Guy Hands' Terra Firma has admitted that there will be no quick fix for EMI as the private equity group set out in stark detail the financial and operational challenges facing the ailing music company that it bought in a highly leveraged £4bn deal just before credit markets turned.

New revelations about the former culture at the record company behind Katy Perry and Coldplay included news of a £700,000 annual taxi bill - the largest account with a prominent London cab company after three investment banks with almost 10 times as many staff.