Billionaire Czech Sphinx bidding for Royal Mail insists he would not slash any jobs if he succeeds

By City & Finance Reporter

Updated:

Eyes on the prize: Daniel Kretinsky is preparing to table a new takeover offer

The billionaire bidding for the Royal Mail has insisted he would not slash any jobs if he succeeds.

Daniel Kretinsky is preparing to table a new takeover offer ahead of a May 15 deadline.

The company, which was privatised in 2013, is struggling with heavy losses and missed delivery targets. 

But Kretinsky, known as the Czech Sphinx, has privately made assurances that there would be no compulsory redundancies as part of his plans.

He has also promised not to split up parent company International Distributions Services.

The reassurances come after the Communication Workers Union (CWU) wrote to Business Secretary Kemi Badenoch over its concerns that the bid ‘could present a number of threats to both the workforce and the company’.

Last month Royal Mail rejected an ‘opportunistic’ £3.2billion bid – or 320p per share – from Kretinsky.

Shares are trading at a low price, closing at 275p on Friday.

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