Guy Hands, a city tycoon and the boss of Terra Firma, more than doubled its pay for the staff of his firm last year. It comes amidst a bumper year for the private equity company.
According to its annual accounts that were published yesterday, Terra Firma Capital Partners rewarded its employees after the revenue and profit in the year ending March 2018 of the company skyrocketed by 73 percent to £39 million.
The firm more than doubled its wage bill to £24.6 million in the year ending March 2018 from the original £11.4 million.
With the number of employees shrinking by 11 percent to 76 – the average salary rose to £323,000 as compared with the £134,400 during the previous year.
The five directors of the company scooped £6.9 million between them as compared to the £1 million in 2016/17 and the highest paid director received £4.9 million, up from the previous £400,000.
During the year, Terra Firma refinanced the £4 billion Annington Homes portfolio as it expanded into the private rented sector.
Terra Firma is a spin-off of Nomura. It was established by Hand in 2002. He also decided not to receive a dividend for himself for a second consecutive year.
Last October, Hands introduced a new fund and invested in Parmaco, a Finnish modular building company.