{{Short description|British home entertainment retailer}} {{Infobox company | logo = File:Richersounds currentlogo.jpg | name = Richer Sounds ltd | type = Unlisted ltd | foundation = London Bridge, England (1978) | location = London, England | key_people = Julian Richer, Founder<br/> Julie Abraham, CEO<br/> David Robinson, Chairman<br/>Nathan Kennaugh, MD<br/> Claudia Vernon, Marketing Director | industry = Retailer | products = Hi-fi, home cinema & TV | num_employees = 492 (2018) | homepage = {{URL|richersounds.com}} }}
thumb|right|Richer Sounds store in Southampton
thumb|right|A typical shop layout in 2009
thumb|right|150px|Richer Sounds original logo, 1978–2006
'''Richer Sounds''' is a British home entertainment retailer that operates through a chain of 51 stores and online, mainly in England. The business was 100% owned by Julian Richer, the founder and managing director of the company, who in 2019 sold 60% of its shares to an employee ownership trust.<ref>{{cite web| url=https://www.thetimes.com/article/ethical-capitalist-julian-richer-gave-staff-richer-pickings-8v9zf2x76|title= Ethical Capitalist Julian Richer gave staff richer pickings|website= The Times| date= 18 May 2019| access-date= 18 May 2019}}</ref>
==History of the business==
Richer Sounds formally began trading in 1978 when Richer, then aged 19, opened his first shop near London Bridge, with the help of photography retailer, Vic Odden. This shop established the record for highest sales per square foot of any retail outlet (£195,426/m<sup>2</sup> ($27,830/ft<sup>2</sup>)) in the world in 1994, a record still current in 2026 according to the ''Guinness Book of Records''.<ref>{{cite web|url=http://www.guinnessworldrecords.com/world-records/68867-greatest-sales-per-unit-area-annually|title=Greatest sales per unit area annually|publisher=Guinness World Records|location=London|access-date=2023-02-13}}</ref>
In November 2013, Julian Richer announced to the press that, upon his death, he would bequeath 100% of the firm to a trust co-owned by employees of the company.<ref>{{cite news|last=Kunal|first=Dutta|title='I lack a spoilt child to run the business': Hi-fi tycoon Julian Richer to leave company to his staff|url=https://www.independent.co.uk/news/uk/home-news/i-lack-a-spoilt-child-to-run-the-business-hifi-tycoon-julian-richer-to-leave-company-to-his-staff-8950240.html|access-date=19 February 2014|newspaper=The Independent|date=19 November 2013}}</ref><ref>{{cite news|last=Jonathan|first=Moules|title=Richer Sounds business to be bequeathed to employees|url=https://www.ft.com/content/a2c7bbc6-5114-11e3-b499-00144feabdc0|archive-url=https://ghostarchive.org/archive/20221211231216/https://www.ft.com/content/a2c7bbc6-5114-11e3-b499-00144feabdc0|archive-date=11 December 2022|url-access=subscription|url-status=live|access-date=19 February 2014|newspaper=The Financial Times|date=19 November 2014}}</ref> In May 2019, Richer, then aged 60, announced that he had transferred ownership to employees by passing 60% of his shares to a trust,<ref>{{cite web| url=https://www.thetimes.com/business-money/markets/article/a-capitalism-that-makes-everyone-richer-by-giving-it-all-away-tf5cwsdsp|title= A capitalism that makes everyone Richer – by giving it all away|website= The Times| date= 19 May 2019| access-date= 19 May 2019}}</ref> as well as separately paying each of his over 500 employees, excluding directors,<ref>{{cite web| url=https://www.bbc.co.uk/news/business-48279132| title= Richer Sounds boss wants to 'do the right thing'| website= BBC News online| date= 15 May 2019| access-date= 15 May 2019}}</ref> a thank you bonus of £1,000<ref>{{cite web| url=https://www.thetimes.com/business-money/companies/article/music-to-their-ears-richer-sounds-boss-s-move-is-warmly-welcomed-cd69gh0tv|title= Music to their ears: Richer Sounds boss's move is warmly welcomed|website= The Times| date= 16 May 2019| access-date= 16 May 2019}}</ref> for every year of work, a total of about £4 million, as the employees had worked for an average of 8 years each.<ref name=guardian-20190514>{{cite news |url=https://www.theguardian.com/business/2019/may/14/richer-sounds-staff-julian-richer |title=Richer Sounds founder hands over control of hi-fi and TV firm to staff |last=Wood |first=Zoe |newspaper=The Guardian |date=14 May 2019 |access-date=14 May 2019}}</ref><ref>{{cite web| url= https://www.ft.com/content/bdc13326-762f-11e9-be7d-6d846537acab| archive-url= https://ghostarchive.org/archive/20221211231232/https://www.ft.com/content/bdc13326-762f-11e9-be7d-6d846537acab| archive-date= 11 December 2022| url-access= subscription| url-status= live| title= Richer Sounds founder hands business to staff| website= Financial Times| date= 14 May 2019| access-date= 14 May 2019}}</ref><ref>{{cite web| url=https://www.independent.co.uk/news/business/news/richer-sounds-staff-owners-partnership-julian-founder-retail-a8913451.html| title= Richer Sounds owner hands over control of TV and hi-fi retailer to staff| website= The Independent| date= 14 May 2019| access-date= 14 May 2019}}</ref><ref>{{cite web| url=https://www.theguardian.com/business/nils-pratley-on-finance/2019/may/14/vodafone-dividend-cut-is-a-cautious-move-not-cause-for-panic|title= Vodafone dividend cut is a cautious move, not cause for panic| website= The Guardian| date= 14 May 2019| access-date= 14 May 2019}}</ref><ref>{{cite web| url=https://www.thetimes.com/business-money/companies/article/richer-sounds-chief-hands-workers-3-5m-windfall-n0nb0ml9r|title= Richer Sounds founder hands control to staff| website= The Times| date= 15 May 2019| access-date= 15 May 2019}}</ref><ref>{{cite web| url=https://www.forbes.com/sites/oliverwilliams1/2019/05/15/why-julian-richer-gave-his-multimillion-dollar-firm-to-employees/#42ccdcc849e1|title= Why Julian Richer Gave His Multimillion-Dollar Firm To Employees|website= Forbes| date= 15 May 2019| access-date= 15 May 2019}}</ref><ref>{{cite web| url=https://www.independent.co.uk/voices/julian-richer-sounds-employees-capitalism-uber-a8914586.html|title= Forget Uber, it's Julian Richer who has shown us how to save capitalism – by giving away his business|website= The Independent| date= 15 May 2019| access-date= 15 May 2019}}</ref><ref>{{cite web |url=https://www.ft.com/content/ac330874-7886-11e9-bbad-7c18c0ea0201 |archive-url=https://ghostarchive.org/archive/20221211231250/https://www.ft.com/content/ac330874-7886-11e9-bbad-7c18c0ea0201 |archive-date=11 December 2022 |url-access=subscription |url-status=live |title=Employee ownership can make societies richer |website=Financial Times |date=17 May 2019 |access-date=17 May 2019 }}</ref>{{overcite|date=July 2024}}
== Awards and recognition ==
Richer Sounds won several ''Which?'' 'Retailer of the Year' or 'Best Retailer' awards, including for 2010, 2011, 2015,<ref>{{cite press release| url=https://press.which.co.uk/whichpressreleases/which-crowns-best-of-business-2/|title= Which? Crowns best of business|website= Which?|date=17 June 2015}}</ref> 2018<ref>{{cite press release|url=https://press.which.co.uk/whichpressreleases/jet2-becomes-first-airline-to-win-which-travel-brand-of-the-year/|title= Jet2 becomes first airline to win Which? Travel Brand of the Year|website=Which?|date=23 May 2018| access-date= 23 May 2018}}</ref> 2019,<ref>{{cite press release|url=https://press.which.co.uk/whichpressreleases/octopus-energy-revealed-as-winner-at-which-awards|title=Octopus Energy revealed as winner at Which? Awards|website=Which?|date= 20 June 2019|access-date= 20 June 2019}}</ref> 2021, 2022,<ref>{{Cite news |title=Which? Awards 2022: full list of winning brands revealed |last=Turner |first=Natalie |work=Which? News |date=24 May 2022 |url= https://www.which.co.uk/news/article/which-awards-2022-full-list-of-winning-brands-revealed-adoEI7i98VRr}}</ref> 2023, <ref name="which2023winner">{{cite web |title=Which? Awards 2023 winners |url=https://www.which.co.uk/news/article/which-awards-2023-full-list-of-winning-brands-revealed-akrvY7H99Tsp |publisher=Which? |date=24 May 2023 |access-date=5 May 2026}}</ref> and 2024<ref name="which2024">{{cite web |title=Which? Awards 2024 winners revealed |url=https://www.which.co.uk/news/article/which-awards-2024-winners-revealed-aMKnP9t8HIgS |publisher=Which? |date=21 May 2024 |access-date=5 May 2026}}</ref>.
Richer Sounds is an accredited holder of the Fair Tax Mark<ref>{{cite web| url= https://fairtaxmark.net/richer-sounds-care|title=Why Richer Sounds cares about fair tax|website=Fair Tax Mark|date= 23 February 2017|access-date= 23 February 2017}}</ref> for transparency over tax disclosures and the amount it pays, and a part of the Living Wage Scheme,<ref>{{cite web| url=https://www.livingwage.org.uk/news/new-director-living-wage-foundation-announced|title=New Director of the Living Wage Foundation Announced|website=Living Wage Foundation|date= 13 January 2016|access-date= 13 January 2016}}</ref> set up by the Living Wage Foundation. Founder Julian Richer backed the Living Hours campaign, which seeks to curb zero-hour contracts.<ref>{{cite web| url=https://www.bbc.co.uk/news/business-48593588|title=Firms face pressure to improve zero-hours contracts|website=BBC News|date= 12 June 2019|access-date= 12 June 2019}}</ref>
==References== {{Reflist}}
==External links==
*[http://www.richersounds.com Official website] *[https://www.independent.co.uk/student/postgraduate/mbas-guide/got-a-cunning-plan-heres-a-tenner-702037.html ''The Independent'': Julian Richer talks about employee suggestion schemes] *{{usurped|1=[https://web.archive.org/web/20010420071825/http://www.ecustomerserviceworld.com/earticlesstore_articles.asp?type=article&id=515 CustomerServiceWorld.com: Julian Richer talks about employee suggestion schemes]}} *[https://www.managementtoday.co.uk/uk-ninety-five-per-cent-mans-staff-say-love-working-him-whats-secret/article/411425 Managementtoday.com: Ninety-five per cent of this man's staff say they love working for him. What's his secret?] *[http://www.topmba.com/emba/news/article/increasing_human_and_social_capital_by_applying_job_embeddedness_theory-1/?tx_ttnews%5BsViewPointer%5D=5&cHash=8fc6434a59 TopMBA.com: Increasing human and social capital by applying job embeddedness theory] {{Webarchive|url=https://web.archive.org/web/20110717075438/http://www.topmba.com/emba/news/article/increasing_human_and_social_capital_by_applying_job_embeddedness_theory-1/?tx_ttnews%5BsViewPointer%5D=5&cHash=8fc6434a59 |date=2011-07-17 }} *[https://www.theguardian.com/society/2001/nov/05/11 ''The Guardian'': Richer Sounds' charitable donations] *[https://www.bbc.co.uk/news/av/business-13482956 BBC reports on Richer Sounds being named as winner of the Which? High Street Shop Survey, 2011]
{{Authority control}}
Category:Consumer electronics retailers of the United Kingdom Category:Employee-owned companies of the United Kingdom Category:Retail companies established in 1978 Category:1978 establishments in the United Kingdom