What do we know about the new owner of Royal Mail, Daniel Kratinski?

Daniel Kratinsky is set to become the new owner of Royal Mail after the government approved the sale of its parent firm.

The Czech businessman has been described as a “silent sphinx” for his impenetrable style. So who is the low-key billionaire and what could new ownership mean for this historic British company?

The 49-year-old is now worth £6bn, up from £2bn in 2023, according to the Sunday Times Rich List.

He has adopted a low-profile approach to his business dealings, but what we do know about Mr. Křetínský is that he made a large part of his money through a labyrinthine structure of companies in Central and Eastern European energy.

This includes Eustream, which transports Russian gas through pipelines that pass through Ukraine, the Czech Republic and Slovakia.

In the UK, Mr Křetínský has built a substantial portfolio in well-known brands through Vesa Equity Investment, a private firm registered in Luxembourg.

It has major stakes in supermarket group Sainsbury’s and sportswear retailer Footlocker.

And, like others in his circle of wealth, he owns a football club or two. These include AC Sparta Prague as well as Premier League club West Ham United in which it has a 27% stake.

The businessman and lawyer was born in Brno, Czech Republic, about three hours from Prague.

His parents came from a professional background, his mother working as a senior judge and his father a computer science expert.

He studied both law and political science, taking a job as a trainee lawyer in Brno immediately after graduation.

He then started working for J&T Investment Group in 1999, quickly climbing the ranks and becoming a partner in 2003.

Since then, he has built a broad portfolio, including investments in the energy, property and retail industries.

Mr Křetínský owns extensive properties in upmarket areas, including Heath Hall on London’s Bishop Avenue – known as Billionaires’ Row.

He reportedly bought it for £65m and once rented the property to pop star Justin Bieber for around £25,000 a week.

He also spent around €21.5m (£18.3m) buying a Paris townhouse down the road from the Elysée Palace from Russian oligarch and fertilizer magnate Dmitry Rybolov and his ex-wife.

Mr. Křetínský also owns part of the private island resort of Villas in the Maldives.

On Monday, Křetínský’s EP Group said its mission is to “make Royal Mail a successful modern postal operator with high-quality services and products for its customers”.

Terms agreed by EP Group include keeping the brand name and Royal Mail’s headquarters and tax residency in the UK for the next five years.

It has also struck a deal in principle with the unions which would include workers getting a 10% share of any profits paid to Mr Kratinsky, as well as the creation of a workers’ group to represent Royal Mail directors. will meet monthly to give employees a greater voice in how it is run.

It is believed that Mr Křetínský wants to create a pan-European logistics business to compete with the likes of Evri or even Amazon.

Finally, by investing in things like delivery lockers, it is hoped that Royal Mail will be able to regain market share lost in recent years and turn its fortunes around.

It has also said it will not back down from the requirement to deliver letters across the UK six days a week – as long as it runs the service.