Housing developer donates shares worth £200m to his own foundation

Steve Morgan, founder of Redrow, has donated 42 million shares to the Morgan Foundation

Steve Morgan
Steve Morgan

A housing developer has donated shares worth more than £200m to the charitable foundation he founded, which the charity said would represent a "profound step change" for its work.

Steve Morgan, founder and chair of the house-building company Redrow, donated 42 million shares in the company to the Morgan Foundation, which he set up in 2000. He also chairs the charity.

Shares in the company are listed on the London Stock Exchange at 484.2p each, making Morgan’s donation, which represents 11.36 per cent of the company’s total issued shares, worth about £203.4m.

The charity, which in the year to 5 April 2016 had an income of £936,000 and spending of £2.4m, said the donation would mark a new era in its work.

It supports small and medium-sized charities across north Wales, Merseyside, west Cheshire and north Shropshire, mainly those working directly with children, families and people who are disabled or socially isolated.

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 more than £200m means we will be able to help thousands more people in need."

She said the gift would allow the charity to ramp up its Smiley Buses project, providing standard and wheelchair-accessible minibuses to small charities and community groups that need them.

"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," she said.

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