Steve Morgan, the founder of Redrow has regained power at the company through an audacious boardroom coup.

The owner of Wolverhampton Wanderers football club took only weeks to complete the move after winning over other leading shareholders, including Toscafund.

Mr Morgan will become deputy chairman of the company from Monday and take over as chairman after Alan Bowkett leaves on June 30. Neil Fitzsimmons, the chief executive, will leave the company on Monday.

The Times (Sat)