Richer Sounds is a British home entertainment retailer that operates through a chain of 51 stores and online, mainly in England. The business was 100% owned by Julian Richer, the founder and managing director of the company, who in 2019 sold 60% of its shares to an employee ownership trust.

History of the business

Richer Sounds formally began trading in 1978 when Richer, then aged 19, opened his first shop near

London Bridge The name "London Bridge" refers to several historic crossings that have spanned the River Thames between the City of London and Southwark in central London since Roman Britain, Roman times. The current crossing, which opened to traffic in 197 ...

, with the help of photography retailer Vic Odden. This shop established the record for highest sales per square foot of any retail outlet (£195,426/m² ($27,830/ft²)) in the world in 1994, a record still current in 2023 according to the ''

Guinness Book of Records ''Guinness World Records'', known from its inception in 1955 until 1999 as ''The Guinness Book of Records'' and in previous United States editions as ''The Guinness Book of World Records'', is a British reference book published annually, listi ...

''. In November 2013, Julian Richer announced to the press that, upon his death, he would

bequeath A devise is the act of giving real property by will, traditionally referring to real property. A bequest is the act of giving property by will, usually referring to personal property. Today, the two words are often used interchangeably due to thei ...

100% of the firm to a trust co-owned by employees of the company. In May 2019, Richer, then aged 60, announced that he had transferred ownership to employees by passing 60% of his shares to a trust, as well as separately paying each of his over 500 employees, excluding directors, a thank you bonus of £1,000 for every year of work, a total of about £4 million, as the employees had worked for an average of 8 years each.

Awards and recognition

In January 2011, Richer Sounds received a Royal Warrant. Richer Sounds won several ''

Which? ''Which?'' is a United Kingdom brand name that promotes informed consumer choice in the purchase of goods and services by testing products, highlighting inferior products or services, raising awareness of consumer rights, and offering indepen ...

'' 'Retailer of the Year' or 'Best Retailer' awards, including for 2010, 2011, 2015, 2018 2019, 2021, and 2022. Richer Sounds is an accredited holder of the Fair Tax Mark for transparency over tax disclosures and the amount it pays, and a part of the Living Wage Scheme, set up by the

Living Wage Foundation The Living Wage Foundation is a campaigning organisation in the United Kingdom which aims to persuade employers to pay a living wage. The organisation was established in 2011; it publishes an annual Living Wage figure and for a fee accredits emp ...

. Founder Julian Richer backed the Living Hours campaign, which seeks to curb

zero-hour contract A zero-hour contract is a type of employment contract in United Kingdom labour law, between an employer and an employee whereby the employer is not obliged to provide any minimum number of working hours to the employee. In 2015, employers in the ...

References

External links

Official website
* *[http://www.managementtoday.co.uk/news/411425/UK-Ninety-five-per-cent-mans-staff-say-love-working-himWhats-secret/ Managementtoday.com: Ninety-five per cent of this man's staff say they love working for him. What's his secret?]
TopMBA.com: Increasing human and social capital by applying job embeddedness theory''The Guardian'': Richer Sounds' charitable donationsBBC reports on Richer Sounds being named as winner of the Which? High Street Shop Survey, 2011
{{Authority control British royal warrant holders Consumer electronics retailers of the United Kingdom Employee-owned companies of the United Kingdom Retail companies established in 1978 1978 establishments in the United Kingdom