ROYAL Mail workers have been in an ongoing dispute over pay and conditions, members voting in favour of industrial action in February 2023.
Here, we look at the history of the company and who it is owned by.
Who owns Royal Mail?
Royal Mail is owned by private shareholders.
The selling process began in 2013, and finished in 2015.
The biggest share is owned by Daniel Křetínský, a Czech billionaire whose Vesa investment group controls 25% of the company.
Royal Mail started operatingin 1516, and remained publicly owned until 2011, where the coalition government at the time passed the Postal Services Act, which allowed 90% of the service to be privatised.
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How much does the Royal Mail make?
In March 2022, Royal Mail posted a financial year end profit of £758million.
This was an 8% rise from March 2021.
However, the company is expected to report a financial loss of up to £450million for the financial year, which ends on March 31, 2023.
Royal Mail suggested that strike action which took place in 2022 ended up costing the company around £200million.
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When did postal workers go on strike?
Royal Mail announced that employees represented by the Communication Workers Union (CWU) had voted in favour of further strike action in February 2023.
However, strikes for February 16 and 17 were cancelled and since then the company has been locked in negotiations with the union.
In a statement on their website, they said: "In the event the CWU do announce further strike action, we have plans to minimise disruption and get our services back to normal as soon as possible after strike action to keep people, businesses and the country connected.
"We remain committed to getting around the table with the CWU, resolving this dispute and agreeing a pay and change deal for our people. That is in the best interests of customers, Royal Mail and its employees."
There were 18 days of strike action in 2022, and the company is keen to avoid a repeat that would could them millions.
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