Cryptic crossword clue
Takes back letters Post Office’s held in reserve earlier 11

The most common and most likely answer to this crossword clue is the 11 letter word REPOSSESSES

I've seen this crossword clue in Financial Times
R
E
P
O
S
S
E
S
S
E
S

Buddy explains!

The straight part
We know that "Takes back" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case takes back = repossesses.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does REPOSSESSES mean?

REPOSSESSES verb
  1. To reclaim ownership of property for which payment remains due.
  2. To gain back possession of.

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