A notice published in the London Gazette on Friday, external said the King had directed that Lord Ranger’s honour should be “cancelled and annulled”.
He was made a CBE in 2016 for services to business and community cohesion in 2016, before being made a peer in Theresa May’s resignation honours in 2019.
The businessman has donated around £1.5m to the Conservative Party since 2009.
Last year Lord Ranger apologised to Poonam Joshi, an Indian journalist based in the UK, after the Lords standards commissioner found he had abused his power by “persistently undermining, humiliating and denigrating” her in a series of posts on Twitter.
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