Nigel Farage has stepped back from his role as owner of Reform UK after the party’s new constitution came into force.
The Clacton MP will remain as party leader – however, the party is now “non-profit, with no shareholders”.
According to Companies House filings, the existing Reform UK Party Ltd, which was owned by Farage and deputy leader Richard Tice, will be taken over by a newly registered business called Reform 2025 Ltd.
The new entity lists Farage and party chairman Zia Yusuf as directors – but has no “person with significant control.”
Farage has stepped back from his role as owner of Reform UK
PA
Yusuf said: “We are pleased to announce that, as promised, Nigel Farage has handed over ownership of Reform UK to its members. Reform UK is now a non-profit, with no shareholders, limited by guarantee.
“We are assembling the governing board, in line with the constitution. This was an important step in professionalising the party.
“We will soon have more exciting announcements about Reform UK as we prepare for Government.”
The party’s status as a limited company had drawn significant ire from critics in the past, who had used it to accuse Reform UK of being undemocratic and having no mechanism in place to change its leader if needed.
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One of the loudest voices opposed to its previous makeup was former co-deputy leader Ben Habib, who today said he was “delighted” that changes had been made.
Writing on social media, he said: “It would appear Nigel Farage has given up control of the company he owned to a new company limited by guarantee – the sort which can then be handed over to the party’s membership.
“For the transfer of ownership to be effective, the new company would also have to become the registered political party, and its membership verified.”
One of the loudest voices opposed to Reform’s previous makeup was former co-deputy leader Ben Habib
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Though he appeared to welcome the change, Habib failed to give it his full backing, adding: “The draft constitution unveiled by Nigel last year would also have to apply to this new company limited by guarantee.
“That constitution is flawed, and puts his leadership in a virtually unassailable position.
“However, these steps would appear to be a massive improvement. As encouraged as I am, I will reserve final judgement on its structure until details are clear.
“For the sake of the country, it is vital that, if Reform is to play a central role in British politics, it is democratised.”