The heads of the Communication Workers Union have acquiesced to Royal Mail’s demand to end six-day-a-week letter deliveries, paving the way for historic cuts to postal services. Royal Mail wants to amend its universal service obligation so that it must only deliver second-class post every other day. Nonetheless, first-class mail …
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Asset manager Redwheel told regulators they should reduce the UK postal service’s legal obligations. The move followed a failed buyout attempt by Daniel Kretinsky for International Distributions Services, its parent company. The billionaire investor was said to be evaluating a possible improved bid. The company meanwhile has petitioned Ofcom to …
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The Labour Party is open to the prospect of a takeover of the owner of Royal Mail by the struggling postal group’s Czech billionaire investor, which is considering a renewed approach. EP Group, a conglomerate controlled by Daniel Kretinsky, revealed on Tuesday that it had made a “non-binding indicative proposal” …
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Royal Mail has appointed a senior executive from Heathrow to become its next boss as parent company International Distribution Services looks to turn its fortunes around. Emma Gilthorpe, the west London airport’s chief operating officer since 2020, will join Royal Mail in May, IDS said in a statement on Tuesday. …
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John Lewis said on Friday that it has appointed Martin Gafsen – currently interim corporate finance director at Royal Mail – as its new property and facilities director. He will be charged with the strategy and management of the partnership’s property portfolio. Gafsen will join the John Lewis Partnership (JLP) …
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UK communications regulator Ofcom announced plans to review the nation’s universal postal service on Tuesday, as a result of the changing needs and habits of postal users. Ofcom said the universal postal service, underpinned by the Postal Services Act of 2011, mandated International Distributions Services subsidiary Royal Mail to deliver …
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Royal Mail parent International Distribution Services said on Thursday that it was still targeting an adjusted operating profit for the year, as it announced the appointment of Martin Seidenberg as its new chief executive officer. In an update for the three months to the end of June, the company said …
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The government has blocked Royal Mail’s plans to axe Saturday letter deliveries, it was revealed on Thursday, which could see the price of stamps increase even further. Business minister Kevin Hollinrake confirmed the move in a letter to parliament’s cross-party Business select committee. Royal Mail, owned by International Distributions Services …
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Tesco‘s pension fund lost £9bn in value and fell into a deficit after multiple safe investments went sour. In particular, the fund is heavily exposed to so-called Liability Driven Investments. Those LDIs came unstuck in 2022 following a sharp rise in interest rates that left pension funds nursing heavy losses. …
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Royal Mail chief executive Simon Thompson has quit after a bitter year-long dispute with the postal workers’ union, the company said on Friday. Thompson, who was in the top job for just over two years, last month finally reached a deal with the Communication Workers Union o pay and conditions …
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