Wed, 13 May 2015 | DIVISION SALE
Delivery company Whistl, previously TNT Post, is reviewing its options as its financial problems head towards crisis point.
The business was in talks with LDC, a division of Lloyd's Banking Group, regarding significant investment to back its expansion plans. However, LDC pulled out of the deal in April, stating ongoing changes and complex regulatory conditions as reasons why it won't be investing.
The decision has left Whistl without the funding needed to support its plans for expansion of door-to-door services and prompted the company to conduct an “extensive review” of the viability and potential for the extension of its services.
A statement from the firm read: “To stem the losses from the operations we have taken the difficult decision to suspend the current E2E service during the review process and all mail will now be delivered through our long-standing downstream access service until we have concluded the review.
"As part of this extensive review, we will begin consultations with the relevant employees who are affected by the suspension of the E2E service, and with their union representatives, with a view to identifying and exploring viable proposals to secure the continuation of this service."
The company has already suspended its door-to-door delivery services in London, Liverpool and Manchester and some 2,000 jobs are thought to be at risk across the business as it reviews its future.
Whistl's directors are currently reviewing their options in light of the withdrawal of investment and the changing landscape across the sector to ascertain the best way forward.
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