Founder Julian Richer began buying and selling hi-fi separates at school when he was just 14, before going on to open his first shop on London Bridge Walk five years later in 1978.
The home entertainment retailer now trades from stores nationwide as well as online. Despite starting life selling budget hi-fis, in more recent years Richer Sounds has gained significant reputation in TV, home cinema systems and premium audio.
Until May 2019 Richer Sounds was 100% owned by founder Richer, however on May 10, 2019, he handed control of the business over to an employee-owned trust, so Richer Sounds is now controlled and majority owned by the people who work within the company.
Richer, who is known for his people-centric approach to retail, transferred 60% of his shares to his employees to create a John Lewis-style partnership.
The business paid Richer £9.2m for his stake, but he additionally chose to give £3.5m of that sum back to employees, who received £1,000 for every year they have worked for the retailer.