'It is so important to believe in youngsters today': Steve Morgan's pride at The Way's success

Mr Morgan, who was the brainchild behind the Way, spoke of his huge sense of pride in returning to see the £6.5 million youth zone in School Street fully operational and seeing young people making great use of it.

He launched the first Business Breakfast Club meeting at the venue yesterday, in front of 100 guests, a mix of existing business supporters and others who The Way hope to bring on board.

He was introduced by The Way chairman and Wolves director John Gough, who said the Redrow founder and chairman had a 10-year association with the city and had given financial support to 152 charities. His Steve Morgan Foundation was also the main funder for Wolves Aid and Wolves in the Community.

Detailing his business career, the 64-year-old businessman said he hoped to inspire the city's young people through his own experiences and '10 Commandments' he had compiled for success.

"I started digging sewers at 19. Through hard work I managed to achieve a great deal of success. You can do it as well – it is all about what you determine to do yourself," said Mr Morgan, who at 21 founded Redrow, which is now one of the Uk's most successful housebuilders.

Mr Morgan explained how he had bluffed his way into securing a site manager's job at 19, looking after a team of 40.

"It was tough at the beginning, starting right in the middle of a recession. It was difficult to get people to believe in me. That's why I feel it is so important to believe in youngsters today," he emphasised.

Questioned on what message he would have for someone buying a football club today, Mr Morgan said of his nine years with Wolves: "Everyone forgets that in the last 30 years the club was only in the Premier League for four seasons – three under me.

"It was not as bad as some people would have it."

"No one wants the Wolves to do well more than me. I really hope they can go back into the Premier League and stay up this time," he said.

Explaining his 10 Commandments, Mr Morgan, who started off running his business from his bedroom, said two of the key ones were: "Thou shalt work like hell and thou shalt be lucky."

He urged young people to always take advantage of 'windows of opportunity' which included for him Margaret Thatcher taking the axe to public spending and changing his direction from council house building to private houses.

He also advised that you had to make mistakes to learn, learn how to delegate and trust good people and never be afraid to have a go.

On Brexit, Mr Morgan said: "Whether you are for or against coming out of Europe, we are where we are now and have go to get on with it. It appears to me that the politicians are just bickering on this. We have to get a consensus and we have to be pragmatic. Europe is our biggest trading partner and will be for many years to come."

The Way chief executive Carla Priddon said it planned to run two club meetings a year for invited guests.

She said The Way, which had had 50,000 visitors, had already helped to change the lives of many young people in Wolverhampton.

She praised Mr Morgan for having the vision to build it and help it grow and flourish.

"We have achieved so much in just 18 short months. The Way has raised aspirations and increased confidence.

"There is still much to do – the story is just beginning here," said Mrs Priddon.

*The Steve Morgan Foundation has pledged £1 million to support a new five-year mentoring programme which will help 340 young people from Wolverhampton, a new minibus and other new projects at The Way.