Crippled An Post plans property sell-off

CASH-STRAPPED An Post is planning a mass sell-off of properties in the hope of raising €27 million over the next 18 months.

The company confirmed last night that it intended selling off property valued at €13m this year and €14m in 2004 as the beleaguered management attempt to stem crippling losses at the semi-state company.

However, sources in the company have revealed that new chief executive Donal Curtin has ordered a review of all its sites to see if more buildings and land can be sold off. The plan is to raise up to €50m in total.