Steve Morgan CBE is one of the UK’s most successful entrepreneurs, philanthropists, and investors. Best known for founding the housebuilding giant Redrow plc, Morgan has also made significant contributions to sport, particularly through his ownership of Wolverhampton Wanderers Football Club (Wolves). His story is a remarkable tale of business acumen, social responsibility, and a commitment to giving back, making him a true figure of influence in both the business and charitable sectors.
This article explores Steve Morgan’s early life, career, personal achievements, philanthropic endeavors, and his legacy. We will also look at his current ventures, net worth, family, and ongoing influence in various industries.
Steve Morgan Early Life and Background
Steve Morgan was born on 25 November 1952 in Garston, a district of Liverpool, England. Growing up in a working-class family, Morgan’s early years were characterized by modest means and frequent relocations. His father ran a small plant-hire business, and Morgan has often described his childhood as one of hardship. For instance, he did not know what an indoor toilet was until the age of seven, and he moved houses nine times during his early life.
Morgan’s formative years were marked by a strong work ethic and resilience. He attended Colwyn High School in North Wales after his family moved to Colwyn Bay when he was 13. Following high school, he enrolled at Liverpool Polytechnic (now Liverpool John Moores University), where he studied for a two-year diploma. During his time in Liverpool, he developed a strong entrepreneurial spirit and began to formulate ideas that would later lead to the creation of Redrow.
Founding Redrow and Business Growth
At the age of 21, Steve Morgan took a significant step in his career by founding Redrow, initially starting as a civil engineering and drainage company. Morgan borrowed £5,000 from his father to start the business, a modest sum that would eventually propel him to great success. The company grew steadily, and by the 1980s, Redrow had shifted its focus to housebuilding.
Morgan’s vision for Redrow was clear: to create high-quality, affordable homes for the growing British market. In 1994, Redrow was floated on the London Stock Exchange, marking a major milestone in its expansion. The company quickly grew to become one of the leading housebuilders in the UK, with operations spreading across the country.
In 2000, Morgan stepped down from the executive role, but he continued to maintain a significant stake in Redrow. However, in 2009, he returned to lead the company during a difficult period following the global financial crisis. Under his leadership, Redrow experienced a remarkable turnaround. By 2019, the company had achieved a turnover of £2.1 billion and a pre-tax profit of £406 million, with more than 100,000 homes delivered since its founding.
Morgan’s decision to return to Redrow during challenging times exemplifies his strategic vision and business acumen. His leadership ensured the company not only survived the financial crisis but emerged stronger than ever. In 2019, Morgan stepped down as Chairman of Redrow, leaving behind a legacy of success.
Other Business Ventures
Beyond Redrow, Steve Morgan has been involved in a variety of business ventures. He is the founder and chairman of Bridgemere Group, a company with interests in property, aviation, hotels, and land development. His business portfolio has allowed him to diversify beyond housebuilding, positioning him as a prominent figure in the property and investment sectors.
Morgan has also been involved in the hospitality industry, particularly through his ownership of the Carden Park estate in Cheshire. The estate includes a luxury hotel, golf course, and a range of leisure facilities. This investment aligns with his passion for high-end property development and his interest in creating sustainable, community-focused ventures.
Philanthropy: The Steve Morgan Foundation
One of the most notable aspects of Steve Morgan’s career is his commitment to philanthropy. In 2001, he established the Steve Morgan Foundation, a charitable trust aimed at improving life chances for disadvantaged individuals and communities in the UK. The foundation focuses on supporting children, families, people with physical or learning disabilities, the elderly, and other marginalized groups, primarily in Merseyside, Cheshire, and North Wales.
Since its inception, the Steve Morgan Foundation has committed over £300 million in grants to various charitable causes. The foundation’s focus is on providing long-term support through strategic partnerships, helping to tackle social disadvantage, improve access to healthcare, and fund important research. In recent years, the foundation has pledged significant sums to Type 1 Diabetes research and has also supported initiatives for Ukrainian refugees following the 2022 crisis.
Morgan’s philanthropic approach emphasizes the importance of “giving money away well,” ensuring that donations are used effectively to create lasting change. In 2023, the foundation was ranked number 6 in the Sunday Times Giving List, having donated approximately £59.6 million that year alone.
Steve Morgan Net Worth and Financial Standing
Steve Morgan’s financial success is largely attributed to his work with Redrow, as well as his diverse investment portfolio. As of 2024, his net worth is estimated at £915 million. However, his wealth is not solely derived from his stake in Redrow. Through Bridgemere Group and other investments, including property and hospitality ventures, Morgan has diversified his financial portfolio, ensuring continued growth and success.
While his wealth fluctuates with the market, Morgan’s substantial charitable giving and continued investment in various sectors make him one of the UK’s most influential entrepreneurs. His wealth, combined with his commitment to philanthropy, has solidified his position on numerous rich lists over the years.
Steve Morgan Family and Personal Life
Steve Morgan’s personal life has been marked by multiple marriages and relationships. He has six children, including sons Ross, Mark, and Red (often mentioned in the media). Morgan has been married several times, with his most recent marriage to Sally Toumi in 2016. His previous marriages to Pamela Morgan and Fiona Boustead also produced children.
Morgan maintains a relatively private life, but his family is central to his personal and philanthropic endeavors. He has been known to keep a close-knit relationship with his children and is dedicated to ensuring that his wealth is used to make a positive impact on future generations.
Morgan’s main residence is at Carden Park, his Cheshire estate, which has become a symbol of his success and a hub for his various business interests. He also owns a holiday home in Antigua, which reflects his lifestyle and interest in luxury properties.
Legacy and Impact
Steve Morgan’s legacy extends beyond his success as a businessman. His ability to grow Redrow into one of the UK’s leading homebuilders has left a lasting impact on the housing market. His philanthropic work through the Steve Morgan Foundation has transformed the lives of countless individuals and communities, and his influence in the property, sports, and charitable sectors continues to be felt today.
Morgan’s involvement with Wolverhampton Wanderers F.C. (Wolves) was another significant chapter in his career. Under his ownership, the club achieved promotion to the Premier League and experienced significant growth, both on and off the field. Although he stepped down from his role as chairman in 2016, his influence on the club is still recognized.
Steve Morgan has always been driven by the desire to give back to the community, and his ongoing work with the Steve Morgan Foundation highlights his commitment to improving lives across the UK. His wealth, influence, and charitable contributions ensure that his legacy will continue for years to come.
Conclusion
Steve Morgan’s career is a testament to the power of entrepreneurship, resilience, and social responsibility. From founding Redrow and building it into a major force in the housing industry to his philanthropic work through the Steve Morgan Foundation, he has made a significant impact on both the business world and society. His personal fortune, which is estimated at over £900 million, reflects his entrepreneurial success, but his true legacy lies in his dedication to improving the lives of others.
As of 2025, Steve Morgan continues to build on his achievements, leading Bridgemere Group and remaining actively involved in his philanthropic efforts. His legacy, shaped by his business accomplishments and charitable contributions, ensures that Steve Morgan’s influence will be felt for generations.