Royal Mail threatens to split up business as it reports £1m a day loss

Warning comes amid falling revenue and parcel volumes and fear it is facing the biggest strike of summer

Royal Mail has reported it is losing 1m a day and has threatened to split if it cannot achieve significant operational change", as it faces what could be the biggest strike of the summer.

The day after thousands of its staff in the Communications Workers Union voted in favour of industrial action, the company said it was considering all options", including separating its domestic and international businesses under a rebranded holding company called International Distributions Services.