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Preheat the oven to 180C/gas 4/ fan 160C. Butter and line the base of a 20cm round cake tin.
Put the butter, sugar, eggs, flour, baking powder, cinnamon and milk into a bowl. Beat with a wooden spoon for 2-3 minutes, or with an electric hand mixer for 1-2 minutes, until light and fluffy.
Tip three quarters of the mixture into the tin, spread it level, then spoon the chocolate hazelnut spread on in four blobs. Top with the remaining mixture, swirl a few times with a skewer, then smooth to cover the chocolate spread.
Sprinkle with the nuts. Bake for 1 hour to 1 hour 10 minutes, until risen, nicely browned, feels firm to touch and springs back when lightly pressed (cover with foil if it starts to brown too quickly). Cool in the tin for 10 minutes, then turn out, peel off the paper and cool on a wire rack. Wrap tightly in double thick foil to keep fresh for up to a week.