Nick Candy, treasurer at Nigel Farage’s Reform UK, has earned more than £100 million in financial losses in favor of many failed ventures, including augmented reality startups and high fashion houses.
The main figure behind the luxury Knightsbridge apartment blocks Hyde Park, a magnet for oligarchs, pop stars and other ultra-rich buyers, but last year he won a senior post at the Fallage Party, pledged to transform finances and plead important donors.
Candy is spearheading a reform fundraising dinner that has captivated former conservative donors. He also attended a December meeting between Farage and Elon Musk at Donald Trump’s Mar Lago Resort, when Tesla’s chief was considering making a significant contribution to the party that had made great profits in British local elections this month.
Often referred to as a billionaire, Candy’s finances are obscure by a web of offshore companies in jurisdictions such as Luxembourg and Guernsey, leading to bankers questioning the feasibility of bidding for his attempts against several companies.
The account of Candy Ventures, Candy’s Luxembourg-based investment portfolio, shows that his investment company recorded a total of 120 million euros (£110 million) from its founding in 2014 until December 2023.
According to financial statements, Candy Ventures totaled 167 million euros at the end of 2023, with a net worth of just 69 million euros. However, those familiar with Candy Venture’s investments said as of March there were investments in 17 companies with a total of “market-to-market” value of around £350 million.
Candy has a 90% stake in the investment company, while Director Stephen Smith owns the remaining 10%. According to the company’s website, it was founded in 2014 to “founders of Backvision with global ambitions” and “powerful accelerating business and ideas using its exceptional network.”
The business recorded a profit of 3 million euros in 2021, but lost money every other year in business, the account shows. The biggest annual loss in 2018 was €67 million, and another €30 million in 2020, following support for many failed startups, including expansion reality company Blippar.
Ambarish Mitra: Candy Venture invested 22 million euros in his augmented reality company Blippar© Andreas Gebert/DPA/Alamy
Blippar was founded in 2011, but collapsed into a fundraising dispute seven years later. In 2017, FT revealed that Ambarian Mitra, the founder of many claims, had made about a rich backstory from his rags, was manufactured or exaggerated.
In 2017, Candy Ventures had invested 22 million euros worth of its Blippar, and according to filings it was liable to almost 2 million euros on outstanding loans from the company.
After the collapse, Candy Ventures purchased the business assets from Management, indicating that the account holds a 49% stake in the company called “Blippar 2.0”.
That’s not the only thing Candy Ventures has bought a failed business out of control. In 2016, CrowdMix, a music social media platform that counted DJ Pete Tong as a backer, collapsed for Candy Venture for £7.8 million.
Another candy business owned by Candy Ventures, consisting of £650,000 in cash and purchased the company for £65 million, more than £6 million in debt allowance.
Pettton: DJ-backed music social media platform CrowdMix was acquired by candy vehicles after collapse © Matt Crossick/PA
In 2020, Candy’s company also refused a 23 million euro loan owed by High Fashion House Ralph & Russo. A year later, the brand, who enjoyed a string of support from celebrities such as Beyoncé and Angelina Jolie, received an investment from controversial financier Lars Windhorst, but fell into power.
Candy Venture has a record of supporting small tech startups, but Candy has been scrutinized after it announced that Luxembourg’s investment instrument is considering bidding for larger assets such as THG, the former shed group and the real estate company’s capital.
Both target companies had a market value of around £2 billion at the time, but Candy Ventures accounts show that they have assets of less than €60 million. Neither bid was realized.
In 2022, Candy said he made an offer along with other buyers to buy the Chelsea Football Club from Russian oligarch heroman Abramovich, which was under sanctions. A few months later, US financier Todd Bouley agreed to buy the Premier League side for £42.5 billion.
Candy Ventures also supported Arkha, the company of social media startup Robert Bonnier in 2021. The following year, Arka went bankrupt. Candy still pursues Arca and Bonnier through the London courts.
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Candy has other registered companies in the UK, which have relatively little financial activity, but his Guernsey-based entity does not list a breakdown of profits and losses.
In a 2017 ruling related to a case related to a case against Candy by a former business partner, Judge Christopher Norgae said Candy was “evidently very wealthy, but the source of this wealth is unknown.”
The judge pointed out the gift of money and property he received from his brother Christian as a possible substantial source of information.
One such gift that was disclosed in court is Nick Candy’s apartment in one Hyde Park that is on the market for a asking price of £175 million.
According to filing, the apartment has outstanding mortgages paid to the Bank of Singapore. This suggests that another candy company’s account was originally at over £80 million.
Candy declined to comment. A person familiar with his investments said:
“Like traditional venture portfolios, candy ventures experience a variety of results. Its success story – its potential to ultimately bring strong returns, but not reflected until it is monetized,” added the person.
They also warned against “drawing conclusions” from the account without this “broader context.”
Additional Reports by Owen Walker
