Hands tax shift hurts Terra firma's profits
Guy Hands' move to Guernsey leads to one-off costs for the prviate equity firm
The move by Terra Firma’s chief Guy Hands to Guernsey has impacted on the
private equity firm’s profits.
Hands moved to Guernsey as a protest the UK tax regime, opening an office on
the island and moving out of one of its two floors in London.
The subsequent hit from the cost of refurbishing the floor and sub-letting
was £2m. Profits for the year end March 2009 fell 43% to £1.87m, while turnover
climbed to £47.8m from £47.2m, reported the
FT.
The EMI and Odeon UCI-owning firm said the move also reflected its slowing
growth due to tough market conditions.
Further reading:
Guy
Hands threatens offshore move