Vesa, which is backed by Czech financier Daniel Křetínský and Slovak tycoon Patrik Tkáč, continued to buy shares in Royal Mail during the holidays. It increased its stake from 22% to 23% on 16 December, according to a stock exchange statement.

This is the first time Vesa has strengthened its position since it received permission from the British government to increase its stake. The Secretary of State for Business, Energy and Industrial Strategy (BEIS) announced in late October that, after careful consideration, the UK government would take no further action under the National Security and Investment Act. This decision gives more leeway to Kretinsky and Tkac, and could facilitate a potential acquisition of the business.

In addition, in December, Křetínský hired former Labour politician and banker at JP Morgan, Chuka Umunna, as his adviser. This, according to British union leaders, increases the likelihood of a takeover attempt of Royal Mail.

Royal Mail, which recently changed its name to International Distribution Services (IDS), has been at the centre of a bitter dispute over pay and working practices for the past year. In October 2022, it said up to 10,000 jobs were under threat, citing ongoing strikes. These are estimated by experts to have cost the company up to £200 million last year.