Guy Hands, chief executive of buyout firm Terra Firma, addressed employees of recently-acquired music publisher EMI on Tuesday at the Odeon cinema in Kensington. The presentation is attached at the end of this story.

Terra Firma acquired the business last August for £2.4bn (€3.4bn). In its first six months of ownership the firm has cut a swathe through EMI’s senior management. Chief executive Eric Nicoli, chairman Tony Wadsworth and chief financial officer Martin Stewart have all left the group.