Richer Sounds staff set to make thousands of pounds overnight
By Hull Daily Mail | Posted: 15 May 2019
Staff at a shop in Hull stand to make thousands of pounds after its owner handed control of the business to employees.
Richer Sounds, which has more than 50 stores across the UK, is currently owned by founder Julian Richer.
The business owner, who launched Richer Sounds in 1978 when he was just 19, has now announced he is stepping away from the company, and will hand control to its 500-plus staff.
Employees at Richer Sounds in Prospect Street, Hull city centre, are now expected to make £1,000 for every year they have worked at the shop.
It means the average worker at the chain will stand to make £8,000.
Julian Richer founded the business in 1978 (WireImage)
Mr Richer said the "time was right" to hand over the ownership of the business to staff - an announcement that also came as he stepped down from the day-to-day running of the firm.
He said: "I have always planned to leave my company in trust on my death for the benefit of the colleagues in the business.
"Having hit the ripe old age of 60 in March, I felt the time was right, rather than leaving it until I'm not around, to ensure that the transition goes smoothly and I can be part of it."
Richer Sounds sells a variety of TVs, home cinema and audio visual equipment at discount prices.
Founder Julian Richer has transferred 60 per cent of his holding in the business into an employee ownership trust, following in the footsteps of retail giant The John Lewis Partnership.
Almost 40 staff across the country have worked at Richer Sounds for more than 20 years. They will now pick up a hefty windfall following the announcement this week.
Mr Richer plans to stay involved in the business, but has passed over the daily running to the management board, along with a newly set up colleagues' advisory council and trustees.
David Robinson, chairman of Richer Sounds, said: "It's incredibly exciting times and allows our colleagues to feel even more connected to the company.
"They have a real stake in the success of the business and can take pride in knowing that they are shareholders, building for the future."
Richer Sounds, which has 53 stores across the UK, has been working on the employee ownership trust plans for the past 18 months with legal and accountancy firm RSM.