Foreign buyers ‘express interest’ in Royal Mail

BUSINESS minister Michael Fallon has revealed that several overseas buyers have expressed “significant interest” in buying Royal Mail.

Fallon has revealed that several overseas buyers have expressed significant interest in buying Royal Mail. Picture: Getty

Fallon told a Sunday newspaper that Royal Mail boss Moya Greene had already embarked on a global roadshow promoting the 497-year-old business to sovereign wealth funds, foreign trade buyers and institutional investors.

Fallon said the UK government’s preferred option for the state-owned company is for a stock market listing, with postal workers given a 10 per cent stake.

He said: “Royal Mail have been testing investor appetite here, in Canada and the United States.

“Our preference is for an initial public offering, but if that’s not possible we would look at alternatives such as sovereign wealth funds or other institutional investors.”

News of the overseas interest in Royal Mail came as the Post Office prepared to today launch three current accounts at 29 of its branches in East Anglia, ahead of a full roll-out next year.

The accounts are being delivered by existing partner Bank of Ireland.