Its terms included that Reform would repay or write off more than £1million in outstanding loans from Mr Tice’s company, the Sunday Times reports. Reform’s treasurer at the time confirmed that the deal was presented to him in May 2024, seemingly contradicting Mr Farage’s claims that he only decided to return to frontline politics in June of the same year.
Mr Farage has cited this timeline to defend his failure to declare a £5million gift from crypto-billionaire Christopher Harborne and other benefits provided by Mr Cottrell, insisting he was a only media personality and not a politican before June 3, when he announced his candidacy for the 2024 general election.
Under rules in place at the time of his election, new MPs were required to register any gifts worth more than £300 they received in the previous 12 months, except where the gift “could not be reasonably thought by others” to relate to their political activities.
Mr Cottrell provided funding for the Reform leader’s operation, including staffing, security and the use of a London townhouse, according to the Times.
Mr Farage has repeatedly denied that the gift from Mr Harborne was connected to his political activity and attributed it to funding for his personal security and as a “reward” for his long-running Brexit campaign.
The party leader resigned and vowed to fight a by-election after coming under intense pressure over the unregistered donations last month, insisting he had “done nothing wrong” and denouncing parliamentary investigations as a “political tool”.
After Mr Farage returned as leader, Reform reportedly sent £200,000 to a personal account belonging to Mr Tice, rather than to his company, Tisun Investments, which had lent the money – a discrepancy with Electoral Commission filings that could amount to a criminal offence.
Sources said officials later realised the filing error but decided against informing the watchdog.
The Metropolitan Police also launched an investigation into donations to Reform by a company controlled by now-deputy leader Mr Tice this week.
Fundraising vehicle Britain Means Business gave the party two donations of £250,000 in the run-up to the 2024 election, according to The Times. Mr Tice has previously said the money was paid to his company by donor Fiona Cottrell, George’s mother.
The Met said an investigation was launched in early 2025, with two people so far interviewed under caution and no arrests yet made.
Reform has dismissed the recent claims as “misinformation” based on “mischief-making by disgruntled former staff” or unlawfully-obtained documents and said all relevant repayments were declared.
The Express has contacted Reform UK for comment.