The Christian boss giving his company to his staff
Matthias Browning

Matthias Browning

The owner of UK company, Richer Sounds, has announced that he is giving his company to his staff.

The Guardian reports that Julian Richer, the founder of the hi-fi business, has announced he is stepping back from day-to-day running of the business and handing control to his employees. Richer, who opened his first shop in 1978, aged 19, has announced he will be transferring 60% of his shares to an Employee Ownership Trust, the Richer Sounds Trust.

In addition, he will be 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).

While the AV mogul will be staying involved with the business, the running of Richer Sounds will be in the hands of the existing management board, a colleagues’ advisory council and trustees.

Richer’s business career started at the age of 14 while he was still at school at Clifton College, Bristol, and he opened his first shop near London Bridge aged 19. This store in south London holds the Guinness record for the highest sales per square foot of any retail outlet in the world.

In November 2013, Richer announced to the press that he would bequeath 100% of the firm to a trust co-owned by employees of the company.

This year, Richer was awarded the ‘Outstanding Contribution to Retail’ award by Retail Week magazine. Richer Sounds has 53 stores across the UK.

Image courtesy Wikipedia Commons

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