Scottish Daily Mail

Cabbie’s family share £110m as UK Mail is sold to the Germans


IT STARTED life as a small taxi service in a North London suburb in the early 70s.

Forty five years later, UK Mail is set to be sold to a German rival for more than £240m – handing a £110m fortune to the family of the firm’s founder Peter Kane.

Britain’s second-biggest post firm yesterday agreed terms with Deutsche Post in a deal which looks set to shake up the postal market and put more pressure on Royal Mail.

The offer of 440p per share was unanimousl­y backed by UK Mail’s directors and major shareholde­rs. But Mr Kane, 69, is not set to receive a penny having transferre­d all of his shares to his younger brother Michael, his children and his ex-wife.

This is believed to be for inheritanc­e tax planning purposes, with Mr Kane having collected millions in dividends over the years.

His son John is set to be the biggest beneficiar­y, with his 25pc stake worth around £60m.

Peter’s younger brother Michael is in line for £23m, while his daughter and son-in-law will get £13.3m between them.

Ex-wife Ghislaine, who lives in a large gated house in a wealthy Buckingham­shire village, will also hit the jackpot, with £14.7m.

Kane has managed to keep an extraordin­arily low profile while amassing a multi-million pound business empire, with 2,800 staff.

UK Mail collects 53m parcels and handles 2.8bn items a year.

The firm’s share price has fallen by a third over two years, giving Deutsche Post an opportunit­y to snap it up on the cheap. UK Mail’s share price soared 43pc.

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