The sale of Royal Mail to Daniel Kretinsky’s EP Group has been approved the UK government.
Commenting on the undertakings to the UK Government and Regulatory Conditions for the offer for IDS by EP Group, Keith Williams, Non-Executive Chair of IDS said:
“Today’s announcement marks an important milestone in the approvals process. The IDS Board welcomes the Government’s endorsement and legal backing for the comprehensive package of undertakings and commitments we negotiated. These provide our customers, colleagues, unions, regulators and broader stakeholders with safeguards for the provision of the Universal Service Obligation, the ongoing financial stability of Royal Mail, the maintenance of colleague benefits, and Royal Mail’s broader role in the United Kingdom.
“We welcome the Government’s commitment today to secure a stable future for Royal Mail. This will not come from a change in ownership alone but must also be backed by urgent reform of the Universal Service and the continued transformation of this great British business.”
This follows last week’s announcement that Ofcom fined Royal Mail £10,500,000 for failing to meet its First and Second Class delivery targets in the 2023/24 financial year.
