The News of the World has the scoop that Stuart Wheeler has defected to UKIP and gifted Nigel Farage's party a £100,000 donation.
He told the News of the World:
Very disappointing news.
5pm: I've left this comment below: "Look, I think Stuart Wheeler has made a serious tactical error but he has been geneous to our party when we most needed help, he's a man of principle on Europe and human rights. Let's remember that as we comment."
7pm: I've now spoken to Stuart Wheeler. He will be voting UKIP in June's European Elections but Conservative in local elections. He says that it is "likely" that he will support the Conservatives at the next General Election and will donate too. I've updated the title of this post accordingly.