The business, which reported losses of £349 million last year, was fined a record £10.5 million last week for delivering over 25% of first-class mail after the deadline.
Because the regulations are no longer viable, bosses are calling for a revision of Royal Mail’s universal service requirements, which would include doing away with second-class post on Saturdays.
By installing parcel lockers and undercutting competitors, Mr. Kretinsky is anticipated to spend over £800 million to grow the company’s parcel business.
“EP Group is a long-term and dedicated investor with a mission to make Royal Mail a successful modern postal operator with high quality service and products for its customers,” Mr. Kretinsky said in a statement.
IDS chairman Keith Williams stated: “Today’s news represents a significant turning point in the approvals process.
The Government’s support and legal backing for the extensive set of agreements and obligations we secured is much appreciated by the IDS board.
