Reynolds, the board of Royal Mail owner International Distributions Services (IDS) and the Communications Workers Union, representing Britain's much-loved posties, have been cajoled into thinking that a highly indebted £3.6billion takeover by Czech billionaire Daniel Kretinsky is a good thing.
Driven to distraction: Jonathan Reynolds, the board of Royal Mail owner IDS and the Communications Workers Union have been cajoled into thinking that the takeover is good.
It is my suspicion that the Royal Mail regulator, Ofcom – which recently put new proposals for the universal postal service out to consultation – is less than enamoured with the idea of ownership by a foreign mogul weighed down by loans.
By rights, postal workers, who, thanks to former Lib Dem business secretary Vince Cable still own 5 per cent of the stock, should be shouting from the rooftops about a board selling a heritage national asset on the cheap.
And despite the acute crisis at Thames Water, after a bungled, highly leveraged overseas takeover, Business Secretary Jonathan Reynolds is carelessly allowing the same disastrous mistake at the Royal Mail.
