Sir Keith Mills, the man behind Air Miles and the Nectar card, and who headed Britain’s 2012 Olympics bid, used an offshore company to buy a Caribbean holiday home.

Mills was one of two captains of industry named in a database of individuals with connections to offshore companies based in the British Virgin Islands as part of the so-called Panama Papers, a cache of documents leaked from Panamanian law firm Mossack Fonseca.

Sir Nigel Rudd, the chairman of engineering group Meggitt and a former chairman of Heathrow airport and former deputy chairman at Barclays, was named as a shareholder in a BVI business called Opus Capital Ventures Two.

Revealed: Sir Keith was named in the ‘Panama Papers'

Mills is listed alongside his wife as a shareholder in BVI company Onedin.

A spokeswoman for Mills said: ‘As is common in the Caribbean, when Sir Keith bought his holiday home it was owned by a BVI company. The company owns no assets other than his holiday home.’

If he sells the home for a profit he will be required to pay UK tax on any gains, she added.

BVI firms can be used for a range of purposes, including allowing foreigners to buy homes in jurisdictions where they would otherwise not be allowed to. There is no suggestion Mills gained any tax advantage.

The database of offshore firms was released last week by the International Consortium of Investigative Journalists.