Royal Mail bidder Křetínský pledges to prevent job cuts

THE Czech billionaire vying to buy Royal Mail has pledged not to cut any jobs if his takeover bid is successful.

Daniel Křetínský, known as the Czech sphinx, has made private assurances that there will be no compulsory redundancies as a result of his swoop on the 500-year-old postal service.

He has also vowed not to break up Royal Mail’s parent company and to maintain its investment grade credit rating, according to sources familiar with the tycoon’s thinking.

The promises come as Mr Křetínský’s EP Group prepares to make a fresh bid for Royal Mail ahead of a deadline of May 15 under City takeover rules.

His initial £3.1bn offer for parent company International Distributions Services was rebuffed last month, with the board branding it “opportunistic”.

The approach by Mr Křetínský, who is also an investor in West Ham Football Club and Sainsbury’s, is likely to prove controversial given the sensitive nature of the postal service.

Sir Vince Cable, who oversaw the privatisation of Royal Mail in 2013, has called on ministers to carry out a fit and proper person test on Mr Křetínský.

The tycoon was previously subject to a national security investigation when he increased his stake in the company above 25pc in 2022, though this was ultimately approved.

The pledge not to cut jobs will be seen as an olive branch to the Communication Workers Union (CWU), which has voiced its opposition to the buyout.

Dave Ward, CWU general secretary, has asked for a meeting with business secretary Kemi Badenoch amid concerns Royal Mail had been “further destabilised” by the takeover bid.

In a letter to Ms Badenoch this week, seen by The Telegraph, he wrote: “We remain deeply concerned that this takeover bid for Royal Mail could present a number of threats to both the workforce and the company itself.”

Among the concerns raised by the unions is that Mr Křetínský could split off the more profitable parcels business GLS from Royal Mail’s struggling letters division.

Royal Mail and EP Group declined to comment.