Tories have new treasurer
George Magan, 57, the millionaire banker is to replace Sir Stanley Kalms, boss of high street retail giant Dixons, as Treasurer of the Conservative Party.
Mr Magan will carry the brief of Party Leader.
Sir Stanley, rumoured to be at odds with Iain Duncan Smith, made no attempt to relinquish his post unceremoniously by questioning the leadership of the Tory leader.
Sir Stanley said in a press release: ‘It has been an honour to have had the opportunity to serve the Conservative Party.
‘I would like to thank Iain Duncan Smith, Theresa May, the party board, my fellow treasurers and my team for their support.’
Mr Magan said: ‘It is a great honour to follow in Sir Stanley’s footsteps as Treasurer of the Conservative Party. I will be working night and day to help Iain and the Party to ensure a Conservative victory at the next General Election.’
Mr Duncan Smith, for his part, said: ‘Sir Stanley has provided invaluable support to me and the party.
‘He has made a major contribution towards putting the party on a sound financial footing and has helped to create a political and campaigning machine capable of delivering victory at the next election.’
Mr Magan, a founder of Hambro Magan, a merchant banking boutique, and now a partner in Rhone Group, a private equity company, was the party’s second biggest donor in 2001, adding some £100,000 to Tory coffers.
He has lent the party about £1 million in a bid to shore up the party’s dwindling financial reserves.
