‘So, am I right in thinking, the QR handle is unscrewing from the shaft of the axle, leaving the axle still screwed into the frame?’
yes thats right, on your picture where the flared part goes into the axle that part unscrews!!! its actually 2 parts, the thread on this looks like it was only secured with some sort of compound. Turn anti clockwise and the whole quick release and flared section unscrews from the axle, leaving that part in the frame, not a very good design in my eyes.
‘The only thing I can see, the red button^ takes a 5mm allan key, maybe try sticking a 5mm allan key in and turning it. I’ve tried it on mine and the red button thing is solid, if yours can be turned with the allan key, then I guess it needs tighening, the whole axle might unscrew from the frame then. ‘
Word of warning DO NOT attempt to tighten the red button, it may have an allen key head but its a fixed piece of metal and will snap. Mine just snapped when adjusting the quick release in the correct position, but if you turn it with an allen key it will just snap.
I cant even use molgrips to get it out as the whole quick release assembly has unscrewed from the axle.
What ive tried to do is put loctite on the thread of the quick release assembly and screwed this part back into the axle that is stuck and im just waiting for it to set, so will report back later.
Cheers for your help lads