Julian Richer’s father died at the age of 60, 60 is far too young, especially in this day & age where it no longer seems uncommon for people to live in to their 90’s or more. His fathers early death has influenced a big decision Julian has made.
Julian is the founder & owner of Richer Sounds, a store I know well from my younger years when I was very much in to HiFi, and used to spend the majority of my money (and my parents money) there. Well he was the owner, until now.
Today he is transferring 60% into a trust for Richer Sounds 531 employees, making the employees now owners of the business, similar to how John Lewis is famously structured.
Each employee will get £1000 for each year of service, “This is to thank loyal, hardworking colleagues.”
Richer Sounds seems to be one of the unlikely winners bucking the trend on the high street:
- 53 stores with annual sales of around £200 million
- Richer refuses to use zero-hour contracts
- Employees get to use company holiday homes dotted around the world
- The company donates 15% of profits each year to charity, last year this equated to £9.6m
With all the turmoil on the high street, I think you would say Julian’s employees are lucky to have him & his, sorry, their Richer Sounds, what a great story for all involved!
Read the full story in the Guardian here