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Britain’s government has approved the sale of Royal Mail’s parent company to a Czech billionaire, paving the way for the postal service to pass into foreign ownership for the first time in its 500-year history

The lowdown on the Czech billionaire and how the takeover will affect the British postal service

We have long since got used to our corporate crown jewels being raided by foreign buyers: Roll-Royce Motors, Land Rover, Harrods, Heathrow, even Weetabix and Polos are all in the stewardship of overseas owners. Vital public services such as Thames Water are also not excluded from the list.

Czech billionaire Daniel Kretinsky has agreed to a series of legally-binding commitments to gain government clearance for the deal.

Britain's centuries-old Royal Mail is set to pass into foreign ownership after the UK government Monday approved the takeover of its parent company by Czech billionaire Daniel Kretinsky's EP Group.

Daniel Kretinsky owns one of Britain’s most expensive homes, the 15-bedroom Heath Hall mansion in Hampstead

Here, the PA news agency looks who Mr Kretinsky is and what the new ownership could mean for the historic British company.

Time is running out to get your presents and cards in the post for arrival before December 25

Ofcom chief executive Dame Melanie Dawes said there are “real questions about what the service needs to be" ...

Business Secretary Jonathan Reynolds said the Government had secured a raft of legally-binding commitments with Mr Kretinsky’s EP Group.