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Three UK firms that all enjoyed an exceptional Covid bounce are now coming back to earth with a bump. Some have something to cushion their landing, others face a choice between a rock and hard place.

All three – Royal Mail, Ocado and Marks & Spencer – need to restructure, however different the final outcome, and in its newly acquired “power-sector status” logistics is set to play a central role in those transformations.

Restructure or split?

Royal Mail Group, the previously taxpayer-owned delivery ...

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