We've just been speaking with the chair of the Conservative Party, Richard Holden.
Asked how he is feeling about the results so far, he told Sky News that the Tories are "coming off a difficult, a very high watermark set of election since 2021".
He argued that the 2021 results were "unusual", which is why the losses in this set of local elections seem so vast.
Sky's Anna Jones noted that Labour won the Blackpool South by-election with a swing of over 26%, and asked if he is really worried that it shows other seats in the "red wall" that went Tory in 2019 will be lost at the upcoming general election.
The senior Tory replied that voter turnout is much lower than at a general election, and added: "I don't want to see us lose any seats."
He pointed to the former Tory MP having had to stand down due to being caught in a lobbying scandal, and the former Tory MP in a neighbouring seat losing the party whip.
Mr Holden also said Reform UK split the Tory vote, allowing Labour to win (although if you add the Tory and Reform votes together, Labour would still win).
"Not something I'd like to see repeated," he said.
Challenged by our deputy political editor Sam Coates, Mr Holden conceded that there is "no doubt" Reform UK is harming the Tory voter base.
"There's no point in trying to over-talk it - this is going to be a tough night for the Conservatives, and a tough couple of days," he added, noting that the majority of the results are still due to be declared.