An Post plans 1,350 layoffs after €46m losses

An Post lost over €46 million in 2003, despite predicting a €1 million profit, and now wants to lay off 1,350 staff.

Amid allegations of a cooking of the books, the company’s former chief executive John Hynes was accused yesterday of misrepresenting financial information to an Oireachtas watchdog committee.

An Post now has no cash and is operating from an overdraft for the first time. After it sold assets last year to pay wages it is now embarking on a recovery plan, which includes downgrading 50 post offices.