GBP1.7 billion warchest to destroy union - Williams & Thompson

[pinstripe]

Mr Thompson is deluded. How does he expect putting 2,000 admin staff, most of whom are probably physically unfit, working out of cars, and all inexperienced in a delivery role, supposed to match tens of thousands of experienced delivery posties.

Come on, they’ll be so good, each of them will do the job of 50 of us, and they’ll even do their lapsing. We’ll go back on the 28th and every single office will be clear, not a letter, not a packet, not a single d2d, just a hint of smoke in the air

[jbo5066]

That's if they all agree to it ... Didn't I read somewhere it wasn't compulsory, just asking for volunteers... And what about the manager's union? No response from them to this.

[DirtyHarry]

Royal Mail has to be the worst bully in British industry at the moment.
Their contempt for anyone working for them, is the worst I've have ever seen from any company.
Just appalling.

[employee1]

Ignore this headline...its part of the psycological strategy to remove hope. Without hope people are inclined to give in easier. Probably a total lie designed to intimidate.
Probably something concocted up between the company and the anti union media.

[hfcbkk1875]

If you read the article you will see that nowhere in it does Williams mention 1.7 billion pounds to destroy the union and break our strike ..this is just typical Tory propaganda.
Stay strong keep your heads held high we are not to blame for the mess they've made .

25 years walking the walk in Scotland's capital .

[Schiff]

Putin went to war with Ukraine thinking that the Russians' superior weaponry and troop numbers meant that a swift victory was inevitable. The Ukrainians could have simply bowed to the inevitable and waved the white flag. Instead they decided that if they were going down then they would go down fighting. To date they have given Putin a hell of a kicking and can hold their heads high.

Are we going to be scared off by Thompson's war chest?

No f***ing way pal!

Get what you're trying so say with your comparison but can't really compare a war with an industrial dispute.

It is Royal Mail management describing this as a war chest to destroy the union. They consider this to be a war rather than a dispute, and it is one that they deliberately instigated.

[Halfhappy]

To put this in perspective, the £1.7billion war chest they've apparently built up, is 1,700 days of losing a £1million, which I think is about four to five years worth. My maths ain't the best.

[redlen]

Putin went to war with Ukraine thinking that the Russians' superior weaponry and troop numbers meant that a swift victory was inevitable. The Ukrainians could have simply bowed to the inevitable and waved the white flag. Instead they decided that if they were going down then they would go down fighting. To date they have given Putin a hell of a kicking and can hold their heads high.

Are we going to be scared off by Thompson's war chest?

No f***ing way pal!

Get what you're trying so say with your comparison but can't really compare a war with an industrial dispute.

It is Royal Mail management describing this as a war chest to destroy the union. They consider this to be a war rather than a dispute, and it is one that they deliberately instigated.

It is the Torygraph, not Royal Mail calling it a War Chest.

[SpacePhoenix]

If RM have got that amount, they've got enough money to employ a load more staff, which would mean RM could meet the USO. OFCOM need to be asking some serious questions of RM

[daveyeff]

If you read the article you will see that nowhere in it does Williams mention 1.7 billion pounds to destroy the union and break our strike ..this is just typical Tory propaganda.
Stay strong keep your heads held high we are not to blame for the mess they've made .

25 years walking the walk in Scotland's capital .

it DOES say in an interview with the telegraph, ''THEY SAID''.....and goes on to say 12000 are prepared to cross picket lines each day-AND that the company has built up a £1.7bn war chest to DEFEAT THE CWU. granted it does not specify which one said it, but he is interviewing the 2 of them, so its either Williams or Thompson. my guess would be Thompson. maybe Dave Ward should get in touch with Oliver Gill, the chief business correspondent who supposedly did the interview and ask him straight out. worth a go if it turns out to be true.

[daveyeff]

could you imagine if that turns out to be true, the ramifications that would have for the board.

[Binsey]

Didn’t RM take 1,8 Billion pound loan at the start of covid?

[Tickson]

1,700,000,000 "war chest"

Divided by

115,000 Posties

Equals

£14,728 per Postman

Cost of living increase 10% per postman were asking for circa £2,500

Hope the union sticks em to the wall with this!

[theotherone]

I've seen on forums elsewhere they are saying in the half yearly report the company said they have £1.7b free cash flow across the group,but wouldn't be need this financial year.
Across the group to use for RM is cross subsidy though and they said the were having none of that.
Or it's absolute BS.

[Martin Walsh]

IDS appears to have played down any concerns with its debt and liquidity position, saying “the Board considers the Group’s net debt of £150 million (pre-IFRS 16) to represent a robust position as at the half year. Further, the Group has available liquidity of around £1.7 billion, including £768 million of cash and cash equivalents along with undrawn bank syndicate loan facility of £925 million.”
• However, net debt pre-IFRS 16 of £150 million compares with a positive cash position of £685 million in the first half to September 2021. This represents a considerable cash reduction over the year of £835 million.
• Net debt after IFRS 16 almost tripled from £540m to £1.47bn.
• Royal Mail’s report on VR pay policy affordability provided to CWU recently was positioned less positively, focusing on the increase in net debt as cash reserves are utilised which presents a challenge for VR pay affordability.