Child of Redrow boss handed £27m of shares

REDROW boss Steve Morgan ( pictured) has transferred shares in the company worth £27m to one of his children.

The 66-year-old handed over 4.2m shares, around 1.1pc of the housebuilder.

Last year he gave 16.8m shares to his children. Those shares are worth nearly £108m and the father-of-five has now handed 21m shares, worth £135m, to his children in total.

Together his children control 5.7pc of Redrow, giving them more clout than top-three shareholder Neil Woodford with 5.1pc. Morgan founded Redrow in 1974, transforming it from a small outfit in North Wales into one of Britain’s biggest housebuilders.

He still has more than 73m shares, or 19.9pc, worth £470m. The transfers come after Redrow revealed record half-year profits of £185m last month. In 2017 Morgan made a donation of shares worth £270m to his charitable foundation. He is retiring this month to focus on its work. Last night Morgan declined to comment.