Redrow boss Steve Morgan hands over £27m of shares in the company to his children


Redrow boss Steve Morgan hands over £27m of shares in the company to his children

City & Finance Reporter for the Daily Mail

Redrow boss Steve Morgan has transferred shares in the company worth £27million to one of his children.

The 66-year-old handed over 4.2m shares, around 1.1 per cent of the housebuilder.

Last year he gave 16.8m shares to his children. Those shares are worth nearly £108million and the father-of-five has now handed 21m shares, worth £135million, to his children in total.

Redrow boss Steve Morgan has transferred shares in the company worth £27m to one of his children

Redrow boss Steve Morgan has transferred shares in the company worth £27m to one of his children

Redrow boss Steve Morgan has transferred shares in the company worth £27m to one of his children

Together his children control 5.7 per cent of Redrow, giving them more clout than top-three shareholder Neil Woodford with 5.1 per cent. 

Morgan founded Redrow in 1974, transforming it from a small outfit in North Wales into one of Britain’s biggest housebuilders.

He still has more than 73m shares, or 19.9 per cent, worth £470million. 

The transfers come after Redrow revealed record half-year profits of £185million last month. 

In 2017 Morgan made a donation of shares worth £270million to his charitable foundation. 

He is retiring this month to focus on its work. 

Last night Morgan declined to comment.

 



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