PAY has doubled at Lloyds’ private equity division, Lloyds TSB Development Capital (LDC), its accounts show.
The total cost of compensation for its 89 staff rose from £15m in 2009 to £32.7m last year, while directors’ shared £5m last year, up from £2.3m the year before.
The highest paid director saw compensation rise from £606,000 to £1.1m.
The mid-cap private equity house, whose brands include Antler Luggage, Orion Media and the National Accident Helpline, saw profits rise from £9.5m to £73.6m.
The increase was driven by a revaluation of the fair value of its assets, which rose from a £73.3m loss to a £66.9m gain.
LDC is wholly owned by Lloyds Banking Group.