What a Guy: Terra Firma boss Hands employees hefty pay rise

CITY tycoon Guy Hands more than doubled staff pay at Terra Firma last year in a bumper year for the private equity firm.

Terra Firma Capital Partners rewarded employees after the firm’s revenue soared 73 per cent to £39m and profit in the year ending March 2018, according to its annual accounts published yesterday.

The company more than doubled its wage bill to £24.6m in the year ending March 2018 from £11.4m.

With the number of employees decreasing by 11 per cent to 76 – the average salary jumped to £323,000 compared with £134,400 the previous year.

The five company directors scooped £6.9m between them compared to £1m in 2016/17 and the highest paid director earned £4.9m, up from £400,000.

During the year, Terra Firma refinanced the £4bn Annington Homes portfolio at it expanded into the private rented sector.

Hands, who founded Terra Firma in 2002 as a spin-off of Nomura, also opted not to take a dividend himself for a second consecutive year.

In October, Hands launched a new fund and invested in Finnish modular building firm Parmaco.