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.
Zero-hours contracts, unless freely requested by the employee, create not just poverty but misery. They should be outlawed, and I’m backing an organisation created to do just that.
The retail industry has experienced many twists and turns this year. Retail Week picks nine truly jaw-dropping moments from 2019.
In a few days, the tumult of Christmas trading will be over. The short time before the January Sales kick off – in-store at least – brings a chance to reflect on the retail year gone by.
Despite the punishing retail climate, most retailers are still expected to grow. But is the right thing to do? Is it time for a reset of corporate expectations? Is it time for retailers to concentrate on getting better, not bigger?
Richer Sounds registered increases in sales and profits during its full-year results.
Advertisement
