Latest news with #NigelRailton
Sky News
2 days ago
- Business
- Sky News
Post Office weighs asset sales or borrowing to meet postmaster pay target
The Post Office is considering selling assets or taking on new borrowings to help deliver an ambition to boost sub-postmasters' pay by £120m this year, its chairman has said. Sky News has learnt that Nigel Railton, who was confirmed as the state-owned company's long-term chair last week, told thousands of branch managers that it had ring-fenced £86m so far to increase their remuneration. In a speech delivered in Chesterfield, Mr Railton is understood to have told sub-postmasters that the Post Office's board was redoubling its efforts to meet the target of up to £120m for pay rises. The company was exploring options including additional cost-savings, further asset sales, sale-and-leaseback opportunities, and borrowing options, he told them. One source said Mr Railton had said on Wednesday morning that without actions already taken by Post Office management, sub-postmasters would be left with pay increases this year of just 2%, rather than the 20% it had now secured. The progress towards its £120m target comes just three months after the Post Office chairman was forced to deliver a bleaker prognosis to thousands of sub-postmasters keen to have their faith restored in the scandal-hit company. In March, Mr Railton said he had yet to gain certainty from Whitehall about a £120m increase for this year. 3:06 "Our funding discussions are positive and ongoing, but I want to be honest that we are operating in a challenging financial environment," he told them at the time. The Post Office is reliant on funding from the government, and last November outlined plans for an ambitious transformation of its business, which includes a substantial number of job cuts. It remains hopeful of making up the £34m shortfall to reach its £120m target, according to insiders, as it seeks to rebuild its public and internal reputation in the aftermath of the Horizon IT scandal.
Times
28-04-2025
- Business
- Times
Currency trader learns hard lesson
So that's what you call 'a global expert in currency risk management': an outfit that takes four days to implode from a market value of £52 million to a £3 million rescue takeover. And all, apparently, because of Donald Trump. What is this company, you ask? The Aim-listed Argentex, the self-styled 'debt-free, cash-rich business', operating as a 'riskless principal broker for non-speculative commercial currency transactions'. Do note 'cash-rich' and 'riskless'. Despite such claims all over its comedy website, it has wound up skint: news that appears to have been as big a shock to the useless board, chaired by the ex-Camelot UK lottery chief Nigel Railton, as to its luckless shareholders. Here's the short version of events, as relayed in a series of gruesome updates
Yahoo
08-04-2025
- Business
- Yahoo
Post Office to offload two Glasgow branches
The last two remaining directly-owned branches of the Post Office in Glasgow are to be offloaded to franchisees by the autumn. The Post Office announced today (Tuesday, April 8) that following a board decision, it is moving to a fully franchised network. The branches at 136 West Nile Street in the city centre and 230 Springburn Way in Springburn are among the last 108 in the UK directly owned and run by the company to be franchised. The Post Office stressed that those communities that currently have a directly-managed branch will continue to be able to access their services either at, or near to, the same location. It also said that it will work with franchise partners with a clear track record of successfully running Post Office services or similar customer-focused retail to ensure communities in these 108 locations will "continue to receive a high quality of service once their directly-managed branch is franchised.' The news follows the Post Office's announcement last November of its five-year Transformation Plan to deliver a 'New Deal for Postmasters'. The Post Office said the plan, which is subject to government funding, will increase postmaster renumeration by an additional £250 million a year by 2030. Nigel Railton, Post Office chair, said: 'Moving to a fully franchised network is one part of enabling the Post Office to deliver a 'New Deal for Postmasters', helping to create a long-term, sustainable future for the Post Office. 'By franchising these branches, we are protecting access to our services for communities right across the UK and realising £40 million worth of savings that will enable us to uplift postmasters' remuneration by up to 10%. 'Over the coming months, we will continue to work with our unions to ensure that we treat our staff working in these 108 branches with care and respect through this transition, consulting with them on proposed changes. 'The 108 Post Offices will either stay in the same location where possible or be located close to the existing location, meaning customers will continue to have access to a full suite of products and services.'
Yahoo
08-04-2025
- Business
- Yahoo
About 1,000 workers at risk as Post Office plans to offload 108 branches
The Post Office has said it plans to offload its last remaining directly owned branches, putting around 1,000 workers at risk. It confirmed that 108 crown branches, which are currently directly owned and run by the company, will be handed over to franchisees by the autumn. The process could see the sites taken over by large franchising businesses or postmasters themselves. It is understood the Post Office expects the majority of these branches to continue running at their current sites, but that some of these could face closure as franchises are moved to different premises, affecting staff. The Post Office stressed that communities affected 'will continue to be able to access Post Office services either at, or near to, the same location'. The move is part of efforts by the Post Office to generate cash to help it increase pay for postmasters. It comes after the organisation, which has undergone a significant overhaul since the impact of the Horizon IT scandal when hundreds of subpostmasters were wrongfully convicted, announced a review of the branches late last year. Around 1,000 workers are employed across the branches. The Post Office said the plan, which is subject to Government funding, will help it to increase postmaster remuneration by an extra £250 million a year by 2030. Post Office chairman Nigel Railton said: 'Moving to a fully franchised network is one part of enabling the Post Office to deliver a New Deal for Postmasters, helping to create a long-term, sustainable future for the Post Office. 'By franchising these branches, we are protecting access to our services for communities right across the UK and realising £40 million worth of savings that will enable us to uplift postmasters' remuneration by up to 10%.'
The Independent
08-04-2025
- Business
- The Independent
About 1,000 workers at risk as Post Office plans to offload 108 branches
The Post Office has said it plans to offload its last remaining directly-owned branches, putting around 1,000 workers at risk. It confirmed that 108 crown branches, which are currently directly owned and run by the company, will be handed over to franchisees by the autumn. The process could see the sites taken over by large franchising businesses or postmasters themselves. It is understood the Post Office expects the majority of these branches to continue running at their current sites, but that some of these could face closure as franchises are moved to different premises, affecting staff. The Post Office stressed that communities affected 'will continue to be able to access Post Office services either at, or near to, the same location'. The move is part of efforts by the Post Office to generate cash to help it increase pay for postmasters. It comes after the organisation, which has undergone a significant overhaul since the impact of the Horizon IT scandal when hundreds of subpostmasters were wrongfully convicted, announced a review of the branches late last year. Around 1,000 workers are employed across the branches. The Post Office said the plan, which is subject to Government funding, will help it to increase postmaster remuneration by an extra £250 million a year by 2030. Post Office chairman Nigel Railton said: 'Moving to a fully franchised network is one part of enabling the Post Office to deliver a New Deal for Postmasters, helping to create a long-term, sustainable future for the Post Office. 'By franchising these branches, we are protecting access to our services for communities right across the UK and realising £40 million worth of savings that will enable us to uplift postmasters' remuneration by up to 10%.'
