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:
Clip 1
Manx Care CEO: Manx Care deficit a 'prudent' forecast
Chris Stockport says he doesn't want or expect to finish the year with forecast £19.2m deficit
Ard-Shirveishagh: "If everything is a priority, nothing is a priority"
Chris Thomas defends similarities between his 'Charter for Change' and the previous 'Island Plan'
Diabetes charity keen to make educational settings safer for children
Condition affects 6% of Island's population
People urged to share experiences of safeguarding
MLCs considering how well arrangements work on Island