Latest news with #Hands
Yahoo
2 days ago
- Business
- Yahoo
Ex-Tory minister to advise Royal Mail's billionaire Czech owner
The Czech billionaire who has taken over Royal Mail has hired a former Conservative minister to advise him on his business interests. Greg Hands, who served as trade minister before losing his seat in last summer's election, will take up the role of special adviser to Daniel Kretinsky. Mr Kretinsky's EP Group said Mr Hands would provide strategic counsel focused on regulatory and market developments in the UK and Germany. It said the appointment would help the company to 'expand its portfolio across both countries, aligning with the company's commitment to secure and sustainable energy solutions'. It comes just weeks after Mr Kretinsky secured his £3.6bn takeover of Royal Mail in a deal that resulted in the postal service falling into foreign ownership for the first time in its 500-year history. In addition to Royal Mail, EP UK owns a number of energy assets in the UK, including a gas-fired power plant in Stallingborough and the South Humber Bank station, both in Lincolnshire. EP has enjoyed surging profits in recent years thanks to market turmoil sparked by Russia's invasion of Ukraine. It is also one of a handful of energy companies to have cashed in millions of pounds when Britain's wind farms are turned off because of congestion on the grid. Mr Kretinsky said: 'We are delighted to welcome Greg Hands to EP Group. His deep understanding of the UK and German business and energy landscapes, coupled with his extensive experience in government and international trade, will be invaluable as we navigate the evolving sectors in these key markets. 'Greg has unique capabilities for the job, including fluency in German and good Czech, and understands many of our markets very well.' Mr Hands said: 'I have known Daniel Kretinsky for a long time, and I know that EP Group has a strong track record in energy and infrastructure. 'I look forward to contributing to its continued growth and commitment to energy security and sustainable energy solutions in these regions.' While Mr Hands's role appears to be focused on Mr Kretinsky's energy assets, the appointment comes at a time when much of the billionaire's focus is likely to be on Royal Mail. He has outlined plans to invest heavily in parcels as he attempts to transform Royal Mail into a modern logistics giant. But he will also be required to navigate discussions with ministers and regulators over the future of Royal Mail's universal service obligations, which require it to deliver six days a week at a uniform price. Bosses have argued that stringent rules have left the company financially unsustainable amid a sharp decline in letter sending. Last month Ofcom said Royal Mail had missed its delivery targets in the latest financial year, raising the prospect of a potential fine for the third year running. The regulator is planning to allow Royal Mail to end second-class mail deliveries on alternate days and Saturdays and to water down its delivery targets. However, the company is still disputing so-called 'tail of the mail' back-up targets, which it argues will add 'significant' costs and further push up prices. Mr Kretinsky, who also owns a major stake in Dutch postal service PostNL, has already made a number of legally binding commitments – including maintaining Saturday deliveries for first-class letters, protecting the Royal Mail brand and keeping the company's headquarters and tax base in the UK – to help ease concerns about the deal. International Distribution Services (IDS), Royal Mail's parent company, on Monday confirmed its delisting from the London Stock Exchange and the resignation of a number of board members, including Keith Williams, the chairman. The Communication Workers Union, which represents postal employees, said the departures were 'welcome news' for staff across the UK. It said: 'Led by chairman Keith Williams, the previously senior leadership team have overseen the gross mismanagement of one of the UK's most important companies, they have destroyed the service provided to millions of customers and businesses and they have callously targeted their own workforce in the attempt to create a low wage, gig economy-style employer. 'Keith Williams and many of his colleagues represent everything that is wrong with modern business leaders: paid and rewarded for failure whilst having zero vision.' Mr Williams has argued that EP Group's takeover offer was fair and that the commitments 'should ensure that IDS continues to deliver the key elements of the universal service in the UK and protect the interests of the workforce'. Martin Seidenberg, the IDS chief executive, and Michael Snape, the IDS chief financial officer, will continue in their respective roles and remain on the board. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Ex-minister Greg Hands to advise Royal Mail buyer Daniel Křetínský
The former Conservative trade minister Greg Hands has been appointed as a strategic adviser to a Czech conglomerate best known in the UK for acquiring Royal Mail. EP Group – which also has investments in the energy, media and property sectors – is run by the multibillionaire Czech tycoon Daniel Křetínský, who Hands said he has known for 'a long time'. The group received approval for its takeover of Royal Mail in December 2024, after long-running UK government efforts to assess the national security considerations of the deal. Hands will advise EP Group in the UK and in Germany, countries where Křetínský said the former minister's 'deep understanding of … business and energy landscapes, coupled with his extensive experience in government and international trade, will be invaluable'. The one-time politician is fluent in German and also speaks 'good Czech', the statement added. The Advisory Committee on Business Appointments – an independent body advising former ministers and senior civil servants on appointments they wish to take up after leaving Whitehall – counselled Hands not to lobby the UK government on behalf of EP Group, or contacts he developed during his time as a minister, for two years from his last day in office. Hands and Křetínský reportedly met in an official capacity when the tycoon, who is said to be so enigmatic he has been dubbed the 'Czech Sphinx', was considering investing in a UK battery plant in 2023. EP Group and Křetínský have also attracted their fair share of controversy since announcing the bid for the UK's postal service, including questions being raised over connections to Patrik Tkáč, a significant co-investor in many of his ventures. Other criticisms of the business have focused on the conglomerate's apparent attraction to unfashionable investments in the energy sector, where Křetínský has chased profits – rather than green credentials – by acquiring discounted fossil fuel businesses. In a rare public speech in 2015, Křetínský said: 'We want to make money in industries that are dying because we think they'll die much more slowly than the general consensus says.' His approach has prompted environmentalists to call him a 'fossil hyena'. Separately, International Distribution Services, the company from which EP Group has acquired Royal Mail, announced the resignation of eight non-executive directors as its shares were formally delisted from the London Stock Exchange after the takeover. Dave Ward, the general secretary of the Communication Workers Union, welcomed the departures. 'The previous senior leadership team have overseen the gross mismanagement of one of the UK's most important companies,' he said. Sign in to access your portfolio
The Herald Scotland
4 days ago
- Business
- The Herald Scotland
New Royal Mail owner appoints former minister Greg Hands as adviser
Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany', the investment business said. He said in a statement on LinkedIn that he has known Mr Kretinsky, who has been dubbed the Czech Sphinx, for 'a long time'. Former chairman of the Conservative Party Greg Hands (Stefan Rousseau/PA) The appointment came as Royal Mail's parent firm, International Distribution Services (IDS), formally left the London Stock Exchange on Monday after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Mr Hands said: 'I am honoured to join EP Group as strategic adviser for the UK and Germany. 'I have known Daniel Kretinsky for a long time, and I know that EP Group has a strong track record in energy and infrastructure. 'I look forward to contributing to its continued growth and commitment to energy security and sustainable energy solutions in these regions.' Mr Kretinsky said: 'We are delighted to welcome Greg Hands to EP Group. 'His deep understanding of the UK and German business and energy landscapes, coupled with his extensive experience in government and international trade, will be invaluable as we navigate the evolving sectors in these key markets. 'Greg has unique capabilities for the job, including fluency in German and good Czech, and understands many of our markets very well.'
Yahoo
4 days ago
- Business
- Yahoo
Ex-Tory minister to advise Royal Mail's billionaire Czech owner
The Czech billionaire who has taken over Royal Mail has hired a former Conservative minister to advise him on his business interests. Greg Hands, who served as trade minister before losing his seat in last summer's election, will take up the role of special adviser to Daniel Kretinsky. Mr Kretinsky's EP Group said Mr Hands would provide strategic counsel focused on regulatory and market developments in the UK and Germany. It said the appointment would help the company to 'expand its portfolio across both countries, aligning with the company's commitment to secure and sustainable energy solutions'. It comes just weeks after Mr Kretinsky secured his £3.6bn takeover of Royal Mail in a deal that resulted in the postal service falling into foreign ownership for the first time in its 500-year history. In addition to Royal Mail, EP UK owns a number of energy assets in the UK, including a gas-fired power plant in Stallingborough and the South Humber Bank station, both in Lincolnshire. EP has enjoyed surging profits in recent years thanks to market turmoil sparked by Russia's invasion of Ukraine. It is also one of a handful of energy companies to have cashed in millions of pounds when Britain's wind farms are turned off because of congestion on the grid. Mr Kretinsky said: 'We are delighted to welcome Greg Hands to EP Group. His deep understanding of the UK and German business and energy landscapes, coupled with his extensive experience in government and international trade, will be invaluable as we navigate the evolving sectors in these key markets. 'Greg has unique capabilities for the job, including fluency in German and good Czech, and understands many of our markets very well.' Mr Hands said: 'I have known Daniel Kretinsky for a long time, and I know that EP Group has a strong track record in energy and infrastructure. 'I look forward to contributing to its continued growth and commitment to energy security and sustainable energy solutions in these regions.' While Mr Hands's role appears to be focused on Mr Kretinsky's energy assets, the appointment comes at a time when much of the billionaire's focus is likely to be on Royal Mail. He has outlined plans to invest heavily in parcels as he attempts to transform Royal Mail into a modern logistics giant. But he will also be required to navigate discussions with ministers and regulators over the future of Royal Mail's universal service obligations, which require it to deliver six days a week at a uniform price. Bosses have argued that stringent rules have left the company financially unsustainable amid a sharp decline in letter sending. Last month Ofcom said Royal Mail had missed its delivery targets in the latest financial year, raising the prospect of a potential fine for the third year running. The regulator is planning to allow Royal Mail to end second-class mail deliveries on alternate days and Saturdays and to water down its delivery targets. However, the company is still disputing so-called 'tail of the mail' back-up targets, which it argues will add 'significant' costs and further push up prices. Mr Kretinsky, who also owns a major stake in Dutch postal service PostNL, has already made a number of legally binding commitments – including maintaining Saturday deliveries for first-class letters, protecting the Royal Mail brand and keeping the company's headquarters and tax base in the UK – to help ease concerns about the deal. International Distribution Services (IDS), Royal Mail's parent company, on Monday confirmed its delisting from the London Stock Exchange and the resignation of a number of board members, including Keith Williams, the chairman. The Communication Workers Union, which represents postal employees, said the departures were 'welcome news' for staff across the UK. It said: 'Led by chairman Keith Williams, the previously senior leadership team have overseen the gross mismanagement of one of the UK's most important companies, they have destroyed the service provided to millions of customers and businesses and they have callously targeted their own workforce in the attempt to create a low wage, gig economy-style employer. 'Keith Williams and many of his colleagues represent everything that is wrong with modern business leaders: paid and rewarded for failure whilst having zero vision.' Mr Williams has argued that EP Group's takeover offer was fair and that the commitments 'should ensure that IDS continues to deliver the key elements of the universal service in the UK and protect the interests of the workforce'. Martin Seidenberg, the IDS chief executive, and Michael Snape, the IDS chief financial officer, will continue in their respective roles and remain on the board.
Scotsman
23-05-2025
- Business
- Scotsman
Sir Tom Farmer: Funeral procession of former Hibs owner to make way past Easter Road
The hearse of Sir Tom Farmer - one of the most important figures in Hibs history - will pass Easter Road following a private family funeral. Sign up to our Hibs football newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The hearse of former Hibs owner and Leith legend Sir Tom Farmer will be driven past the Scottish Premiership club's stadium following a private family funeral next week. The Edinburgh-born businessman - who started Kwik Fit - died peacefully at his home in the city on Friday, May 9 with his funeral taking place on Wednesday, May 28. The hearse is expected to pass Easter Road at around 12.45pm. A memorial service for Farmer is also set to take place later this year to recognise his contribution to charity, public life and Scottish business. Advertisement Hide Ad Advertisement Hide Ad Sir Tom saved Hibs for his beloved Leith community Farmer's involvement with the Leith club began in 1990, aiding the Hands Off Hibs campaign organising strong opposition to Wallace Mercer's plans of a merger with Hearts and eventually putting up £3 million to halt receivership and take ownership of the club despite not being a football fan. He owned a majority stake in Hibs for 28 years, selling his interest in 2019 to US businessman Ron Gordon. Farmer presided over the historic Scottish Cup success in 2016, ending 114 years of hurt while also seeing two League Cup trophies during his time at the helm. After his death, a statement from Hibs read: "Hibernian FC are devastated to hear of the passing of former owner Sir Tom Farmer, aged 84. Thank you for everything, Tom. Rest in peace." Cup-winning captain and current boss David Gray said: 'He saved the club at a time when he really needed them to do that. My relationship with him personally, it wasn't as if I've seen him all the time, not at all. But I did have one real positive meeting with him and introduction with him, which was straight after the cup final, for everything he's done for the football club. It's a sad day for everyone involved in the football club and the thoughts are with his family at this time.' Farmer's family commented: "Sir Tom's long and extensive career touched many aspects of Scottish and UK life. His business career is well documented, as was his commitment to philanthropy, his many public roles and his unwavering support and appreciation for the communities and people that he lived his life within. Sir Tom's Roman Catholic faith was present throughout all areas of his life. He attended mass weekly in Edinburgh and enjoyed the friendship and company of many people with the Catholic community both here in Scotland and further afield. Sir Tom will be remembered by many for his deep commitment to his family, his work and his faith and for being at all times a proud Scotsman.' Advertisement Hide Ad Advertisement Hide Ad Scotland's First Minister John Swinney called him a "generous individual to so many causes in Scotland" while Scottish Secretary Ian Murray said Farmer was a "proud Scot" and a "huge contributor" to community football clubs across the Lothians. Sir Tom was married to Anne (née Scott) and lived in Edinburgh. They had one daughter, one son and four grandchildren. Lady Farmer died in 2023. He was born in Leith in 1940 as the youngest of seven children.
