Guy Hands: 'EMI Takeover Is Tougher Than Expected'

Owner speaks out...

The takeover and revamp of EMI is proving tougher than expected, Guy Hands, the man who is heading up the operation has said.

Hands launched controversial new plans for the record label following its £3.2 billion takeover by private equity company Terra Firma last August.

In a bid to stop spiralling costs at the record label, Hands said that, among other cutbacks, one third of the company's staff would lose their jobs.

Speaking at a summit meeting in Munich today (February 22nd), Hands said: "Emotionally and physically it's a lot tougher to do than we expected."

He stressed, however, that the existing plans for the label would continue to be implemented.

EMI is home to such acts as Robbie Williams, The Verve and Coldplay, who all voiced their concern following Terra Firma’s takeover.

The record label is already facing an uphill struggle due to the loss of Radiohead and Paul McCartney to smaller independent label.

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