Latest news with #Kretinsky
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


Daily Mail
3 days ago
- Business
- Daily Mail
Ex-minister Greg Hands to advise Royal Mail after takeover by 'Czech Sphinx' billionaire
A former trade minister has been appointed as an adviser to the new owner of Royal Mail. Greg Hands, who lost his seat as a Conservative MP in last year's election, will advise Daniel Kretinsky's EP Group on business matters in the UK and Germany. The appointment came as Royal Mail's parent company, International Distribution Services (IDS), formally left the London Stock Exchange after being bought by Czech billionaire Kretinsky. The departure from the stock market also saw a number of IDS board members resign, including chairman Keith Williams. The £3.6billion takeover by Kretinsky saw the more than 500-year-old firm fall into foreign hands for the first time.


Powys County Times
3 days ago
- Business
- Powys County Times
New Royal Mail owner appoints former minister Greg Hands as adviser
Former UK trade minister Greg Hands has been appointed as an adviser to the new owner of Royal Mail. Czech billionaire Daniel Kretinsky's business EP Group announced that the former Conservative minister has been made a full-time strategic adviser on Monday. 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'. 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.'


North Wales Chronicle
3 days ago
- Business
- North Wales Chronicle
New Royal Mail owner appoints former minister Greg Hands as adviser
Czech billionaire Daniel Kretinsky's business EP Group announced that the former Conservative minister has been made a full-time strategic adviser on Monday. 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'. 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.'

Leader Live
3 days ago
- Business
- Leader Live
New Royal Mail owner appoints former minister Greg Hands as adviser
Czech billionaire Daniel Kretinsky's business EP Group announced that the former Conservative minister has been made a full-time strategic adviser on Monday. 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'. 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.'