Morgan returns as Redrow boss

REDROW, the North West housebuilder, was back in the hands of its founder Steve Morgan today, after a boardroom coup.

Mr Morgan, who founded the Flintshire-based company in 1974, built up a 29.9% stake in the business and demanded a say in the running of the group.

After weeks of talks it was agreed that Redrow’s chief executive Neil Fitzsimmons would resign today, but remain with the group until April 30.

Chairman Alan Bowkett will step down at the end of June.

Mr Morgan, owner of promotion chasing Championship football club Wolverhampton Wanderers, retired from Redrow in 2000 to focus on private development and other business interests.

Redrow, the second-smallest UK housebuilder by market value, said Mr Morgan would  bring extensive industry knowledge to the company, and it had agreed on the move following consultation with shareholders.

Redrow posted a pretax loss of £46.2m in the first half of the year, whilst revenue dropped 57% to £150m.