Sales drop 10 per cent
Richer Sounds founder and director Julian Richer has taken a£1.3 million pay cut after a drop in sales of almost 10 per cent.
Sales at the entertainment retailer were down from£90 million to£81.9 million for the year to April 26, according to results filed at Companies House. Richer - the company's highest paid director - suffered an earnings drop of£1.3 million from£2.1 million to£794,000.
Operating pre-tax profits were up from£2.1 million to£3.6 million for the same period.
Richer opened his first Richer Sounds store in 1978 - aged just 19 - and is reported to be worth£110 million.
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