Leave.EU goes into liquidation with debts over £7m

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The pressure group was founded to support Nigel Farage’s campaign to leave the European Union.

Documents submitted to Companies House revealed the organization owes a total of £7.1million in debt.

This includes a £7million debt to co-founder Arron Banks, who stepped down as group director in January 2021, and thousands of pounds in fines to the Information Commissioners Office as well as to Summit Media Management, a Bristol-based company.

Leave.EU has gone into liquidation. Credit: Getty Images

The political body was originally co-founded by Mr Banks as a support group for Nigel Farage and his campaign to leave the European Union – but it was ultimately Vote Leave that was chosen as the official campaign for the EU referendum 2016 on Brexit.

The lobby group continued to campaign for the leave, but came under fire when it committed “serious violations” of electronic marketing laws.

It emerged that Leave.EU had sent subscribers more than a million emails, including marketing for insurance brand GoSkippy, while nearly 300,000 emails containing a Leave.EU newsletter had been sent to customers of the insurance company.

Leave.EU was created as a support group for Nigel Farage and his campaign to leave the European Union. Credit: Getty Images

This resulted in a £70,000 fine, which the group lost an appeal against last year, triggering the start of its economic decline.

Now the group – which was last registered at Henleaze Business Centre, Bristol – has gone into liquidation.

His total assets, according to a statement submitted to Companies House, are estimated at £4,233.

The £7million debt to Mr Banks comes after he loaned the group £6million at interest-free until it was transferred to Rock Holding Ltd at the end of 2020 , when an interest rate of 4% above the base rate of the Bank of England was applied.

Arron Banks, who co-founded Leave.EU, loaned the organization £6m. Credit: Getty Images

Fines due to the Information Commissioners Office are £52,050, while Summit Media Management owes £2,719.

Rob Coad and Sam Talby, liquidators of Undebt.co.uk based in Bristol, have been appointed to wind up the group.

At the time of liquidation, the group’s sole director was Gloucestshire-based Jacobus Coetzee – following Mr Arron’s resignation in 2021.

A spokesman for the Information Commissioners Office said: ‘We will continue to monitor developments in the insolvency and support the liquidator in their claims as necessary.

The liquidators have been contacted for comments.

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