According to Corbynista Labour sources, Tom Watson is the coup leader and the plan is currently that there will be a vote of no confidence and then Lisa Nandy will eventually take over. She is said to have Watson’s backing. Labour whip Conor McGinn, who is close to Watson and hates Corbyn, is choreographing resignations. Labour MPs are calling colleagues canvassing support for Nandy. That is the plan from one faction of the plotters: for Nandy to ultimately take over from Corbyn… 

UPDATE: Sam Coates from the Times reckons there are three separate coup groups, all fighting among themselves as to who takes over.

UPDATE II: Lisa Nandy has now resigned and said Watson should take over as caretaker leader.