Shares have plunged at MJ Gleeson after the housebuilder's chief executive stepped down amid a boardroom row over his pay.

The FTSE 250 firm saw shares dive nearly 11 per cent in early trading after Jolyon Harrison confirmed his immediate departure.

Gleeson said it was unable to agree acceptable terms with Mr Harrison, after an ongoing debate over "remuneration and succession planning".

Mr Harrison was paid almost £3 million last year, and received a total of £2.8m in 2017.

He was appointed as chief executive in July 2012, and has been paid around £12 million during his time in the role, according to the most recent annual report.

He has left with immediate effect and has been replaced by James Thompson, who has become interim chief executive.

Mr Thompson is the former chief executive of private equity-owned Keepmoat Homes, where he remains a non-executive director.

Gleeson is initiating a search process which will involve internal and external candidates, as it looks to appoint a long-term replacement.

Growth in the British economy slowed in the three months to April, as a drop in car production following the original Brexit deadline hit output.

Gross domestic product (GDP) was up by 0.3% in the three months to April, according to the Office for National Statistics (ONS).

This marked a slowdown on the rolling three-month level for January to March, when growth was at 0.5% thanks to the highest quarterly pick-up in manufacturing since the 1980s amid Brexit stockpiling.

Shares in cash-strapped travel firm Thomas Cook leapt by 17 per cent after it confirmed it is talks with Chinese conglomerate Fosun regarding the potential sale of its tour operator business.

The confirmation follows reports over the weekend that Fosun, Thomas Cook's largest shareholder, was eyeing up a deal, paving the way for the complete break-up of the British travel company.

Thomas Cook said it is in discussions with Fosun, which also owns the Club Med brand, following a preliminary approach, although there is "no certainty" this will result in a formal offer.

Fosun also owns Wolverhampton Wanderers Football Club.