Billionaire property tycoon Nick Candy has pledged to donate a “seven-figure” sum to Reform UK after resigning his Conservative Party membership to become MP Nigel Farage’s new treasurer.

Candy, who is married to pop singer Holly Valance, posed for pictures alongside Farage in Westminster on Tuesday (British time) after it was announced he would take over as chief fundraiser in the new year.

The anti-establishment Reform UK party has been buoyed by a series of defections from the Conservatives, including former minister Andrea Jenkyns, and described Candy’s appointment as its “latest coup” as it prepares for British local elections in May.

Candy joined Reform UK alongside former Conservative MP Aidan Burley on Tuesday, with Farage suggesting the Conservatives faced “death by a thousand defections”.

Asked if he was giving any money himself, the businessman, who previously poured hundreds of thousands into Conservative coffers, said “of course” he would give “seven figures” to Reform.

X-owner Elon Musk expressed an interest in Candy’s appointment, prompting questions about whether the tech entrepreneur would make a donation after reports he was prepared to give tens of millions of pounds to Reform UK.

Farage has repeatedly insisted he knows nothing about a potential contribution from Musk. On Tuesday, he said if money was offered “we will take it”.

Asked whether Reform was the party of millionaires and billionaires, Farage said on Tuesday: “No, we haven’t sold a single peerage.”

“We need ammunition. We can’t fight big national campaigns without the money,” he said.

Reports of a potential cash injection from Musk were first aired in The Sunday Times, attributed to claims by Conservative Party officials and leading businessmen.

Valance is also a prominent Reform backer.

The Australian-British actress and singer was pictured with her husband and Donald Trump as well as Farage at the US president-elect’s Mar-a-Lago resort in 2022.

“I have today resigned my membership of the Conservative Party after many years of active support and substantial donations to the party,” Candy said.

“I am sorry to say there have been too many broken promises and a complete breach of trust with the wealth creators in our country.

“Nigel Farage is a close personal friend of mine, and Reform UK represents the future of British politics.

“I am pleased to announce that I will now become the treasurer for Reform UK and intend to raise enough funds for them to win the next general election.”

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.”

Candy later told GB News he would raise “more than £40 million ($A80 million)”, with the broadcaster reporting he would donate £1 million in the coming weeks on top of £3 million pledged in recent hours by business people.