Essentially correct. Comrade Rupert, quite understandably, is primarily motivated by his vendetta against Farage. There are enough misanthropes on the right who will not be satisfied with Reform unless it pledges to deport all brown people (regardless of whether that's electable) to make a go of Restore, who are so self-deluded they think Reform is essentially an establishment left wing party.
The problem for Reform is that Restore types are not entirely wrong. The zeitgeist has changed and Reform risks becoming as irrelevant as the rest of them while it runs on a generic centre-right civnat platform. That its only heavyweights are tainted defectors from the most incompetent government in modern history cetainly doesn't do it any favours. Nobody wants a new centre right conservative party any more than they want the old one.
The broader problem for the right is that the two parties, in many respects, are a mirror image of each other, in that they are both slopulist personality cults that cannot withstand the departure of their respective leaders, and whose second tier are woeful mediocrities. Neither party makes for an effective government. The slop right will suffer the same fate as the Johnson administration because the policy cupboard is bare, and getting things done is not as simple as they assume.
Just say that Restore was founded by a Tory, is led by a Tory and is run by a Tory.
It's sole purpose is to gaslight enough NPCs into preventing Reform from replacing the Tories as "the party of the right" and if that means open borders communism, so be it