The Conservative Party is struggling to retain high-value donors as many shift their financial support to Nigel Farage's Reform UK, according to party sources. The loss of donors is described as one of the worst periods for Tory fundraising in recent memory, with deep concern at Conservative central headquarters (CCHQ) that the trend may be irreversible.
Kemi Badenoch, the party leader, is expected to appear at the Conservatives' London conference on Saturday, where wealthy donors have been invited to evening drinks. This comes after Reform UK held a fundraiser in Mayfair on Tuesday, attended by former Tory donors Bassim Haidar and Mohamed Amersi, who each paid £25,000 to sit at a top table with Farage. Reform sources claim pledges of over £1 million have already been received from businesspeople.
One Conservative source said the past few months have been particularly dire for donations, with many donors pausing or stopping contributions entirely. There is particular worry about those who have already started giving to Reform, as it is almost impossible to win back donors who switch parties. Some senior Conservatives are alarmed that Badenoch has not made sufficient effort to woo donors, with one attendee at a function noting she arrived late, was not explicit about asking for money, and left early.
Sir Rocco Forte, a luxury hotel owner who donated £20,000 to Badenoch's leadership campaign and £100,000 to the Tories in 2019, expressed uncertainty about the party's direction. He 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.' Forte praised Reform's momentum and suggested an 'accommodation' between the two right-wing parties may be necessary to avoid splitting the vote.
In an uncomfortable development for Badenoch, Farage plans to hold a rally in her North West Essex constituency on Friday night, where she holds a slim majority of 2,610. A larger Reform showing could hand the seat to Labour by splitting the right-wing vote. Meanwhile, some donors feel the party has not adequately replaced Ben Elliot, the former co-chair and fundraiser who raised over £70 million under Boris Johnson. Forte noted that treasurers must be willing to ask for money, adding: 'You've got to ask me for money if you want me to give it.'
