[ad_1] Royal Mail said it was on track to return to profit for the full year once the cost of redundancies is removed from its balance sheet. However, bosses warned that reform to Royal Mail’s universal service obligations, which include a requirement to deliver letters six days a week, was even more necessary after the…
[ad_1] Czech billionaire poised to buy the courier Royal Mail expected to return to profit this year The government will scrutinise the takeover of Royal Mail by Czech billionaire Daniel Křetínský over potential national security risks. International Distribution Services (IDS) struck a £3.5bn takeover deal with EP Group – a European industrial giant controlled by Křetínský –…
[ad_1] Meanwhile the wider Stellantis group said profits have halved, sending shares in the world’s fourth-biggest carmaker down by 10pc. Sales fell heavily in the US and Europe and the company said it was considering cutting prices in order to boost demand. Mr Tavares called the figures “disappointing and humbling”, but said the company was…
[ad_1] Apollo and Evri expect the deal to complete later this year. The announcement comes after weeks of speculation over the future of Evri. Advent International, another American buyout fund, put the company up for sale earlier this year. The auction has attracted a series of suitors including rival delivery company DHL and the Chinese…
[ad_1] The new owner of Royal Mail has vowed to keep delivering letters six days a week in an attempt to quash concerns that the service could be reduced. Daniel Kretinsky, the Czech billionaire who is buying Royal Mail’s parent company International Distribution Services (IDS) for £3.6bn, said he would not walk away from the…
[ad_1] In addition, EP Group is in talks with union bosses about a profit-sharing scheme that would see employees handed bonuses if the company meets key financial and delivery targets. The Czech billionaire’s debt-fuelled swoop has also sparked concerns about soaring interest payments that could hurt the postal service’s bottom line. The Telegraph revealed this…
[ad_1] Possible government intervention Powerful workforce In true Royal Mail fashion, news of a possible takeover was delivered to shareholders a few days late. On 9 April, International Distributions Services (IDS) received a non-binding proposal from billionaire Daniel Křetínský, otherwise known as the “Czech Sphinx”. Křetínský, who already owns 27.5 per cent of the postal business…
[ad_1] 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 as a result of…
[ad_1] 73 per cent premium to pre-offer price Safeguards in place for next five years The parent company of Royal Mail, International Distribution Services (IDS), has struck a takeover deal with Czech billionaire Daniel Křetínský, having agreed to a “far-reaching package of legally binding” safeguards. EP Group, the European industrial giant controlled by Křetínský, is set…
[ad_1] EP Group made a number of other legally-binding undertakings to the Government as part of the bid. These include maintaining key services under Royal Mail’s universal service obligation for the next five years, such as the one-price-goes-anywhere system and Saturday deliveries for first class post. Mr Kretinsky has agreed to maintain the Royal Mail…