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Owner of Richer Sounds just gave the company to his staff

Owner of Richer Sounds just gave the company to his staff
Richer Sounds has long been a mainstay of the student hi-fi world, or indeed for anyone wanting stereo equipment on a budget. They’ve also been very good when it comes to staff care, for instance refusing to use zero hours contracts and having no wage gap between men and women. Now, however, owner Julian Richer has given the company to the staff, along with cash bonuses.
What do we mean? 60% of the company’s shares will be given to a new trust owned by staff, like John Lewis. In return Julian gets just over nine million pounds, but he’s giving some of that back: every staff member (all 531 of them), will get £1000 for every year they’ve worked for the company. Some have been there over twenty years.  The nine directors are exempt.
Julian Richer recently had his 60th birthday and this is why it’s relevant: “My father dropped down dead at 60 so I am very keen for this to happen in my lifetime,” Richer said. “I felt the time was right, rather than leaving it until I’m not around, to ensure the transition goes smoothly and I can be part of it. I still really, really care but it is time for the next generation.”

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