously lobbied the government on the windfall tax on energy firms in his role as head of a North Sea gas and oil industry body.
Nick Candy, a property mogul and former Tory donor who is now in charge of leading Reform’s fundraising efforts, has publicly stated that his strategy is to court ultra-wealthy donors in low-tax jurisdictions around the world with ties to the UK.
This plan only got underway in earnest toward the start of this year and any donations made in recent months are yet to be published. But Reform already has several confirmed donors resident in Monaco, according to corporate filings.
All in all, around £600,000 came from individuals and organisations either resident in perceived tax havens, or controlled via them. They include Roger Nagioff (£100,000), a former Lehman Bros executive now resident in Monaco according to corporate filings, and Luxembourg-based brokerage firm JB Drax Honore (£50,000), which donated through its UK subsidiary.
Some of Reform’s biggest donors, including Malcolm Robinson (£160,000) and Duncan Mackay (£100,000), have not yet been publicly identified.
Political parties have no obligation to publish any information about their donors other than names and details of the donation, and an unavoidable quirk of these donor transparency rules is that individuals with uncommon names are subject to greater scrutiny than those with common names, because they are easier to identify.
openDemocracy asked Reform to provide a brief biography for several donors who have given more than £50,000 but are yet to be publicly identified, including Robinson and Mackay, but the party did not respond.
However, openDemocracy can reveal that Simon William Smith, who has given the party £58,000, is an ‘angel investor’ with significant interests in cryptocurrency and related technologies. Reform has pledged to deregulate crypto and reduce tax on capital gains made on it.
Reform has also attracted many first-time donors to its cause, with around a quarter of large donations during this period coming from people or organisations with no apparent history of donating to political parties.
Among them are people with a varied range of commercial interests and professional backgrounds. They range from a former BlackRock executive to a company specialising in stage lighting electronics. Some of these donors control companies providing services to local authorities, including in the social care sector, while another donor has previously spoken out about the impact of small boat crossings on his haulage firm.
Overall, though the interests of the party’s wealthy backers are varied, there are common themes and a clear relationship between their political and commercial interests and Reform’s platform. Many stand to benefit significantly from an anti-net zero push, cutting back regulation in finance or energy, lower taxes on wealth and the liberalisation of cryptoassets.
Billionaire backing
While some of the funders from the UKIP and Brexit Party phases of Farage’s political life are now Reform donors, there is currently one notable absentee.
Christopher Harborne is a British billionaire with interests primarily in the fuel and aviation sectors and cryptocurrency. Though much was made of a potential massive donation from Elon Musk to Reform, in Harborne, the party already seemingly has the support of an eccentric tech billionaire who has form for seriously altering the course of British politics with huge donations.
Over a couple of years, Harborne gave Farage’s Brexit Party millions, becoming one of the largest British political donors in the modern era. He also gave Boris Johnson £1m around the time his government started talking up the crypto industry.
While Harborne has yet to put money directly into Reform in its current form, he has funded trips to the US for Farage. As he has active links to both the UK and Thailand (where he has adopted the name Chakrit Sakunkrit), it is not clear whether he is eligible to donate directly to the party, though he does control trading UK companies, which would be able to donate.
Reform also arguably receives significant backing from another major backer of right-wing UK causes: GB News. If payments that the television channel made to Reform MPs for TV gigs were classed as political donations rather than individual earnings, GB News would have been Reform’s second-largest external donor since the start of 2023, giving around £490k. Most of that cash went to Farage, but another of the party’s MPs, former Tory Lee Anderson, is paid £100,000 per year to host a regular show on the channel.
