The founder of the Richer Sounds audio equipment chain is handing control of the business to staff in an unusual move that will trigger windfalls for more than 500 employees.
Julian Richer, who opened his first shop in London Bridge in 1978 and remains the retailer’s sole shareholder, announced that 60 per cent of his stake would be transferred into an employee-owned trust.
“Having hit the ripe old age of 60 in March, I felt the time was right,” Mr Richer said. “Rather than leaving it until I’m not around, to ensure that the transition goes smoothly and I can be part of it.”
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