Jon Maguire, the director of the ill-fated Cru Investment Management is to stand in the general election as a candidate for the English Democrats party.

The news comes just hours before the company’s appearance in the Royal Courts of Justice tomorrow over a winding up petition issued by Investec Asset Finance.

Maguire has confirmed that he is to stand in the Chippenham constituency as a candidate for the English Democrats against incumbent Tory MP James Gray.

Speaking to What Investment.co.uk, he said that he was not planning on doing any campaigning, but was standing to help the party qualify for a party political broadcast, for which it needs 90 candidates.

He explained, ‘I am standing for the English Democrats., a party that I had never heard of until a month ago. It stands for the England that I love and it is not an issue of race or colour - if you are on the electoral role, then you are English, full stop.’

Maguire claims that English tax payers are funding Scotland to the tune of £12 billion a year and this, says Maguire, is what the English Democrats would like to change.

He admits that he ‘doesn’t have a prayer’ of getting elected and said that he did not expect to have his election deposit returned.

What Investment.co.uk will be reporting from the Royal Courts of Justice tomorrow on the Cru Investment Management hearing.