Several people have asked me for a diagram which outlines the ownership structure of the Royal Mail after privatisation. The number of entities and relationships makes it a bit messy, but it’s probably still less complicated than the corporate structure of other large public companies such as Lloyds Banking Group.

Royal Mail ownership structure

Line colours:

  • Black: Full ownership
  • Blue: Partial ownership
  • Green: Commercial relationship
  • Red: Government relationship


  • Hexagon: Government entity
  • Box: Company
  • Ellipse: Brand

Apologies for the lack of legend on the graph, it’s created using Graphviz and generating a key/legend appears to be a long-winded process. You can find the source file used to generate the graph on my GitHub account - patches welcome if you want to suggest improvements.