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Woking Council

Ray Morgan

Chief Executive Officer|1989-2021 (32 years)
Under FRC investigation (opened February 2025)

Architect of the borrowing strategy who led the council for 32 years and oversaw the accumulation of nearly £2 billion in debt. The Grant Thornton Public Interest Report found that Morgan exercised 'excessive influence' over the council and its commercial activities.

Key Actions

  • Drove the creation of the Thameswey Group and its network of 13 subsidiary companies
  • Authorised £250 million in lending to GolDev Woking Ltd, a company with virtually no independent assets
  • Maintained a £3 million discretionary Opportunities Fund with minimal oversight or accountability
  • Championed the Victoria Square development, which ultimately cost over £700 million
  • Exercised what Grant Thornton described as 'excessive influence' over council decision-making
  • Retired in March 2021 before the full scale of the financial crisis became apparent

Details

Ray Morgan served as Chief Executive of Woking Borough Council for 32 years, making him one of the longest-serving council chief executives in the country. His tenure spanned the entire period of the council's commercial borrowing strategy from its inception in 1999 to his retirement in March 2021.

Under Morgan's leadership, the council adopted an increasingly aggressive commercial strategy, borrowing from the Public Works Loan Board to fund investments through a network of council-owned companies. The Thameswey Group, which Morgan was instrumental in creating, grew to encompass 13 companies operating across energy, housing, property development, and other sectors.

Morgan maintained a discretionary 'Opportunities Fund' of approximately £3 million, which allowed him to authorise spending without normal committee approval processes. The Grant Thornton report identified this fund as an example of the inadequate governance oversight that characterised the council's operations.

The Grant Thornton Public Interest Report, published in November 2024, found that Morgan had 'excessive influence' over decision-making and that the culture he fostered discouraged challenge from other officers and elected members. The report described a council where the CEO's authority was rarely questioned.

Morgan retired in March 2021, alongside Deputy CEO Douglas Spinks and Monitoring Officer Peter Bryant. Their collective departure came before the full extent of the financial crisis became apparent to new management and the incoming Liberal Democrat administration.

In February 2025, the Financial Reporting Council opened a formal investigation into Ray Morgan's conduct, marking the first regulatory action against an individual connected to the Woking scandal.

Sources

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