Property billionaire tycoon Nick Candy has pledged to donate a “seven-figure” sum to Reform UK after it was announced he would become party treasurer in the new year.

Candy renounced his Conservative Party membership on Monday over what he described as “too many broken promises”.

Posing for pictures with party leader Nigel Farage in Westminster yesterday, Candy was asked whether he would be donating any of his own money to the party.

“Of course,” he replied. When asked how much, he said he would be giving a “seven-figure sum”.

Candy added that he believed he would be able to raise more than £40m in donations for Reform before the next general election.

He joined the party alongside Aidan Burley, the former Conservative MP, yesterday with Farage suggesting the Tories faced “death by a thousand defections”.

Asked how much he could raise, he told GB News: “I think for past general elections, sort of £25 million to £40 million has been raised for previous parties, and I think I will do significantly better than that.”

Asked if it would be more than £40m, he said: “Yes. Already this morning, I’ve had millions of pounds worth of donations from people that have never donated to a political party in this country.

“But it’s not just about getting rich donors and billionaire people or whatever, or millionaire people. We need the guys that have got £1, £5, £10, £25 to be a member of Reform.”

He continued: “Reform has 100,000 members now. The Tories have 130,000 members. I’m sure in the next six months Reform will go past the Tory membership and that will be a game-changer in this country.

“Once they start winning some of these local elections and these by-elections, it’s going to be a complete game-changer. My only job is raising the funds to do it properly.”

Candy also accused the Tories of a “complete breach of trust with the wealth creators in our country” and said he would take up the fundraising role in the new year.

It comes after speculation that Elon Musk, the owner of X and an ally of Donald Trump, could donate $100 million (£79m) to Reform UK.

Asked whether Reform UK would be taking money from Musk, Farage told the press: “We don’t know anything about Elon Musk” but added that if money were offered “we will take it”.

With regards to Candy’s decision to join Reform UK, Farage said: “I warmly welcome this decision. We are the fastest-growing movement in British politics today and Nick’s efforts will help Reform UK transform our country.”