Guy Hands, the karaoke-loving founder of UK private equity group Terra Firma, who once, legend has it, sang Frank Sinatra’s ‘My Way’ to his assembled staff upon the completion of a deal, has stepped down as chief executive of the firm.

Hands, whose other interests include photography and gardening, founded Terra Firma in 2002 after spinning out the Principal Finance Group, which he also founded, at Japanese bank Nomura.