Hands’ hope for EMI cash

GUY HANDS, the private equity tycoon, has told investors he can recover £1.7bn of the cash he lost in British music group EMI.

In a quarterly letter to shareholders, the Terra Firma chairman said he “remains hopeful of returning all of the capital” invested in EMI through the firm’s TFCP III fund.

He added: “This will not be easy but we are encouraged by the prospects of our other investments in the fund and the potential acquisitions that our team are evaluating.”

Hands first invested in EMI – the record label behind the Beatles and Coldplay – in 2007 with backing from Citigroup.

He also said lawyers were continuing to appeal a decision last year that rejected Terra Firma’s claims it was duped into buying EMI by Citigroup

The bank has since taken control of the music group and is now looking to sell it.