Richer Sounds is a
British home entertainment retailer that operates through a chain of 51 stores and through 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 An employee ownership trust (EOT) holds a permanent or long-term shareholding in a company on trust for the benefit of all the company’s employees. An EOT provides indirect (trust) employee ownership of a company.
Among the different forms of em ...
.
History of the business
Richer Sounds formally began trading in 1978 when Richer, then aged 19, opened his first shop near
London Bridge, with the help of photography retailer Vic Odden. For over 20 years, this shop has been listed in 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 reference book published annually, listing world ...
'' for the highest sales per square foot of any retail outlet in the world.
In November 2013,
Julian Richer announced to the press that, upon his death, he would
bequeath 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 employee, excluding directors, a thank you bonus of £1,000 for every year of work from his own pocket to his 500+ employees who had worked an average of 8 years each (circa £4 million).
Awards and recognition
In January 2011, Richer Sounds received a Royal Warrant.
Richer Sounds has won 5 'Retailer of the Year' or Best Retailer' awards from
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 independ ...
in 2010, 2011, 2015, 2018 and 2019.
Richer Sounds is an accredited holder of the
Fair Tax Mark
The Fair Tax Mark is an independent accreditation awarded by the Fair Tax Foundation after an assessment based on "Transparency ndtax rate, disclosure and avoidance"... As of January 2016, it is applicable to UK businesses. The process of assessi ...
for transparency over tax disclosures and the amount they pay.
The company is also a part of the Living Wage Scheme, set up by the
Living Wage Foundation, and founder, Julian Richer, has backed their Living Hours program, which seeks to curb zero-hour contracts.
Notes
''The Independent'': Julian Richer talks about employee suggestion schemesCustomerServiceWorld.com: Julian Richer talks about employee suggestion schemesManagementtoday.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
References
External links
Official website
{{Authority control
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