The Put up Role of labor is drawing up plans to shut dozens of branches and axe many of of head workplace jobs because it tries to design its funds on a sustainable long-timeframe footing.

Sky News has learnt that the dispute-owned company is getting ready to lisp in the arriving days that this can shut or behold alternative franchising preparations for better than 100 wholly owned branches.

The affected branches collectively make use of shut to 1,000 of us and are talked about to be tremendously loss-making.

A predominant quantity of jobs – believed to be in some distance more than 1,000 – are moreover understood to be in hassle on the Put up Role of labor’s headquarters. Extra small print of where the axe would fall were unclear on Tuesday afternoon.

Whitehall insiders talked about that the manager had been consulted on the plans, which attain as ministers explore the chance of handing ownership of the network to hundreds of sub-postmasters all over Britain.

They added that union officers had moreover been briefed on the proposals, with one suggesting that an announcement could perchance attain as early as Wednesday or Thursday.

The price-cutting measures are talked about to be designed to wait on the Put up Role of labor stem wide financial losses, with the corporate requiring an annual executive subsidy to preserve afloat.

One executive supply talked about the plans ought to be considered in the context of feedback made by Jonathan Reynolds, the industry secretary, on Monday on the public inquiry into the Horizon IT scandal.

Giving evidence, Mr Reynolds talked about: “I judge despite the scale of this scandal, the Put up Role of labor is aloof an incredibly principal institution in nationwide existence.

“I perceive on the industry mannequin of the Put up Role of labor, and I judge even accounting for the adjustments in the core services and products which will likely be offered … there might possibly be aloof a total range of services and products which will likely be genuinely principal.

“But I produce now not judge postmasters invent enough remuneration from what the public prefer from the Put up Role of labor, and I judge that’s going to require some very principal adjustments to the total industry mannequin of the Put up Role of labor.”

Enhancements to the pay and dealing practices of sub-postmasters are expected to be offered imminently, the manager supply added.

The 364 yr-feeble institution has been engulfed in disaster since the scale of the Horizon scandal turned decided, with many of of sub-postmasters wrongly prosecuted for theft and fraud offences.

Brought to a wider public viewers by the ITV drama ‘Mr Bates vs The Put up Role of labor’, it has been labelled Britain’s biggest miscarriage of justice.

Many of these affected suffered unwell successfully being, marital breakdowns or died before they were exonerated.

Old chief executive Paula Vennells, who insisted for years that the Horizon device used to be tough, used to be successfully stripped of her damehood in disgrace earlier this yr.

Closing month, Sky News printed that the Department for Enterprise and Alternate (DBT) has asked BCG, the management consultancy, to perceive alternatives for mutualising the Put up Role of labor.

BCG’s work is predicted to encompass assessing the viability of turning the Put up Role of labor into an employee-owned mutual, a mannequin which is feeble by the John Lewis Partnership.

The Put up Role of labor is Britain’s biggest retail network, with roughly 11,500 branches, with the public’s shareholding managed by UK Authorities Investments (UKGI).

In most up-to-date months, calls for a review of the corporate’s ownership mannequin contain grown amid a company governance fiasco on the corporate.

In January, Henry Staunton, the chairman, used to be sacked by Kemi Badenoch, the then industry secretary.

Mr Staunton therefore disclosed an investigation into bullying claims against Prick Learn, the Put up Role of labor’s chief executive, which the organisation talked about in April had exonerated him.

Mr Learn, who has since resigned, used to be accused of constant makes an strive to stable pay rises, whilst sub-postmasters were going via protracted delays to their entitlement to compensation after being wrongfully convicted.

As piece of their efforts to restore the Put up Role of labor’s battered funds and popularity, the manager has parachuted in Nigel Railton, a used boss of Nationwide Lottery operator Camelot, as its chairman.

The Put up Role of labor has been contacted for observation.