Whistl is to take a controlling stake in its business after negotiating a deal with former owner PostNL, which is set to be signed once the details have been confirmed.

The Dutch postal company, which previously held a 100% stake in Whistl, will retain a 17.5% with the rest handing over to Whistl.

Whistl chief executive Nick Wells said the deal would give the company the freedom to further develop its position in the UK mail and post market.

Wells said: “Through a management led company, Whistl will continue to build upon its entrepreneurial heritage.  We will continue to challenge, innovate and provide great service to customers, whilst retaining the support of PostNL.”

Earlier this year PostNL said it was to review its international operations, while last month Whistl was forced to terminate its final mile delivery service following the departure of financial backer LDC. It was later revealed that the operation had incurred a cost of £10m for Whistl in the space of a year.

PostNL (previously TNT NV) demerged from TNT Express in 2011. It sold TNT Logistics (now Ceva Logistics) to private equity firm Apollo Management in 2006.

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