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Hands takes pay cut as Terra Firma boosts wage bill

9 Jan 2014

Terra Firma head Guy Hands trimmed his salary to £3m in a year which saw the UK buyout firm double its wage bill, the FT has reported.

The firm’s salary pool stood at £35.6m for the year ending March 2013, according to filings with Companies House, though did not include a previously reported £20m staff bonus packet. Hands took a dividend of £3.5m in the previous year.

The firm’s €5.4bn, 2007-vintage fund was running a 41 per cent loss as of September 2013, according to US state pension fund OPERF, impacted from the loss of its stake in EMI.

However, the firm saw an 80 per cent rise in revenue to £52.7m, from £29.3m, while net profit rose from £1.7m to £3.3m, the report said.

In November, Terra Firma’s renewable energy developer Infinis Energy priced at the bottom of its range as its London IPO valued the company at £780m. Earlier in the year the firm was reported to have been given an extra two years to exit its investments from its €2bn second fund.

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