Redrow chairman Steve Morgan has made £152m from the sale of 25.9 million shares, held by his company Bridgemere Group and charity The Steve Morgan Foundation, releasing a combined 7% stake in the housebuilder.
Bridgemere Securities and The Steve Morgan Foundation announced they were offloading shares on Monday 11 September, at a price of 590p a share.
The sell-off to institutional investors concluded yesterday, and yielded £152m split across Morgan’s two organisations. Bridgemere has retained a 25.5% stake in Redrow, and the Foundation 7%, meaning that Morgan still controls around a third of the business and remains its largest stakeholder.
In Redrow’s financial statement made last week, the housebuilder announced that chairman and founder Morgan would move into a non-executive role over the course of the next year. Redrow recorded a profit rise for the fourth year running, with pre-tax profits of £315m for the year to June 2017.
In this year’s Sunday Times Rich List, Liverpool-born Morgan placed 155th richest person in the UK, with an £831m fortune.
Following Morgan’s sell-off, Redrow’s share price dropped from 632p to 579p. This morning the price had edged up to 586p per share.