Multimillionaire financier Malcolm Offord has been unveiled as Reform UK’s first Scottish leader and immediately refused to say how rich he is, telling reporters his wealth is “private” and “not relevant” just weeks before the Holyrood election campaign begins.
The former Conservative peer, who bought a £1.6 million Loch Lomond mansion in cash last year, was parachuted into the role by Nigel Farage on Thursday in a move that has stunned Scottish politics.
From Tory Lord to Reform Firebrand
Malcolm Offord was made Baron Offord of Garvel in 2021 after donating more than £150,000 to the Conservative Party. The 60-year-old built his fortune in private equity, spending years at firms such as Bain Capital and running his own investment company Badgeworth Capital.
He races yachts at Cowes Week, collects classic cars, and lives between homes in Edinburgh, London, and now the luxury Loch Lomond estate he purchased mortgage-free in 2023.
Offord served as a junior minister in the Scotland Office under Boris Johnson and Liz Truss but resigned in 2024. He has previously suggested people should pay for some NHS services and once claimed universal free prescriptions in Scotland were “unaffordable”.
“I’m Not Talking About My Net Worth”
At Thursday’s press conference in Kirkcaldy, journalists repeatedly asked Offord if he would publish his wealth or tax returns before the May 2026 election.
“I’m not talking about my net worth,” he replied. “That’s not of any relevance to anybody.”
He argued his assets are hard to value and dismissed questions about understanding the cost-of-living crisis as “very patronising”.
Farage backed him fully, saying Reform will field candidates in almost every seat and expects to win up to 18.
Holyrood Rules Will Force Disclosure Anyway
Unlike the House of Lords, the Scottish Parliament demands full transparency from MSPs.
If elected, Offord must register:
- All properties he owns
- Company directorships and shareholdings
- Consultancies and outside earnings
- Gifts and hospitality over £500
Several current MSPs already declare seven-figure investment portfolios. Former finance secretary Kate Forbes lists shares worth hundreds of thousands.
Scottish Labour deputy leader Jackie Baillie said voters deserve to know exactly who is asking for their trust.
“People struggling to heat their homes have every right to ask how much money the man who wants to lead a major party actually has,” she told reporters.
Tories Brand Offord “All About Himself”
Scottish Conservative leader Russell Findlay welcomed the departure of a former colleague but delivered a brutal assessment.
Kemi Badenoch, speaking in Edinburgh, said: “Russell Findlay is a man of integrity who fights for other people. Malcolm Offord is all about himself.”
She added that Offord had “never delivered a single leaflet” for the Tories in Scotland and expressed no concern about Reform’s challenge.
Polls Show Reform Neck-and-Neck with Labour
The latest Survation poll for True North, published Thursday, puts Reform UK on 19% in constituency votes (Labour 16%) and tied with Labour at 18% on the regional list.
The numbers suggest:
- SNP: 61 seats (short of majority)
- Labour: 18 seats
- Reform UK: 18 seats
- Conservatives: 15 seats
- Lib Dems: 8 seats
- Greens: 7 seats
Analysts say Reform could become the official opposition in Holyrood if these figures hold.
A Wealth Question That Won’t Go Away
Offord insists his success in business shows what Scotland can achieve with lower taxes and less regulation. Critics say his refusal to be open about his fortune undermines Reform’s claim to be the party of working people.
Voters will now decide whether a man who races yachts and buys mansions in cash can speak for families choosing between heating and eating.
The campaign starts in earnest next month. One thing is already clear: Malcolm Offord’s bank balance will be a running story all the way to polling day.
What do you think? Can a multimillionaire who won’t say how rich he is really understand ordinary Scots? Drop your thoughts below and use #ReformScotland if you’re talking about it on social media.
