£200m charity donation believed to be among largest by a UK businessman
Steve Morgan, founder and chairman of housebuilder Redrow, has donated more than £200 million to charity.
The cash was given to The Morgan Foundation, which funds thousands of charities and community groups, particularly those helping children and families in desperate need.
It is believed to be one of the largest donations ever made by a British businessman.
The donation was made in the form of 42 million Redrow shares, or 11.36% of the company's shares.
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."
Since the Foundation was formed in 2001 by Mr Morgan, who until recently owned Wolverhampton Wanderers football club, it has committed £35 million to good causes in North Wales, Merseyside, West Cheshire and North Shropshire.