Royal Mail investigated by Ofcom for missing delivery targets

The results come as IDS waits for a potential buy-out offer from Czech billionaire Daniel Kretinsky.

It reiterated it is “minded” to accept a proposed bid worth about £3.5bn put forward on 15 May.

Business Secretary Kemi Badenoch said earlier this month that Royal Mail’s universal service obligation will need to be protected in any sale of the firm.

IDS has previously said Mr Kretinsky agreed to offer a set of “contractual undertakings” to protect key public interest factors.

It also said the proposal recognised Royal Mail’s status as a major part of national infrastructure.

This would include commitments to Royal Mail’s plans to keep six-day-a-week first-class letter deliveries under the universal service, protect workers’ rights and keep the Royal Mail brand, as well as its UK headquarters and tax residence.

Mr Kretinsky has until 29 May to make a firm offer.