Steve Morgan, Redrow founder, has asked for a seat on the board of the house builder after announcing that he was in a position to take a 30% stake in the company.

Morgan has been building his stake in Redrow for several months, at a time when its share price has been about a quarter of the level it hit in early 2007.

Morgan founded the company in 1974 with a £5,000 loan from his father, and left as chairman in 2000. Bridgemere Group, his investment vehicle, owns Wolverhampton Wanderers football club and a portfolio of property companies.

Financial Times, The Times, Daily Telegraph