Richer Sounds

'Treat your people right'

BBC Radio 5 Live

Julian Richer
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Richer Sounds staff are to get a windfall, we found out yesterday.

More than 500 staff are in line for a £3.5m windfall after the retail chain's boss handed them a 60% stake in the business.

Julian Richer tells Wake Up to Money: "I've been running my little business for 40 years, and I've learnt a few things, and the overriding thing I've learnt is that it's all about the people, absolutely for sure.

"If you treat your people right, of course they're going to be happier and give better service, and they're going to stay with you, and they're not going to steal, etc etc, so I absolutely believe that."

Richer Sounds to become employee-owned

The first Richer Sounds
Richer Sounds

Hi-fi chain store owner Julian Richer is handing over 60% of his shares to his employees.

The man who founded Richer Sounds 41 years ago at London Bridge said he had planned to leave the company to colleagues on his death.

"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," he said.

The Richer Sounds Trust will operate according to a set of principles to make sure the company is run in "a responsible manner, and is based on honesty, commitment, trust and respect".

The company has 53 stores across the country.

John Lewis is the biggest employee-owned retailer in the country.