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Property tycoon donates £200m to community groups

A housebuilding tycoon has donated more than £200 MILLION to charity in what is thought to be one of the largest public donations made in the UK.

Steve Morgan set up The Morgan Foundation in 2001 to help community groups, in particular those which help children and families in desperate need.

He made the donation in the form of 42 million shares from his company, Redrow PLC, representing more than 11 per cent of the shareholding.

Shares in the company currently cost 493p, valuing the donation at a staggering £207 million.

It is thought the donation is one of the largest ever publicly made by a Brit.

Jane Harris, administrator of The Morgan Foundation, said “Steve Morgan’s incredible generosity will mean a huge and profound step-change for The Morgan Foundation.

“Our ethos is based on making a difference and Steve’s gift of over £200 million means we will be able to help thousands of more people in need.

“We can also ramp-up the donation of smiley buses which have made such a positive impact to the disabled and socially isolated in our region.

“I’m also delighted to say we are actively planning some very exciting, and significant, capital projects and we’ll be announcing more details soon.”

Mr Morgan, 64, and originally from Liverpool, has a fortune of £880 million, according to The Sunday Times.

He founded Redrow in 1974 and is currently chairman of the group.

The housebuilder recently announced bumper results. In the six months to December 31, 2016, they turned over a record £739 million and reported a pre-tax profits of £140 million, an increase of 35 per cent.

They also announced a dividend of 6p per share. If they report a similar amount in the next six months this will result in a dividend of around £2.5 million.

The Morgan Foundation has committed £35 million to causes over the past 16 years.

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