Richer Sounds founder hands staff 60 per cent stake
Employees of Richer Sounds will receive a £3.5m windfall after the entertainment retailer’s founder handed over a 60 per cent stake in the company.
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Julian Richer, who founded the company as a teenager in 1978, has placed the shares into an employee ownership trust saying “the time was right” as he had turned 60.
The 522 employees will each receive £1,000 for every year of service, which results in an average of £8,000.
Longer serving members of staff, which includes one employee that has worked for the firm for 40 years, will get a bigger payout.
"I have always planned to leave my company in trust on my death for the benefit of the colleagues in the business," Mr Richer said, the BBC reported.
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"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.”
The company has 53 stores across the UK and donates 15 per cent of profits to charity.