The future of Royal Mail is set to be hamstrung by surging interest payments following Daniel Kretinsky’s debt-fuelled takeover of the postal service. The £3.6bn offer from Mr Kretinsky – known as the “Czech sphinx” – for Royal Mail’s parent company International Distribution Services (IDS) risks trebling its borrowing costs …
Read More »Billionaire Czech bidder for Royal Mail advised by ex-Labour’s Chuka Umunna
The swoop is also facing opposition from the CWU, which is instead calling for a “new ownership and governance model” for Royal Mail. Mr Kretinsky’s EP Group, which is expected to make a fresh offer ahead of a deadline of May 15 set under City takeover rules, has held meetings …
Read More »‘Czech sphinx’ Royal Mail investor advised by ex-Labour star Chuka Umunna
A Czech energy tycoon that trade union leaders claim is plotting a takeover of Royal Mail is being advised by Chuka Umunna, The Telegraph can disclose. The former Labour leadership hopeful, who was a prominent critic of Royal Mail’s privatisation while a frontbench MP, has been hired by Vesa Equity, …
Read More »Post Office to shut 600 ATMs in blow for high streets across Britain
Cost-cutting has resulted in about 55 bank and building society branch closures every month since 2015, according to Which? The Post Office does not currently own or operate any of the 2,000 ATMs at its branches, which are run by Bank of Ireland. As part of its new plan it will …
Read More »Bets against Britain pay off as profits surge at Odey’s hedge fund
Hedge fund tycoon Crispin Odey’s wager against the pound has paid off as profits at the Boris Johnson donor’s investment firm soar. Profits at Odey Asset Management rose 81pc to £16m for the year to April 2019, according to accounts seen by The Telegraph. Mr Odey is believed to have taken £3.8m …
Read More »Brexit-backing hedge fund boss Crispin Odey suffers another year of losses
Hedge fund tycoon Crispin Odey, the outspoken Brexiteer accused of betting against Britain, saw his main fund slump in 2019 after his bets failed to pay off. The investment grandee’s flagship European fund fell 10.1pc, according to performance data from the company which showed that his other funds also fell for the year – losses he …
Read More »investors vow to fight Corbyn’s plans to seize British businesses
Furious investors are preparing to fight Jeremy Corbyn’s plans to seize swathes of British businesses, arguing his nationalisation spree would be a “blatant breach of human rights” that could trigger a wave of lawsuits. Shareholders and lawyers believe the proposals could breach international treaties and Brussels rules over state aid, and intend to fight them through …
Read More »Crispin Odey’s wife to chair the Jupiter fund he shorts
A top hedge fund manager known as one half of the City’s “Posh and Becks” has been appointed as chairman of a fund house her husband Crispin Odey has been betting against. Nichola Pease – whose family helped found Barclays Bank, where her brother-in-law John Varley was formerly chief executive – will take over at …
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