Richer is known for his people-centric approach to retail, which is based on secure and well-paid jobs ensuring a happy workforce and leading to long-term business success.

Richer is transferring 60% of his shares to the chain’s 531 staff in a John Lewis-style partnership.

The business will pay Richer £9.2m for his stake but he has chosen to give £3.5m of that sum back to employees, who will receive a £1,000 for every year they have worked for the retailer, The Guardian has reported.

The average length of employment is eight years, which is highly unusual on the shop floor, with 39 employees in line to receive bonuses of £20,000 or more.