Richer Sounds is a

British British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies. ** Britishness, the British identity and common culture * British English, ...

home entertainment retailer that operates through a chain of 51 stores and through online, mainly in England. The business was 100% owned by

Julian Richer Julian Richer (born 1959) is an English retail entrepreneur, philanthropist and author, best known as the founder and managing director of Richer Sounds, the UK's largest hi-fi retailer. Richer has gained a reputation for his motivational style ...

, the founder and managing director of the company, who in 2019 sold 60% of its shares to an

employee ownership trust An employee ownership trust (EOT) holds a permanent or long-term shareholding in a company on trust for the benefit of all the company’s employees. An EOT provides indirect (trust) employee ownership of a company. Among the different forms of em ...

History of the business

Richer Sounds formally began trading in 1978 when Richer, then aged 19, opened his first shop near London Bridge, with the help of photography retailer Vic Odden. For over 20 years, this shop has been listed in the '' Guinness Book of Records'' for the highest sales per square foot of any retail outlet in the world. In November 2013,

announced to the press that, upon his death, he would

bequeath Historically, a bequest is personal property given by will and a devise is real property given by will. Today, the two words are often used interchangeably. The word ''bequeath'' is a verb form for the act of making a bequest. Etymology Bequest c ...

100% of the firm to a trust co-owned by employees of the company. In May 2019 Richer, then aged 60, announced that he had transferred ownership to employees by passing 60% of his shares to a trust, as well as separately paying each employee, excluding directors, a thank you bonus of £1,000 for every year of work from his own pocket to his 500+ employees who had worked an average of 8 years each (circa £4 million).

Awards and recognition

In January 2011, Richer Sounds received a Royal Warrant. Richer Sounds has won 5 'Retailer of the Year' or Best Retailer' awards from

Which? ''Which?'' is a United Kingdom brand name that promotes informed consumer choice in the purchase of goods and services by testing products, highlighting inferior products or services, raising awareness of consumer rights and offering independe ...

in 2010, 2011, 2015, 2018 and 2019. Richer Sounds is an accredited holder of the

Fair Tax Mark The Fair Tax Mark is an independent accreditation awarded by the Fair Tax Foundation after an assessment based on "Transparency ndtax rate, disclosure and avoidance"... As of January 2016, it is applicable to UK businesses. The process of assessi ...

for transparency over tax disclosures and the amount they pay. The company is also a part of the Living Wage Scheme, set up by the

Living Wage Foundation The Living Wage Foundation is a campaigning organisation in the United Kingdom which aims to persuade employers to pay a living wage. The organisation was established in 2011, publishes an annual Living Wage figure and for a fee accredits employer ...

, and founder, Julian Richer, has backed their Living Hours program, which seeks to curb zero-hour contracts.

Notes

''The Independent'': Julian Richer talks about employee suggestion schemesCustomerServiceWorld.com: Julian Richer talks about employee suggestion schemesManagementtoday.com: Ninety-five per cent of this man's staff say they love working for him. What's his secret?TopMBA.com: Increasing human and social capital by applying job embeddedness theory''The Guardian'': Richer Sounds' charitable donationsBBC reports on Richer Sounds being named as winner of the Which? High Street Shop Survey, 2011

References

External links

Official website
{{Authority control Consumer electronics retailers of the United Kingdom Employee-owned companies of the United Kingdom Retail companies established in 1978 1978 establishments in the United Kingdom