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The Conservatives are fighting back in an attempt to stem the loss of high-value donors amid a shift in funders towards Nigel Farage’s Reform UK party.
The party’s leader, Kemi Badenoch, is expected to appear at the Conservatives’ London conference in Westminster on Saturday, where wealthy party donors say they have been invited to evening drinks.
It comes after Reform’s fundraiser in Mayfair on Tuesday which was attended by former Conservative donors including Bassim Haidar and Mohamed Amersi, who each paid £25,000 to join a top table with Farage.
Sources in Reform say that pledges of more than £1m had already come in from businesspeople, and the Guardian understands there is now deep concern at Conservative central headquarters (CCHQ) that many of their donors are considering switching to Farage’s party.
One Conservative source said the past few months appeared to be one of the worst periods ever for the party in terms of bringing in donations.
They said the CCHQ’s treasurer department was extremely concerned about the number of donors who have paused or entirely stopped donations. There is particular worry about those who have already started contributing to Reform, as it can be almost impossible to bring back donors who switch to another party.
Others senior Conservatives are alarmed that Badenoch does not appear to have put in enough effort to wooing donors, with one attender at a function saying she turned up late, was not explicit enough about asking for money and then left early.
There is even concern among some of Badenoch’s high profile supporters.
Sir Rocco Forte, the luxury hotel owner who gave £20,000 to Badenoch’s leadership campaign last year and donated £100,000 to the Tory party during its successful 2019 general election campaign, said: “It’s not yet clear what the Conservative party is doing and for me and many other people there is a big question mark.
“I’m a very big supporter of Kemi Badenoch. I think she understands a radical revolution is needed. A lot of what Reform is saying is pointing in the right direction and I admire Farage, who have momentum at the moment and have no baggage.
“The problem for Kemi Badenoch is that every time she says anything, others ask ‘Well, why didn’t you do something about it when you’re in power?’ I think she’s got to disassociate herself quite significantly from what happened in the last 14 years when there was a strategy of the middle ground and all that.”
He said he thought Farage could reach parts of the country the Tories could not, “particularly the north”, adding: “It could well be that come the next election you could have the vote on the right split. Some form of accommodation may have to come about. People talk about a merger but I think an accommodation is more likely.”
In an uncomfortable moment for Badenoch, Farage plans to park Reform’s tanks on the Tory leader’s own lawn on Friday night by holding a rally in her constituency of North West Essex.
Badenoch is defending a relatively slim majority of 2,610 in what was once a Tory stronghold, but where a bigger Reform showing at the next election could hand the seat to Labour by splitting the right-wing vote.
The Conservative leader has retained Graham Edwards as treasurer of the party, a role the property tycoon has held since he was appointed by Rishi Sunak in 2022. Edwards, who donated £12,000 to Badenoch’s leadership campaign, runs Telereal Trillium, one of the UK’s largest property firms. He has contributed £3.5m to the party since 2018, including a £2m donation last year.
However, some donors feel that the party has not adequately found a replacement for Ben Elliot, the Old Etonian who supercharged donations under Boris Johnson by targeting the world’s ultra-wealthy, raising more than £70m in two-and-a-half years after being appointed co-chair and fundraiser before the 2019 general election.
“Ben Elliot did quite a good job,” said Forte. “Treasurers have to be prepared to upset people by asking them. I’ve known treasurers who’ve been afraid to ask me for money. You’ve got to ask me for money if you want me to give it.”
A Conservative party spokesperson said: “The Conservatives are under new leadership and are working to renew and rebuild the trust of the British people. Fundraising is an important part of the democratic process and the Conservative party holds regular events around the country.”
