Redrow Homes founder Steve Morgan (above) is pledging to channel £1m a week to charities hit by the coronavirus outbreak. The cash will be distributed through the Steve Morgan Foundation to charities in Merseyside, Cheshire and North Wales.
Morgan, who founded Redrow in 1974, has also urged other entrepreneurs and philanthropists to do the same.
Morgan made the decision despite seeing an estimated 50% wiped off his own fortune in March by the economic crash caused by covid-19.
He said: “Aside from the obvious difficulties that the charities are facing, supporting thousands of disadvantaged people, this crisis has already caused substantial cashflow issues. Normal day-to-day fundraising efforts that the charities undertake have been pulled from under them. The London Marathon alone puts around £65m into the charitable sector.
“As the economy shrinks it will be the charities and the vulnerable people who suffer first and we can’t allow that to happen.”
Redrow supports candidates on its graduate scheme as they work towards CIOB memberships.
