EMI owners Terra Firma's profits dropped 43% in the year to March 2009.

Profits fell to £1.87 million ($3 million), while turnover increased slightly from £47.2 million ($76.6 million) to £47.8 million ($77.5 million)

According to the Financial Times, the private equity firm owned by Guy Hands moved from London to Guernsey in the Channel Islands for tax reasons, which had an impact on profits. It reported that Hands objected to recent increases in capital gains tax and income tax.

The move to Guernsey cost Terra Firma £2 million ($3.2 million) in exceptional charges and write-downs, because it wrote off the costs of refurbishing the second floor of its office in London and sublet the space at a loss.