Hands tax shift hurts Terra firma’s profits

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

The EMI and Odeon UCI-owning firm said the move also reflected its slowing
growth due to tough market conditions.

Further reading:

Hands threatens offshore move

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