Nigel Farage has given up ownership of Reform UK and created a new structure for his rightwing political outfit, according to corporate filings, as he seeks to professionalise the party ahead of local elections in May.
The existing Reform UK Party Ltd, which was owned by Farage and deputy Richard Tice, will be taken over by a newly registered business called Reform 2025 Ltd, according to Companies House filings.
The new entity lists Farage and party chair Ziauddin Yusuf as directors but significantly has no “person with significant control”, the filings state.
The new company is a private company limited by guarantee without share capital, which means it has no owners.
Yusuf told the Financial Times the new structure was “an important step in professionalising the party”.
The change marks a departure from the unusual management structure of the rightwing populist party. Farage founded Reform as a company in 2018, with him owning more than 50 per cent of the shares.
Even when Farage stepped back from frontline politics for several years ahead of the 2024 general election, he remained a director and majority shareholder of the company.
The move advances Farage’s efforts to present Reform as a credible and professional vehicle for power by drawing a distinction between his time as leader of the Brexit party and the UK Independence party, which were beset by infighting and scandals.
Farage said earlier this month that “there’s nobody keener to get rid of the ownership of the party than me”.
“I still have this massive liability around my neck. If it all goes wrong or we get sued for millions it’s me that picks up the bill,” he added.
Reform UK has soared in opinion polls in recent months, and is now the most popular party with about 26 per cent of public support, according to Politico’s Poll of Polls, with Labour on 25 per cent and the Conservatives on 21 per cent.
The local elections in May will be the first test of whether Reform’s current public support can translate into electoral success.
Reform’s membership recently surpassed 200,000, according to its website, compared with 131,680 declared by the Conservatives in November and about 370,000 for the Labour party.
UK political parties are traditionally formed as unincorporated associations composed of a membership, rather than established as corporate entities. Their rules are usually set out in a written constitution, while party affairs are handled by a committee chosen by members.
Reform UK sent its new constitution, which Farage claimed would give ownership of the party to members, to the Electoral Commission, which formally approved the new party structure on Thursday.
Ben Habib, Reform’s former deputy leader who has long called for the party to be restructured, said on Thursday: “I am delighted the campaign I fought for the democratisation of Reform UK seems to be bearing fruit.”
However, he said the new constitution was “flawed” and “puts Farage’s leadership in a virtually unassailable position”.
