Reform restructure is a further blow to Tice

Just the best part of seven years after forming it (as the Brexit Party) Nigel Farage has finally updated Reform UK’s ownership structure – and in doing so has further marginalised one-time leader, now deputy, Richard Tice.

New filings at Companies House – because Reform is a company and not technically a party – show that Farage and Tice have now relinquished control, to be replaced by a new body, Reform 2025. The only directors of the new venture, set up as “limited by guarantee without share capital” are Farage and party chair Zia Yusuf.

There are no public roles for either Tice, now Reform’s deputy leader, or Nick Candy, the party’s treasurer. Prior to the changes Farage held 60% of Reform’s shares and Tice 33%, comprising nine and five respectively. Tice remains a director of the party.

Perhaps in keeping with his hands-off role since being elected to Parliament last year, Farage lists his occupation as ‘director’ rather than ‘MP’.

The updated ownership structure has echoes of Farage’s leadership coup last year when, ahead of the general election, he sacked Ben Habib as deputy leader, demoted Tice to his position and installed himself at the top. And Yusuf’s role is a further blow to Dubai Dicky given that Farage has publicly tipped his chair to succeed him as leader one day.

It is not yet known whether the new company will play an active role in the finances of Reform which, despite its fundraising bluster, had close to a £1.1 million deficit in its latest accounts. It was also forced to reject as “impermissible” 18 donations worth £66,500 in the last quarter of 2024, almost half of the £136,500 raised during the period.