Reform UK Faces Scrutiny Over Cottrell Scandals and Party Finances

Reform UK’s summer of scandal deepened when a Montenegro‑based company linked to former UKIP fundraiser George Cottrell shut down after weeks of scrutiny over its finances and its ties to the party’s leader, Nigel Farage. The closure, first reported by the Observer, follows a series of revelations that have raised questions about the source of political donations and the conduct of Reform’s chief figures.

Cottrell founded the Private Family Office in 2020, registering it under the alias “George Co.” The company, which has never traded, recorded less than €26,000 in revenue over three years and accumulated losses of almost €75,000, while its liabilities exceeded €470,000. The firm was used to move a £1 million cryptocurrency transfer to Britain Means Business, a UK company owned by Richard Tice, who was the party leader until February 2025. Tice reportedly transferred half the sum to Reform. The money was said to come from Cottrell’s mother, Fiona, a former stylist and alleged former girlfriend of King Charles. Fiona has made no comment to the Guardian or the Sunday Times.

The transfer triggered “suspicious activity reports” to the National Crime Agency, prompting a Metropolitan Police investigation in February 2025 into at least two of Fiona’s donations, which were suspected of evading donation‑restriction rules. The investigation involved two people interviewed under caution. Fiona has declined to answer questions from the Guardian and the Sunday Times.

Cottrell’s business ties also extend to Tether.bet, a Montenegro‑based cryptocurrency gambling platform that closed earlier this month. Lawyers for Cottrell confirmed that he was a customer and a friend of the owner but denied any further involvement. Tether.bet had used the Tether cryptocurrency, part‑owned by Christopher Harborne, who previously donated £5 million to Farage and whose gift was the subject of a Parliamentary Standards Commission investigation.

Harborne’s own business interests in Tivat include Longevity Biotech Solutions, a dormant shell company that recorded €38,000 in losses and €15 in revenue over three years. The company shares a Tivat address with more than 150 other firms, including shell companies linked to Reform’s communications chief Gawain Towler and former treasurer Mehrtash A’Zami. A’Zami reportedly hired Cottrell as a teenager for a consulting firm.

The summer of scandal began in July when openDemocracy reporters travelled to Tivat to investigate Cottrell and other Reform allies. The trip followed earlier reports in the Sunday Times that Farage had failed to declare in‑kind support from Cottrell before standing as an MP, a breach of parliamentary rules that require incoming MPs to disclose registerable benefits received in the 12 months before election. Calls for a parliamentary probe into the gifts prompted Farage to stand down as an MP and trigger a by‑election in Clacton, which he won again in early August. The by‑election was framed by Farage as a “people vs. establishment” battle, but the other national parties declined to contest the race, which they described as a publicity stunt.

Reform’s conference is scheduled for later this month, and the party’s leadership is under scrutiny. Farage’s popularity has slipped, and the party is falling behind in the polls. The re‑opened investigation into his donations could trigger a vote of no confidence if the commissioner rules against him. Farage has been described as having lost control of the narrative, snapping at journalists and avoiding the limelight. Reform has not responded to requests for comment.

The closure of Private Family Office and Tether.bet, combined with the ongoing investigations into donations and alleged undeclared gifts, raises questions about the financial practices of key Reform donors and the extent of their influence on the party’s leadership. The outcome of the investigations and any potential parliamentary action remain uncertain, but the summer’s revelations have undoubtedly put the party’s future and its leader’s legitimacy under pressure.