Tycoon makes UK’s biggest ever donation to charity

Steve morgan

Cash will go to help community groups and disabled children 

17th February 2017 by Robert Armour 0 Comments

A housebuilding tycoon has donated what is thought to be as the largest ever sum to charity.

Steve Morgan, who owns Redrow PLC, has donated 42 million shares in his company to charity – equating to £207 million representing 11.36% of the issued share capital of the firm.

The donation marks a new era – and a huge step change – for the charity, which was formed by Morgan in 2001.

It has already committed £35 million to good causes in North Wales, Merseyside, West Cheshire, and North Shropshire, establishing itself as one of the biggest charities in the region.

In addition, The Morgan Foundation has distributed 47 specially-adapted buses.

Shares in Redrow currently trade at cost 493p each.

Jane Harris, administrator of The Morgan Foundation, said: "Steve Morgan's incredible generosity will mean a huge and profound step-change for The Morgan Foundation.

"Our ethos is based on making a difference and Steve's gift of over £200 million means we will be able to help thousands of more people in need.

'We can also ramp-up the donation of adapted buses which have made such a positive impact to the disabled and socially isolated in our region.

"I'm also delighted to say we are actively planning some very exciting, and significant, capital projects and we'll be announcing more details soon."  

Morgan founded Redrow in 1974 and is currently the company's chairman, but as well real estate, his other passion is football. 

The businessman bought Wolverhampton Wanderers for £10, plus a £30 million investment, in 2007 and described it as an 'immensely proud moment."