LDC private equity unit sees its pay costs double

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.