Steve Morgan – an apology

AN article of August 24 2017 headlined ‘ Building tycoons using staff discounts to snap up homes meant for families’ said that Redrow PLC chairman Steve Morgan CBE had made a very large personal gain by buying six houses – built by Redrow as affordable homes – for £860,000, a substantial discount to their market value of £2.1million. In fact, £860,000 was the highest offer made, so we were wrong to allege that Mr Morgan had exploited his position to line his pockets in a greedy, unethical and morally unacceptable way. He did not buy the houses at a discount to their market value, and they are being rented out to local residents in accordance with affordable housing criteria. We apologise to Mr Morgan for the distress and damage to his reputation and, at his request, have made a substantial donation to charity in lieu of damages.