Steve Morgan (businessman)

Steve Morgan
CBE
Born Stephen Peter Morgan
25 November 1952 (1952-11-25) (age 65)
Garston, Liverpool, England
Nationality British
Education Colwyn High School
Alma mater Liverpool Polytechnic
Occupation Entrepreneur
Years active 1974–2000
2009–present
Known for Founder and Chairman of Redrow plc and former owner of
Wolverhampton Wanderers F.C.
Home town Garston, Liverpool, England
Net worth £880 million (2016)[1]
Spouse(s) Pamela Morgan (div. 2000)
Fiona "Didi" Boustead (m. 2002)
Sally Toumi (m. 2016)
Children 5 (2 with Pamela, 1 with Janet Hill, 2 with Didi)

Stephen Peter Morgan CBE (born 25 November 1952) is an English businessman, investor, and philanthropist. He is the founder and non-executive chairman of the construction company Redrow, and the former chairman of Wolverhampton Wanderers F.C..

Early life

Morgan was born in Garston, Liverpool.[2][3][4] He was educated at Colwyn High School and Liverpool Polytechnic,[5] where he completed a two-year diploma course.[6]

Redrow plc

A civil engineer by profession, Morgan entered the business world in 1974 when he borrowed £5,000 from his father to buy his then employers, Wellington Civil Engineering, which was on the verge of going out of business.[7] He developed this company into the builder Redrow plc. Under his chairmanship, Redrow was floated on the London Stock Exchange in 1994, ultimately becoming a FTSE 250 Company.

The 1990s saw Morgan also invest in hotels, developing St David's Park Hotel in North Wales and Carden Park in Cheshire, eventually merging his interests into the De Vere Group.[7]

In November 2000, after 26 years, Morgan stepped down as Redrow chairman,[7] although his company, Bridgemere, remained one of its largest shareholders. In 2001 Morgan founded Brownfield specialist company Harrow Estates plc. In March 2009, however, Morgan rejoined the Redrow board as chairman after having rebuilt his stake in the company,[8] in order to address the significant losses suffered by Redrow during the financial crisis. In a 2012 interview with the BBC’s Economist Correspondent, Sarah Dickens, Morgan discussed his reasons for returning to Redrow, which by the time of the interview, had turned the inherited £140 million loss into a £43 million pre-tax profit.[9]

After returning to Redrow, Morgan refocused the company’s building projects on providing family homes by launching the New Heritage collection.[10]

In February 2017, following Redrow's revelation of a 35% increase in pre-tax profits to £140 million,[11] during a Radio 4 interview, Morgan defended the construction industry. He called the government’s housing White Paper “disappointing”, and criticised its proposals for forcing house builders to surrender land if construction had not started within two years, which would dissuade small house builders.[12] Morgan also announced in February 2017 when the firm acquired Derby house builder Radleigh Homes, which will form the basis of a new regional division, Redrow East Midlands, that Redrow expected to deliver a turnover of £1.9 billion by 2019, and an operating margin of 19.5%.[13].

In September 2017, it was announced that Morgan would "ease back" to a non-executive chairman role with Redrow[14]. In that year the shares in Redrow rose 4.3% after the housebuilder reported record results for the fourth year in a row - the company announced that pre-tax profits for the year to 30 June jumped 26% to £315m, with revenues up 20% at £1.66bn.[15] Operating profit rose again in 2018 to £382m[16].

Wolverhampton Wanderers

A shareholder at Liverpool F.C., Morgan attempted several times to take full control, most notably when he made an offer in 2004 which valued the club at £61m. This was rejected, as the board felt that the offer undervalued the club.[17] When Liverpool eventually was sold to Tom Hicks and George Gillett in 2007, the reported value was in excess of £170m.[18]

In 2007 an opportunity arose to purchase Wolverhampton Wanderers, a club which he had previously regarded as his "second club".[19] Morgan agreed to buy the club from Sir Jack Hayward for a token fee of £10 on condition he invested £30 million in the club. [20] The takeover was formally completed on 9 August 2007 when Morgan became chairman .[21] On handover, Hayward stated that Morgan "had had a heart transplant – from Liverpool to Wolverhampton."[19] In May 2009 Wolves were promoted, as champions, to the Premier League, but were relegated back to the Championship in May 2012 after three seasons. After suffering a second successive relegation in the 2012–13 season, Wolves played in League One in the 2013–14 season and finished as champions with a record 103 points, returning to the Championship.

In October 2013 he was criticised for inviting former Merseyside Chief Constable Norman Bettison as his guest in the directors' box at a Wolves away match. Bettison is a controversial figure in Merseyside for his role in connection with the Hillsborough football disaster in 1989.[22] Wolves responded on its official Twitter account, saying "The story is that Sir Norman Bettison attended the Bradford City game in the same way he has attended many Wolves games in the past. Steve Morgan and Sir Norman Bettison have known each other for many years. Everyone connected with the club has the utmost sympathy and respect for the victims of Hillsborough and their families."[23]

In September 2015, Morgan stepped down from the board and announced the club was for sale.[24]

In July 2016, it was confirmed that the Chinese company Fosun International had bought the parent company of the club: "W.W. (1990) Limited"[25] from Steve and Ross James Morgan (25% share capital in total) and his company Bridgemere UK plc[26] (75% share capital) for an estimated £30 million.[27]

Philanthropy

In 2001 he founded the Steve Morgan Foundation, to which he has personally committed over £300m,[28][29][30] support to more than 650 charities[31] to date and funding ongoing awards. The remit area covers North Wales, Merseyside, West Cheshire and North Shropshire; support is focused on making a difference to those organisations and charities which work to improve life chances for children, families, disadvantaged, elderly, disabled and socially isolated people in this region.[32]

His donations and beneficial projects have included:

  • In February 2017, Morgan donated an estimated £207 million in shares to the Foundation, believed to be one of the largest public donations ever in the UK.[33]
  • As part of its “Smiley Bus” scheme, the Foundation has donated 60 specially adapted mini-buses to schools, charities and community groups. So far, £2.4m has been committed to donating specialist disabled equipment (including Smiley Buses) as part of its Enable programme.[34] [35]
  • During Morgan's time as owner of Wolverhampton Wanderers FC, Morgan converted the club’s community department into an official charity – Wolves Community Trust (WCT). Via WCT's donations arm – Wolves Aid – Morgan donated over £1.2million to charities and community groups in the local area, making WCT/Wolves Aid the one of the largest charities of its type in football.[36] [37]
  • Morgan was the instigator behind creating Wolverhampton's ‘The Way’ youth zone, donating £2 million to help fund the project, which seeks to positively impact over 4,000 young people in Wolverhampton every year. Morgan chaired The Way until stepping down in September 2016 after the sale of Wolves.[38] [39]
  • In September 2017 Morgan donated $1m to the Barbuda Relief Fund which was set up to support relief efforts in the wake of Hurricane Irma.[40]
  • In September 2018, in an interview with the Sunday Times, he and his wife Sally revealed that they had donated £3m to the Juvenile Diabetes Research Foundation (JDRF)[42]

Honours

In 1992, Morgan was appointed Officer of the Order of the British Empire (OBE) for services to the construction industry.[43]

He is a fellow of the Institute of Builders, and holds honorary fellowships and doctorates at Cardiff University,[44] Liverpool John Moores University,[45] Glyndŵr University.,[46] Wolverhampton University,[47] and University of Chester.[48]

Morgan was appointed Commander of the Order of the British Empire (CBE) in the 2016 Birthday Honours for philanthropic services.[49]

Personal life

Morgan and his first wife Pamela divorced in 2000.[50] They have two children together and Morgan also has a son with Janet Hill[51]. Pamela Morgan Bell was included in the Sunday Times Rich List for 2007 and 2008, with a net worth of £110 million.[52]

In 2002, Morgan married his second wife Fiona Boustead.[53]

He is now married to businesswoman Sally Morgan (nee Toumi)[54] with whom he operates the Steve Morgan Foundation.[55]

Morgan owns a second home on the Caribbean island of Antigua.[56] The 2016 Sunday Times Rich List estimated his net worth at £880 million.[1] In 2018 his worth was said to have increased by £111m to a total of £942m and this was as a result of the housebuilding market continuing to thrive.[57]

A fanatical football fan, Morgan was a lifelong Liverpool F.C. supporter, having followed the club from the days of Bill Shankly.

References

  1. 1 2 "Rich List 2016". The Sunday Times (page 45). 24 April 2016.
  2. ↑ Strachan, Ian (21 January 2016). "Birmingham Post Rich List 2016: No.7 - Steve Morgan". birminghampost.
  3. ↑ Strachan, Ian (22 January 2015). "PROFILE: Wolves owner Steve Morgan is the 7th richest person in the Midlands". birminghammail.
  4. ↑ Thompson, John (6 September 2016). "Redrow posts record profits - as firm founded by Liverpool's Steve Morgan defies Brexit predictions". liverpoolecho.
  5. ↑ Dickins, Sarah. "Profile of Redrow boss Steve Morgan: Timing is key to success - BBC News". Bbc.co.uk. Retrieved 6 June 2017.
  6. ↑ Dominic Fifield. "Tide turns Morgan's way | Football". The Guardian. Retrieved 6 June 2017.
  7. 1 2 3 "'Business-fan' bidding for Liverpool" BBC.co.uk (Sport), 13 May 2004 (14 August 2009)
  8. ↑ "Redrow PLC (RDW)" Investegate.co.uk, 20 March 2009 (14 August 2009)
  9. ↑ "BBC: Profile of Redrow boss Steve Morgan: Timing is key to success" BBC News, 21 November 2012
  10. ↑ "Heritage Collection launched by Redrow | Kent Online". Retrieved 4 April 2011.
  11. ↑ "Redrow enjoys record first half as completions rise 13% | Construction Enquirer". www.constructionenquirer.com.
  12. ↑ O'Connell, Dominic (8 February 2017). "'Land hoarding' claim wrong, says boss of housebuilder Redrow". BBC News.
  13. ↑ "Redrow enjoys record first half as completions rise 13% | Construction Enquirer". www.constructionenquirer.com.
  14. ↑ "Redrow's Steve Morgan to ease back to non-exec chairman | Construction Enquirer". www.constructionenquirer.com.
  15. ↑ "Redrow shares up on record profits | BBC News".
  16. ↑ "Final results for the year to 30 June 2018" (PDF). Redrow plc. Retrieved 5 September 2018.
  17. ↑ "How Steve Morgan tried to take control; Business Editor Bill Gleeson reports on the entrepreneur's attempt to invest in Liverpool FC". Liverpool Daily Post & Echo. Retrieved 22 December 2013.
  18. ↑ "Liverpool takeover completed by US company NESV". BBC News. 15 October 2010. Retrieved 22 December 2013.
  19. 1 2 Berry, Paul; "Morgan takes Wolves into a new era" BirminghamMail.net, 10 August 2007 (14 August 2009)
  20. ↑ "Tycoon Morgan in Wolves takeover" BBC.co.uk (Sport), 21 May 2007 (14 August 2009)
  21. ↑ "Morgan completes Wolves takeover" BBC.co.uk (Sport), 9 August 2007 (14 August 2009)
  22. ↑ "Wolves boss Steve Morgan and the Hillsborough cop " Express & Star". Expressandstar.com. Retrieved 4 November 2013.
  23. ↑ Rumsby, Ben. "Wolves chief Steve Morgan under fire from Hillsborough campaigners for hosting Sir Norman Bettison at matches". Daily Telegraph. Retrieved 22 December 2013.
  24. ↑ "Club statement: Steve Morgan". Wolverhampton Wanderers F.C. 28 September 2015. Archived from the original on 30 September 2015.
  25. ↑ "W.W. (1990) LIMITED - Overview (free company information from Companies House)". Beta.companieshouse.gov.uk. Retrieved 23 January 2017.
  26. ↑ "BRIDGEMERE UK PLC - Overview (free company information from Companies House)". Beta.companieshouse.gov.uk. Retrieved 23 January 2017.
  27. ↑ "Wolves SOLD: £30m Fosun International takeover deal is complete as Jez Moxey steps down". Express & Star. 21 July 2016.
  28. ↑ Clarke-Billings, Lucy (16 February 2017). "Scouser gives £200MILLION to charity in one of largest donations in history". mirror.
  29. ↑ "steve morgan foundation". Retrieved 21 November 2017.
  30. ↑ "British housebuilder Steve Morgan gives £200 million to charity". The Sun. 16 February 2017.
  31. ↑ "steve morgan foundation". Retrieved 21 November 2017.
  32. ↑ "Merseyside Funding Information Portal". mfip.org.uk. 23 January 2017. Retrieved 23 January 2017.
  33. ↑ Clarke-Billings, Lucy (16 February 2017). "Scouser gives £200MILLION to charity in one of largest donations in history". mirror.
  34. ↑ "steve morgan one donates brand new delivery vehicle to charity". 23 January 2017.
  35. ↑ "smiley bus awards". 23 January 2017.
  36. ↑ "Wolves Aid on its way to £1million donations milestone | News | Wolves Community Trust". www.wolvescommunitytrust.org.uk.
  37. ↑ . 22 April 2016 charity with a difference - wolves community trust https://www.expressandstar.com/sport/football/wolverhampton-wanderers-fc/2016/04/22/a-charity-with-a-difference-wolves-community-trust/title=a charity with a difference - wolves community trust Check |url= value (help). Missing or empty |title= (help)
  38. ↑ "steve morgan leaves the way youth zone with an incredible legacy". 30 September 2016.
  39. ↑ . 11 June 2016 owner steve morgan made a CBE http://www.shropshirestar.com/news/2016/06/11/wolves-owner-steve-morgan-made-a-cbe-in-the-queens-birthday-honours/title=wolves owner steve morgan made a CBE Check |url= value (help). Missing or empty |title= (help)
  40. ↑ "A Welsh businessman has donated $1m to the Caribbean hurricane fund". Wales Online.
  41. ↑ "A new Maggie's Centre comes to the Wirral". Maggie's Centres.
  42. ↑ "Relative Values: Steve Morgan, chairman of Redrow, and his wife, Sally, on philanthropy and battling type 1 diabetes".
  43. ↑ Instone, David; "Wolves are handed over to Morgan for a tenner" Independent.co.uk, 22 May 2007 (14 August 2009)
  44. ↑ "List of Honorary Fellows and Fellows" Cardiff.ac.uk (14 August 2009)
  45. ↑ "Honorary Fellows Index". www.ljmu.ac.uk.
  46. ↑ "Honorary Fellows list - Wrexham Glyndwr University". www.glyndwr.ac.uk.
  47. ↑ "Honorary Graduates 2010" Archived 6 August 2014 at the Wayback Machine. wlv.ac.uk
  48. ↑ Green, Michael (1 November 2016). "University of Chester reveals its honorary graduates". chesterchronicle.
  49. ↑ "No. 61608". The London Gazette (Supplement). 11 June 2016. p. B9.
  50. ↑ Bill, Tom (5 March 2010). "Me and my baby: Steve Morgan is back at Redrow | Magazine Features". Building. Retrieved 6 June 2017.
  51. ↑ "Family Law Week Report | Family Law Week". Retrieved 5 December 2017.
  52. ↑ "Pamela Morgan Bell | The Times & The Sunday Times". Thetimes.co.uk. 27 April 2008. Retrieved 6 June 2017.
  53. ↑ Karen Robinson (10 March 2013). "Cottage industry: how Didy Morgan built a cottage industry | The Times & The Sunday Times". Thetimes.co.uk. Retrieved 7 June 2017.
  54. ↑ "Steve and Sally's big day at the palace | All Together Now". alltogethernow.org.uk. 7 November 2016. Retrieved 7 November 2016.
  55. ↑ "The Steve Morgan Foundation - About Us |". Retrieved 2 November 2017.
  56. ↑ "One of North Wales's richest business people makes $1m donation to hurricane appeal". Daily Post. 8 September 2017.
  57. ↑ Hughes, Owen (10 May 2018). "These are the richest people in North Wales in 2018". northwales. Retrieved 12 July 2018.
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