EP Group tear up Dave Ward's groundbreaking agreement

[chickenwittle]

We’ve already had that uso meeting at my office, duty patterns are on the board for selection and we have already been given our start date . and we are not a pilot office.

[roadrunner bill]

The bloke is just after clearing the s**t out of royal mail..
Destroying everything and annihilating everything in his way.

Just to make money....

A bet the bloke is after the pensions surplus as well...


Ruthless.. heartless... stone cold..... evil...

[Valentina@1]

We’ve already had that uso meeting at my office, duty patterns are on the board for selection and we have already been given our start date . and we are not a pilot office.

Don’t worry Tony bouch be round soon with his heart monitors.

[postslippete]

So RM are now pushing ahead unilaterally, using the pilots as a soft launchpad for a full rollout while the union continues to say “nothing is agreed until everything is agreed.” The fact that the North East regional division are sounding the alarm rather than a strong, unified national stance only highlights the lack of assertive leadership at the top. And it confirms exactly what I've been saying that the CWU has got the sequencing wrong. USO Reform is the union's main bargaining chip and it is being handed over before any concrete guarantees on pay, equalisation, or working conditions are secured.

Instead of learning from the mistakes of the last deal, we are seeing reps go quiet or stonewall concerned members again and that can’t continue. The North East’s call for members not to engage in “pre-work” is significant and a step in the right direction. But it will only be effective if it’s backed by clear comms across all divisions and backed by a firm national stance with a plan to escalate if RM continues to press ahead.

We need to hear publicly from Dave Ward and Martin Walsh on this. Immediately.

[Valentina@1]

So RM are now pushing ahead unilaterally, using the pilots as a soft launchpad for a full rollout while the union continues to say “nothing is agreed until everything is agreed.” The fact that the North East regional division are sounding the alarm rather than a strong, unified national stance only highlights the lack of assertive leadership at the top. And it confirms exactly what I've been saying that the CWU has got the sequencing wrong. USO Reform is the union's main bargaining chip and it is being handed over before any concrete guarantees on pay, equalisation, or working conditions are secured.

Instead of learning from the mistakes of the last deal, we are seeing reps go quiet or stonewall concerned members again and that can’t continue. The North East’s call for members not to engage in “pre-work” is significant and a step in the right direction. But it will only be effective if it’s backed by clear comms across all divisions and backed by a firm national stance with a plan to escalate if RM continues to press ahead.

We need to hear publicly from Dave Ward and Martin Walsh on this. Immediately.

Well said great post

[pieoftheday]

I'm afraid the OPs post is a tad too late,none cwu members and cwu members at ou D O are fully involved, horse has bolted

[postslippete]

“Royal Mail are skint we’ve checked the books”

Remember that line?

Another classic line that doesn't reveal the true picture.

I used to work as a financial analyst before I joined RM, and just for the record, as of March 2024 the group's reported total assets are £9 billion. Retained earnings (the cumulative profit that is held in the business after dividends) have fluctuated but are around £3.5 - 5.2 billion between 2021-2024. There is also £974 million in availability liquidity which is the amount of cash and equivalents at the end of 2023-24, however net debt has increased to £1.7 billion as they have borrowed to fund their operations and investments.

Fact is, with net assets of £3.5 billion and several billion in retained profits the company overall isn't "skint" but their financial structure allows them to say that they are short of cash to justify cost-cutting measures. It is not a lack of funds so much as to where the money is directed that shapes their overall strategy.

[hazzeem025]

I'm just waiting to see what Walsh, Ward and Bouch have to say about those naughty CWU members in the North East actually having some balls.....

[roadrunner bill]

So really royal mail... are basically stealing all it's profit... as well as much cash it can get their thieving hands on...

[Jefferson Starfish]

“Royal Mail are skint we’ve checked the books”

Remember that line?

Another classic line that doesn't reveal the true picture.

I used to work as a financial analyst before I joined RM, and just for the record, as of March 2024 the group's reported total assets are £9 billion. Retained earnings (the cumulative profit that is held in the business after dividends) have fluctuated but are around £3.5 - 5.2 billion between 2021-2024. There is also £974 million in availability liquidity which is the amount of cash and equivalents at the end of 2023-24, however net debt has increased to £1.7 billion as they have borrowed to fund their operations and investments.

Fact is, with net assets of £3.5 billion and several billion in retained profits the company overall isn't "skint" but their financial structure allows them to say that they are short of cash to justify cost-cutting measures. It is not a lack of funds so much as to where the money is directed that shapes their overall strategy.

What about the £3 Billion DK is borrowing to buy the company?

[roadrunner bill]

We're doomed...

[postslippete]

What about the £3 Billion DK is borrowing to buy the company?

The £3 billion Kretinsky is borrowing to acquire IDS is his private equity deal, not any operational debt. That's debt that's raised to purchase the company rather than run it. It is key to separate the company's actual performance and liquidity from the financial manoeuvring of its buyer. IDS's books show that it still holds billions in assets/retained earnings which undermines any claims of it being skint.

I would also add that saying that there is no money for pay rises for staff while allowing increased executive pay/bonuses is about the company's priorities, not poverty. Any financial engineering at the top should not be used to justify worse terms and cons at the bottom.

[Jefferson Starfish]

What about the £3 Billion DK is borrowing to buy the company?

The £3 billion Kretinsky is borrowing to acquire IDS is his private equity deal, not any operational debt. That's debt that's raised to purchase the company rather than run it. It is key to separate the company's actual performance and liquidity from the financial manoeuvring of its buyer. IDS's books show that it still holds billions in assets/retained earnings which undermines any claims of it being skint.

I would also add that saying that there is no money for pay rises for staff while allowing increased executive pay/bonuses is about the company's priorities, not poverty. Any financial engineering at the top should not be used to justify worse terms and cons at the bottom.

The debt will need to be serviced and where do you think the money is going to come from to do that?

[dazzler123]

“Royal Mail are skint we’ve checked the books”

Remember that line?

that was the account that paid all the bonuses. Bone dry

[postslippete]

So really royal mail... are basically stealing all it's profit... as well as much cash it can get their thieving hands on...

It feels like RM is prioritising executive rewards and investor payouts over the very people who keep this business going. They have recruited Emma Gilthorpe as CEO of RM and are looking to increase Martin Seidenberg's salary. However, posties are now working harder than ever yet the company has cut sick pay, delayed pay talks and continues to hire new entrants on inferior terms (a dozen where I work) while it still reports billions in assets, retained earnings and liquidity. This isn't about a lack of money but where IDS choose to direct it and doesn't appear to be the workforce.

Honestly, I wish I was in the room with EP Group for these negotiations because you can guarantee that they will bring polished financials and what they need, above all, is someone across the table who actually understands corporate finance well enough to push them back. Maybe they have someone that does that but from how the last deal played out I'm not convinced. Ward and Walsh are not financial people and their lack of insight could be costing us leverage. If I'm completely truthful that road might lead us to IA which nobody wants since the last dispute. But if it comes to that then it won't reflect well on Kretinsky either.