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Post Office rings changes with sale of telecoms arm

12 Sep 2020, 12:28

https://news.sky.com/story/post-office- ... m-12069002


The Post Office is also exploring the sale of its insurance business under its new CEO, Sky News learns.


The Post Office is in talks to offload its telecoms arm and is exploring a sale of its insurance business as its new chief executive puts his stamp on the centuries-old institution.

Sky News has learnt that the government-owned company has appointed bankers to oversee and auction of its telecoms division, which boasts 500,000 customers and annual revenues of approximately £150m.

City sources said on Friday that PJT Partners, the investment bank, had been hired to run the auction, which is expected to command a price tag of more than £100m, following a number of unsolicited expressions of interest.

They added that a sale would not proceed unless a satisfactory price was obtained.

Another City firm, Fenchurch Advisory Partners, has separately been appointed to conduct a strategic review of the Post Office's insurance division.

The insurance business is a regulated intermediary that has roughly 300,000 customers spread predominantly across travel, home, motor and protection products.

The prospective disposals of the two operations follow a comprehensive review of the company led by Nick Read, who joined the Post Office as its chief executive last year.



Mr Read's appointment came amid an escalating row over the multi-million pound scandal which resulted in a number of its sub-postmasters - or branch managers - wrongly sent to prison.

The crisis led the Post Office to agree last December to pay nearly £58m to settle a legal claim brought by a group of 550 sub-postmasters.


More here: https://news.sky.com/story/post-office- ... m-12069002

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