Whistl is set to be bought out by its own management following the conclusion of an independent review. 

PostNL looked into both the international operations and the UK activities of the firm earlier this year. 

Its report concluded that the management team should take a controlling stake in Whistl, with a 17.5% holding retained by PostNL. 

Both companies are working to conclude the necessary work as soon as possible - and Whistl is expected to develop its current portfolio of activities and build its position in the UK postal market as a result of the development. 

Handing around 3.75 billion items of mail, the firm's core business holds a 56% market share in the UK.

Whistl chief executive officer Nick 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.'