For the first time in 500 years, Royal Mail will no longer be owned by the British government when it is sold to a Czech entrepreneur for £3.6 billion.
The “Czech sphinx,” businessman Daniel Kretinsky, has been approved by ministers to purchase Royal Mail.
The Government will keep a “golden share” in the business as part of the agreement, allowing it to have influence over any significant changes to the governance of the business.
Additionally, employees will get 10% of any profits given to Mr. Kretinsky, and postal workers will have more influence over the company’s operations via a new workers group that meets with managers once a month.
Following weeks of discussions, the reductions come on top of Mr. Kretinsky’s EP Group’s already declared commitments.
These include preserving the company’s headquarters and tax base in the United Kingdom, safeguarding the Royal Mail brand, and continuing to deliver first-class mail on Saturdays.
