Michael Spencer’s NEX Group seems to have got itself into a bit of a pickle over its political donations to the Tories. It is evidence, if any were needed, that it’s always a terrible idea for companies to finance politicians.

NEX’s problems began with the decision to make donations of £5,000 each to five Conservative candidates at the June general election. The company disclosed the move to shareholders along with a request for their permission to spend up to £100,000 on political activities in the next year.