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.
"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
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
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.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here