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HomeStock MarketWhat can we learn about Royal Mail's new proprietor Daniel Křetínský?

What can we learn about Royal Mail’s new proprietor Daniel Křetínský?

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Getty Images Lawyer and entrepreneur Daniel Kretinsky is pictured wearing square-rimmed glassesGetty Pictures

Daniel Křetínský is about to grow to be the brand new proprietor of Royal Mail after the sale of its mother or father agency was accredited by the federal government.

The Czech entrepreneur has been described as a “quiet sphinx” for his inscrutable fashion. So who’s the low-key billionaire and what might new possession imply for this historic British firm?

Based on the Sunday Instances Wealthy Listing, the 49-year-old is now price £6bn – up £2bn on 2023.

He has adopted low-profile method to his enterprise dealings, however what we do learn about Mr Křetínský is that he made a big a part of his cash in Central and Japanese European power by way of a labyrinthine construction of firms.

This consists of Eustream, which transports Russian fuel by way of pipelines that run by means of Ukraine, the Czech Republic and Slovakia.

Within the UK, Mr Křetínský has constructed up fairly a portfolio in well-known manufacturers by means of Vesa Fairness Funding, a personal agency which is registered in Luxembourg.

He holds massive stakes in grocery store group Sainsbury’s and the sportswear retailer Footlocker.

And, like others in his wealth bracket, he has a soccer membership or two. These embody AC Sparta Prague, in addition to Premier League membership West Ham United during which he holds a 27% stake.

Getty Images Daniel Křetínský pictured holding his arms in the air in celebration while watching West Ham at a football gameGetty Pictures

Mr Křetínský holds a 27% stake within the West Ham United soccer membership

Early beginnings

The businessman and lawyer was born within the metropolis of Brno within the Czech Republic, some three hours away from Prague.

His dad and mom got here from skilled backgrounds, together with his mom working as a prime choose and his father a pc science tutorial.

He studied each legislation and political science, taking over a job as a trainee lawyer in Brno quickly after graduating.

Afterwards he began working for the J&T funding group in 1999, climbing the ranks rapidly and changing into a accomplice in 2003.

Since then, he has constructed an expansive portfolio, together with investments throughout the power, property and retail industries.

Property purchases

Mr Křetínský owns expansive properties in upmarket areas, which embody Heath Corridor on London’s Bishop Avenue – referred to as billionaire’s row.

He reportedly purchased it for £65m and as soon as rented the property to popstar Justin Bieber for about £25,000 every week.

He additionally spent about €21.5m (£18.3m) shopping for a Parisian townhouse down the highway from the Elysée Palace from Russian oligarch and fertilizer magnate Dmitry Rybolovlev and his ex-wife.

Mr Křetínský additionally owns a share of the Velaa personal island resort within the Maldives.

Future hopes

On Monday, Křetínský’s EP Group stated it had a “mission to make Royal Mail a profitable trendy postal operator with top quality service and merchandise for its prospects”.

The circumstances agreed by EP Group embody conserving the model title and Royal Mail’s headquarters and tax residency within the UK for the following 5 years.

It has additionally reached an settlement in precept with unions that embody staff getting a ten% share of any dividends paid out to Mr Kretinsky, in addition to the formation of a staff group that may meet month-to-month with the administrators of Royal Mail to offer staff a much bigger voice on how it’s run.

It’s thought that Mr Křetínský needs to construct a pan-European logistics enterprise to rival the likes of Evri and even Amazon.

Ultimately, by investing in issues like supply lockers, the hope is that Royal Mail might claw again the market share it has misplaced lately and switch its fortunes round.

He has additionally stated he wouldn’t stroll away from the requirement to ship letters all through the UK six days every week – so long as he’s operating the service.

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