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Richer Sounds founder hands over control of hi-fi and TV firm to staff
Chain joins John Lewis in employee ownership as staff get £1,000 for each year they have worked

The founder of Richer Sounds is handing control of the hi-fi and TV retail chain to staff, in a move that will also give employees large cash bonuses.

Julian Richer will announce to staff on Tuesday that he has transferred 60% of his shares into a John Lewis-style trust. Richer, who recently turned 60, said the “time was right” to pass the baton to the chain’s 531 employees.

“My father dropped down dead at 60 so I am very keen for this to happen in my lifetime,” explained Richer. “I felt the time was right, rather than leaving it until I’m not around, to ensure the transition goes smoothly and I can be part of it. I still really, really care but it is time for the next generation.”

The company will pay Richer an initial £9.2m for the stake but the businessman is giving £3.5m of that back to staff, who will receive £1,000 for every year they have worked for the retailer.

The average payout will be £8,000 but there are 39 employees with more than 20 years’ service who stand to receive substantial windfalls. The company’s nine directors, who Richer said earn six-figure salaries, are not included in the bonus pool: “This is to thank loyal, hardworking colleagues.”

With annual sales of nearly £200m, Richer Sounds is one of the biggest UK companies to embrace employee ownership in recent years.

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I take my hat off to Mr Richer. This strikes me as the thoroughly commendable action of a decent and compassionate businessman (there's a few words you don't often see in close proximity to one another!).

Berty bass wrote: ↑Tue May 14, 2019 8:17 pm I take my hat off to Mr Richer. This strikes me as the thoroughly commendable action of a decent and compassionate businessman (there's a few words you don't often see in close proximity to one another!).

+1,

Is Mr Richer knighted?,he's certainly more deserving than slime ball Philip Green.

They are a good retailer. I chose to buy the Chord Poly on line from them in view of their no quibbles return policy and the widely reported problems about setting up the device. They replaced the first one with another which eventually had to be returned for a refund. Chords advice was that there is a compatability problem with Sky wifi. This should have been made clear on their website and not through an advisor.

I think you are just looking for things to complain about.

Shame there aren't many more like him. He also gave 9 million to charity last year.

Richer sounds rock. If i had to use a dealer/shop (which i dont) then they would be my choice.

I am sick of high end this high end that. A lot of it is imagine based and marketing bollocks. I don't think Richer gets involved in that too much which is refreshing.

I own a very highly regarded 1990's Premier drum kit (made in England you know) and people are falling over themselves to snap them up on ebay. It has got so bad that i could not find a 16" floor tom to go with my kit. The ones that appeared either were bought straight away or the prices are insane. I got fed up with this. decided to buy any old floor tom as long as it was green. Found a Pearl export in green only 8 miles away. Paid £35 for it and that is mainly for the rust on the hoops

Put it in my kit and after tuning up it sounds more than acceptable. It has made me rethink my whole attitude to the extent that i have bought other tatty Pearl export drums and have built up a big kit (10",12",13",14",16",18",22") for less than it would cost me to buy the Premier floor tom i was originally after.

Pearl export is the highest selling drum kit of all time and they had sold a million kits by the mid 1990's. They are every where and you dont have to wait too long to find them. Classed as a decent beginner's kit but they hold their own against much more expensive drums. In fact i am pretty sure the average punter at a gig could not give a shit about what the drum kit is and how much it cost. As long as it has the right heads (skins) on and is tuned well then no one will notice. As with lots of things in life it is all about image. Bonkers.

Not sure what that little ramble has to do with Richer sounds but i cant be arsed to delete it. Maybe the fact that Richer sells low priced adequately sounding gear without the hifi nerd OCD ness.

Nice ramble Stu and put the ethics of Richer Sounds across well,
enjoyed your obsessions posts too.

Hi end is rarely worth the money. No matter what sector

I used to use Richer's first shop, on London Bridge Walk. It was slightly larger than a wardrobe and was like an Alladin's cave for reasonably priced hi-fi. If more than three or four customers were ever in there at the same time all you would hear was "excuse me, " and "sorry."

Richer's stock-in-trade was last year's model; gear they could buy more cheaply and then pass that saving on to the customer while still making a profit. They seemed to buy job-lots of gear, and when it was gone, it was gone. If you saw something you liked it was best to buy it quickly because it might not be there the next week.

From little acorns.

I remember having a pair of their home-made speakers that served me well for years, although, from memory, they were mostly chipboard with a brown, wood-patterned covering, and the forward firing port was a hacksawed piece of PVC piping pushed into the hole in the fascia. The covers were foam held on by velcro.

I remember owning a graphic equaliser which I bought there, and some years later I purchased my first (Philips) CD player from Richer Sounds, and probably my second one, too.

Many, many, times I was late for my train home.

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