Mannin Retail was the Post Office's only option for relocation plans, it was revealed at yesterday's Public Accounts Committee of Tynwald.
As the only bidders, Post Office Chairman Graham Cregeen MHK conceded they had little option but to accept the offer.
The closure and relocation of the Douglas and Ramsey branches is set to save ?300,000 next year.
Mr Cregeen insists they accepted the bid as Mannin Retail met all the desired criteria in their offer:
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