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Daniel Křetínský’s EP Group has made “legally binding commitments” to the UK government as part of the process to buy the postal service from its British parent company International Distribution Services, according to a governmentstatementpublished Monday.

accessories limited (533540) performed so strongly recently ✌️【Flexible Hours】✌️ Precise predictions of market trends with real-time stock indices and futures data to help you make wise investment decisions. These commitments include seeking government approval to move Royal Mail’s headquarters and tax residency abroad, with both remaining in the United Kingdom for at least five years.

EP Group must also uphold the postal service’s “universal service obligation,” which requires it to deliver priority letters six days a week everywhere in the UK for the same flat fee. The company has also agreed to recognize and “negotiate in good faith” with relevant workers’ unions.

accessories limited (533540) performed so strongly recently ✌️【Flexible Hours】✌️ Get accurate stock forecasts and market predictions from top financial advisors. With real-time updates on stock indices, exchange rates, and futures data, you'll be equipped to make profitable decisions and grow your capital steadily. The £3.6 billion ($4.6 billion) deal, which International Distribution Servicesaccepted in May, has raised concerns about the fate of thousands of Royal Mail employees, as well as the future of a key piece of national infrastructure, which delivers a vital public service.

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Last week, Ofcom, the UK regulator overseeing the postal service, fined Royal Mail £10.5 million ($13.3 million) for failing to meet its delivery targets.

“With millions of letters arriving late, far too many people aren’t getting what they pay for when they buy a stamp,” Ian Strawhorne, Ofcom’s director of enforcement, said in astatement. “Royal Mail’s poor service is now eroding public trust in one of the UK’s oldest institutions.”

Křetínský, the majority shareholder of EP Group, oversees a sprawling empire of European energy companies, retailers and football clubs. He is worth an estimated $7 billion, according to theBloomberg Billionaires Index.

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Křetínský founded EP Group in 2016 with business partner Patrik Tkáč. Through its investment arm Vesa Equity Investment, Křetínský has acquired stakes in big-name brands such as Foot Locker (FL) in the United States, FNAC in France and supermarket Sainsbury’s in the UK.

accessories limited (533540) performed so strongly recently ✌️【Flexible Hours】✌️ Expert predictions and real-time data on global stock indices, metals, energy, and agricultural products to help you make more informed decisions and boost your investment returns. Benefit from cutting-edge market intelligence for steady growth. Three years ago, the businessman bought a27% stakein West Ham United Football Club through another of his investment firms. That makes Křetínský the club’s second-biggest shareholder, according to itswebsite.

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