UK Government starts sell-off of remaining Royal Mail stake

The UK Government has sold half of its remaining 30% stake in Royal Mail to institutional investors. Around 150 million shares have been sold at 500p a share – raising £750m.

The Government will also be giving up  a further 1% of the company to staff – adding to the 10% that were awarded to employees when Royal Mail was part-privatised through an initial public offering (IPO) in October 2013.

Chancellor George Osborne announced the 15% sale in speech last night (Wednesday, 10 June).

“We want to help the Royal Mail attract more investment and serve its customers, and use the money we raise in return to pay down the national debt,” he said. “We’re also going to make sure that there is a special bonus for the workforce who have done such a great job turning Royal Mail around.”