STAFF at Terra Firma, the private equity firm controlled by seasoned investor Guy Hands, saw their salaries and bonuses double during the last financial year, according to figures released yesterday.
Wages and salaries jumped to £35.6m for the year ending 31 March 2013, up from £17.6m during the year-ago period. The company had 91 staff including directors, up only a little from 84 the previous year.
Total employee costs, including social security and pension payments, came in just short of £41m, rising from £20.5m a year earlier. Hands previously said that he has used his own money to top up bonus payments in a bid to keep top talent.
Terra Firma Capital Partners’ latest accounts, filed at Companies House, also revealed that Hands – who owns the company – paid himself a £3m dividend for the financial year, slightly lower than the £3.5m paid a year earlier. In the financial year ending in March 2010 Hands took a £12m dividend, yet a spokesperson said lower figures were unrelated to Terra Firma’s performance.
Revenues surged in the latest accounting period, up from £29.3m to £52.7m.
Yet total administrative expenses – mostly staff costs – were £47.7m, meaning that profits edged up to £5m, from £2.5m.
Terra Firma has pulled in more cash in the current financial year, earning £234m from an
initial public offering of Infinis.