Steve Morgan (businessman)
Steve Morgan | |
|---|---|
| Born | Stephen Peter Morgan November 25, 1952 Garston, Liverpool, England |
| Occupation(s) | Entrepreneur, investor, philanthropist |
| Known for | Founder and former chairman of Redrow plc; former chairman of Wolverhampton Wanderers F.C.; founder of the Steve Morgan Foundation |
Stephen Peter Morgan (born 25 November 1952) is a prominent English entrepreneur, investor, and philanthropist. He is recognized as the founder and former chairman of the housebuilding company Redrow plc, the ex-chairman of Wolverhampton Wanderers F.C., and the initiator of the Steve Morgan Foundation.
Early life
Born in Garston, Liverpool on 25 November 1952, Morgan grew up in a modest household as the son of a plant hire business owner. Reflecting on his challenging childhood, he recounted not encountering an indoor toilet until he was seven years old. During his youth, he changed residence and schools nine times. At age 13, his family moved to Colwyn Bay, where he attended Colwyn High School before completing a two-year diploma at Liverpool Polytechnic.
Redrow
Morgan began his business career at 21 amidst the economic downturn of 1974. Working for Wellington Civil Engineering, which was on the brink of failure, he took control of a sewer installation contract in Penley. Following government spending reductions that halted this project, he transformed the enterprise into the housebuilding firm Redrow plc. Under his guidance, Redrow was listed on the London Stock Exchange in 1994 and later joined the FTSE 250.
During the 1990s, Morgan also ventured into hotel investments by developing St David's Park Hotel in North Wales and Carden Park in Cheshire, eventually integrating these properties into the De Vere Group.
After 26 years at the helm, Morgan resigned as Redrow chairman in November 2000 but maintained significant holdings through his company Bridgemere. The following year, he established Harrow Estates plc, focusing on brownfield developments.
In response to financial setbacks caused by the global crisis, Morgan resumed leadership in March 2009. By 2010, Redrow had rebounded with a pre-tax profit of £700,000 after enduring a £44.2 million loss in 2009. He shifted the company’s focus to family-oriented housing projects via the New Heritage range.
On 18 October 2018, Redrow celebrated its milestone of serving its 100,000th customer since inception. Morgan retired once more in March 2019, marking a decade since his return. At that time, annual revenues had increased more than sevenfold since 2009 to £2.1 billion; profits reached £406 million; and corporate valuation stood at £2.2 billion.
Wolverhampton Wanderers and other football investments
A lifelong fan and shareholder of Liverpool, Morgan made multiple bids to acquire the club. Notably in 2004, he proposed £73 million for a controlling 51% stake; however, this offer was declined as the board’s valuation was reportedly £61 million—a figure Morgan later contested in a 2021 interview where he valued Liverpool at £140 million.
In 2007, Morgan acquired Wolverhampton Wanderers—which he referred to as his "second club"—from Sir Jack Hayward for a nominal sum of £10 and pledged an investment of £30 million. The transaction finalized on 9 August 2007 with Morgan assuming chairmanship. Under his ownership, Wolves secured promotion to the Premier League as champions in May 2009 but were relegated in 2012. Following another drop in 2013, Wolves clinched the League One title in the 2013–14 season with a record-breaking total of 103 points, earning promotion back to the Championship.
In October 2013, Morgan attracted criticism for inviting former Merseyside Chief Constable Norman Bettison to a Wolves match due to Bettison’s contentious involvement related to the Hillsborough disaster. The club reiterated its deep respect for those affected by this tragedy.
Morgan also played a key role in inaugurating Wolves’ state-of-the-art Compton Park training facility in 2014.
In July 2016, Morgan sold Wolves to Chinese conglomerate Fosun International for £30 million. He later disclosed that Fosun’s commitment to invest £100 million into the club influenced his decision to accept their offer. Reflecting on his tenure, Morgan described owning Wolves as "an honour and a privilege that I will never forget."
In June 2022, reports linked Morgan with potential interest in purchasing financially distressed Derby County.
Philanthropy
Steve Morgan established the Steve Morgan Foundation in 2001, contributing over £300 million to assist upwards of 650 charitable organizations and ongoing initiatives. In 2022, the Foundation made the largest philanthropic investment in diabetes research within the UK, donating £50 million.
Throughout the COVID-19 crisis, Morgan committed to providing £1 million every week to charities supporting at-risk populations. His aid extended to food banks, services for the homeless, organizations addressing domestic abuse, and mental health charities. By December 2020, his total donations toward COVID-19 relief exceeded £27 million.
Notable philanthropic efforts include:
- A transfer of shares valued at £207 million to the Foundation in February 2017.
- The “Smiley Bus” initiative, which supplies specially adapted minibuses; by April 2024, 100 buses had been donated.
- A £2 million investment in Wolverhampton’s youth facility ‘The Way,’ benefiting approximately 4,000 young people each year.
- A $1 million donation in 2017 to aid Barbuda following Hurricane Irma.
- Collaborations with Maggie’s Centres to establish cancer care facilities at Clatterbridge Hospital and Royal Liverpool Hospital, with plans for a third centre in North Wales.
- Contributions exceeding £3 million to the Juvenile Diabetes Research Foundation (JDRF), including a £1 million donation in 2019 and matching a £10 million DCMS grant supporting various charities.
- The £50 million 2022 donation dedicated to advancing research toward a cure for type 1 diabetes.
- In partnership with Wizz Air and other organizations during 2022, providing 10,000 complimentary flights for Ukrainian refugees relocating to the UK.
Honours
In 1992, Morgan was honoured as an Officer of the Order of the British Empire (OBE) in recognition of his contributions to the construction sector. He is a fellow of the Institute of Builders and has received honorary fellowships and doctorates from Cardiff University, Liverpool John Moores University, Glyndŵr University, Wolverhampton University, and University of Chester.
He was elevated to Commander of the Order of the British Empire (CBE) in the 2016 Birthday Honours for his philanthropic achievements.
Personal life
Morgan's first marriage to Pamela ended in divorce in 2000; they share two children, Ross and Lindsey. He also has a son named Mark Hill with Janet Hill. In 2002, he wed Fiona Boustead; they have two children together—a daughter, Goldie, and a son, Red—before divorcing in 2013. In 2016, he married entrepreneur Sally Toumi, gaining a stepson named Hugo.
Morgan maintains a secondary residence in Antigua. According to the 2024 Sunday Times Rich List, his net worth is estimated at £915 million.
In February 2019, Morgan received both an apology and damages from the Daily Mail after being wrongly accused of purchasing Redrow properties below market value. The compensation was donated toward adapted minibuses for two schools catering to special needs students.