The Czech is in the post with tidy bet on Royal Mail | Business

A Czech billionaire is sitting on paper profits of almost £100 million having piled into Royal Mail shares at the height of the pandemic.

Daniel Kretinsky started building his stake in the spring, when shares in the company hit record lows. Between March and July, the billionaire known as the Czech Sphinx for his inscrutable nature spent about £213 million buying Royal Mail stock.

Mr Kretinsky, 45, is worth £2.7 billion, according to Forbes. He first came to investors’ attention at the beginning of March, when he bought a 3.1 per cent stake in Royal Mail through Vesa Equity Investment, the vehicle that he controls along with Patrik Tkac, 47, a Slovakian businessman. Vesa has topped up its holdings on ten occasions since then