Late push comes amid fears from some within party that donations have fluctuated since EU referendum.
The Conservatives have launched a late push to raise up to £19.5m for the general election campaign as the party seeks to capitalise on its wealthy supporters.
The fundraising follows concerns among the party hierarchy that donations have fluctuated since the EU referendum. Many of the hedge fund directors who were friends of the former prime minister David Cameron, or wished to stay in the European Union, have melted away.
Fears over finances quashed plans by Theresa May’s team to drop the Tories’ annual Black and White Ball, party sources confirmed.
Soon after May became prime minister, it was reported that her aim of becoming the party of working people should not be associated with photographs of multimillionaires rubbing shoulders with ministers before taking part in an expensive auction.
A watered down and lower key version of the event eventually took place in February, but participants were encouraged to wear lounge suits instead of black tie.
Insiders claim that May’s advisers reversed a planned ban on the event because of a dip in money. Since the referendum, quarterly donations to the party have fluctuated, from £4.4m in the second quarter of 2016 to £2.9m in quarter three to £3.7m in the final three months of the year, according to official figures.
Last week, a small group of new fundraisers launched a mission to raise money for the general election, headed by Mick Davis a mining businessman who is now the party’s treasurer.