£3bn Royal Mail sell-off to bring shares windfall for up to 150,000 workers

UP to 150,000 Royal Mail staff will be handed thousands of pounds in free shares in a £3billion sell-off, it was announced yesterday.

Business Secretary Vince Cable said 10 per cent of the new company would be gifted to employees, netting them a potential windfall of up to £2,000 each.

But the offer failed to appease the postal workers’ union which threatened strikes.

The exact proportion sold will depend on market conditions and investor demand but it will be a majority stake.

The public will have a chance to buy shares but Royal Mail staff will get first refusal if they want to buy shares on top of their free stakes, which they would have to keep for at least three years.