TERRA Firma Capital Partners, an affiliate of the Guy Hands-owned private equity powerhouse Terra Firma, saw it profits dry up over 2014, it came to light yesterday.
According to accounts published on Companies House, Terra Firma Capital Partners saw its turnover for the year shrink by 35 per cent to £34.2m, from £52.7m for 2013.
As a result, the fund’s operating profit dropped from £5m in 2013 to £3.1m last year, and its profits before tax fell to £2.96m for 2014 from £4.46m for the previous year.
Similarly, the company saw net assets on its balance sheet decline to £3.03m for the year, from £3.79m in 2013.
Terra Firma Capital Partners is just one of number of funds that comes under the aegis of Hands’s Guernsey-registered Terra Firma Holdings group.
The group had a rough ride last year, in November having to draft in Blackstone to advise on options for flagship investment Four Seasons Health Care, following a deterioration in the financial health of the UK care homes operator.
The buyout specialist acquired Four Seasons two years ago from RBS in a deal valuing the company £825m, including its debt.