Post Office mulls asset sales as it looks to boost postmaster pay - report.
The Post Office is considering selling assets or taking on debt as part of plans to boost sub-postmaster pay, it was reported on Wednesday.
Source: Sharecast
The state-owned business, which is seeking to raise renumeration by £120m this year, has so far ring-fenced £86m of that, chair Nigel Railton reportedly told a major meeting branch managers.
According to Sky News, he added that the company was now exploring various options to add to that, including cost savings, further asset sales, sale-and-leasebacks and borrowing options.
A spokesman confirmed Railton’s comments to Sky News.
The Post Office, which is ultimately reliant on government funding, is looking to rebuild itself after being engulfed in the Horizon IT scandal.
Following a strategic review, it announced it would cut head office jobs and review the future around 100 centrally-owned crown post offices. The bulk of the Post Office’s 11,500 branches are run by independent operators and retail partners.
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