Rich List 2012: =No.18 - Steve Morgan (£400m)
The last 12 months have been good for Wolverhampton Wanderers owner and Redrow Homes chairman Steve Morgan.
His plans for a £50 million extension to Wolves’ training academy and a new housing complex have been given the green light, profits at Redrow continue their upward trend, his beloved Wolves have stayed out of trouble in the Premiership and even beat Manchester United back in February, and on top of all that he was named Entrepreneur of the Year.
His plans for expansion at Molineux include a new indoor pitch and an extension of the football academy onto land made possible by the relocation of St Edmund’s Catholic School.
The school moves to adjoining land owned by the University of Wolverhampton which in turn will sell the balance of its site to Redrow Homes to build 55 houses to cross-fund the new school. Everybody wins.
Rumours persist that Steve Morgan plans to take the Redrow group private in a £400 million move. Profits are certainly impressive. For the year to June 30 profits jumped from £700,000 to £25.3 million on revenue up from £396.9 million to £452.7 million. The average price of houses sold increased from £154,800 to £174,100.
He has increased Redrow’s intake of apprentices, and also called on local authorities to clear swathes of derelict land in order to kick-start housing development and encourage investment, particularly in the Black Country. He said the region had room for 60,000 new homes and the space to create 95,000 new jobs.
