Betting tycoon Stuart Wheeler, who owns Chilham Castle, has become the new treasurer of the UK Independence Party.

Mr Wheeler is a former Conservative donor who gave the Tories a single donation of £5 million in 2001, but who was expelled for later giving money to UKIP.

He was revealed as the Euro-sceptic party’s new treasurer during a press conference in Oldham East and Saddleworth, where there will be a by-election today (Thursday).

He said: "I believe that what UKIP is doing is vital for this country and of course the party’s financial management is crucial.

"So I am very honoured to have been appointed treasurer and I shall do my very best in both helping to raise money for the party and in the management of its financial affairs."

Mr Wheeler was a barrister before set up the spread betting company IG Index which allowed people to speculate on the price of gold.

He bought Chilham Castle for an undisclosed sum from Greek businessman George Petrou in 2002.

Last year he formed his own anti-sleaze party called Trust which contested the Bexhill and Battle seat in the General Election last year, finishing fourth.

UKIP leader Nigel Farage is delighted Mr Wheeler has joined his party.

He said: "Stuart has decided to take on this job because I think we have become a more mainstream party and are becoming more accepted.

"But the biggest stumbling block has been money and we have just not had the financial strength to compete with the other three main parties.

"However, this gives us the financial credibility – people like to think that they have right person in control. Furthermore, Stuart is extremely well connected.

"I think his coming to UKIP was something of an evolution especially as he has been a Euro-sceptic for a while now.

"We met and had a chat about him coming before Christmas. He had the holidays to think about it and then made his decision after that."

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