The UK government has approved the sale of Royal Mail’s parent company to Czech billionaire Daniel Křetínský, a move that marks a significant shift in the 500-year-old postal service’s history. Through his company, EP Group, Křetínský has committed to honoring Royal Mail’s key delivery obligations, including six-day letter delivery across the UK.
Who is Daniel Křetínský?
Often referred to as the “quiet sphinx” for his enigmatic business style, Křetínský, 49, has risen to prominence through investments in energy, retail, and property. According to the Sunday Times Rich List, his net worth increased by £2 billion in 2023, reaching £6 billion.
Křetínský made his fortune in Central and Eastern Europe’s energy sector, notably through Eustream, which transports Russian gas via pipelines across Ukraine, Slovakia, and the Czech Republic. He also has substantial investments in the UK, holding significant stakes in well-known brands such as supermarket chain Sainsbury’s and sports retailer Footlocker through his Luxembourg-based firm, Vesa Equity Investment.
In addition, Křetínský owns stakes in football clubs, including AC Sparta Prague and West Ham United, where he holds a 27% share.
Early Life and Career
Born in Brno, Czech Republic, Křetínský hails from a professional family; his mother was a top judge, and his father was a computer science academic. After studying law and political science, he started his career as a trainee lawyer before joining J&T Investment Group in 1999. By 2003, he became a partner and began building a diverse portfolio spanning energy, retail, and property.
Property Portfolio
Křetínský’s acquisitions include high-end properties such as Heath Hall on London’s Billionaire’s Row, bought for £65 million. He also owns a Parisian townhouse near the Élysée Palace and shares in the Velaa private island resort in the Maldives.
Vision for Royal Mail
EP Group’s mission is to modernize Royal Mail and transform it into a competitive postal and logistics provider. The company has agreed to retain Royal Mail’s UK headquarters, brand, and tax residency for at least five years. A deal with workers’ unions includes a 10% share of dividends for employees and the formation of a monthly workers’ group to enhance employee representation.
Křetínský’s broader ambition is to establish a pan-European logistics network to rival giants like Amazon and Evri. Investments in infrastructure, such as delivery lockers, aim to help Royal Mail regain lost market share. Despite challenges, he has vowed to uphold Royal Mail’s six-day letter delivery requirement “as long as he lives.”
What’s Next for Royal Mail?
Under Křetínský’s ownership, Royal Mail hopes to reclaim its position as a trusted and innovative postal operator. While significant changes are anticipated, his commitment to the brand’s legacy provides some reassurance to employees and customers alike.
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