Royal Mail has outlined plans to cut 700 managerial jobs as it lowered its profit outlook for the year due to the anticipated costs from its reorganisation.

The company, one of the world's oldest postal organisations, has identified approximately £220 million of savings to deal with expected cost pressures.

The latest job losses come on the back of other streamlining measures announced in mid-2020 when Royal Mail said it would lay off 2,000 of its staff, mostly back-office workers and some frontline managers.

The Herald:

"As a next step, subject to consultation, we intend to further simplify and streamline our operational structures to ensure an improved focus on local performance, and devolve more accountability and flexibility to frontline operational managers," the company said in a statement.

Royal Mail also reported a 2.4% drop in revenue for the three months to December after a slower-than-expected rise in volumes around Black Friday. Revenue is still up 17% from 2019 levels.

Royal Mail's UK business now expects adjusted operating profit of around £430m, down from an earlier forecast of £500m.

 

Insolvency specialist opens office in landmark Glasgow building

The Herald:

Interpath Advisory, which has a team of 64 restructuring, turnaround and personal insolvency specialists in Glasgow, has opened a new office in the city at 130 St Vincent Street. The independent advisory firm was formed last year following the sale of KPMG’s UK restructuring practice.

 

St Andrews distiller sells majority stake to Scottish investment house

The Herald:

Inverleith LLP, the Edinburgh-based investment firm, has taken a majority stake in Eden Mill, the Scotch whisky and gin company.

The investment gives fresh impetus to Eden Mill, founded by entrepreneur Tony Kelly and drinks trade veteran Paul Miller in 2012, as it moves ahead with its development of a new “climate positive” distillery in St Andrews. The new distillery is due to open in late 2022.

The Herald: