# Richer Sounds

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{{Short description|British home entertainment retailer}}
{{Infobox company
| logo = File:Richersounds currentlogo.jpg
| name = Richer Sounds ltd
| type = Unlisted [ltd](/source/Private_company_limited_by_shares)
| foundation = [London Bridge](/source/London_Bridge), [England](/source/England) (1978)
| location = [London](/source/London), [England](/source/England)
| key_people = [Julian Richer](/source/Julian_Richer), Founder<br/> Julie Abraham, CEO<br/> David Robinson, Chairman<br/>Nathan Kennaugh, MD<br/> Claudia Vernon, Marketing Director
| industry = [Retailer](/source/Retailer)
| products = [Hi-fi](/source/Hi-fi), [home cinema](/source/home_cinema) & [TV](/source/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](/source/Julian_Richer), the founder and managing director of the company, who in 2019 sold 60% of its shares to an [employee ownership trust](/source/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](/source/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](/source/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](/source/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](/source/Julian_Richer) announced to the press that, upon his death, he would [bequeath](/source/bequest) 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](/source/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](/source/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](/source/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](/source/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](/source/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](/source/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](/source/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](/source/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](/source/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](/source/Financial_Times) |date=17 May 2019 |access-date=17 May 2019 }}</ref>{{overcite|date=July 2024}}

== Awards and recognition ==

Richer Sounds won several ''[Which?](/source/Which%3F)'' '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?](/source/Which%3F)|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?](/source/Which%3F)|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?](/source/Which%3F)|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](/source/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](/source/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](/source/Living_Wage_Foundation)|date= 13 January 2016|access-date= 13 January 2016}}</ref> set up by the [Living Wage Foundation](/source/Living_Wage_Foundation). Founder Julian Richer backed the Living Hours campaign, which seeks to curb [zero-hour contract](/source/zero-hour_contract)s.<ref>{{cite web| url=https://www.bbc.co.uk/news/business-48593588|title=Firms face pressure to improve zero-hours contracts|website=[BBC News](/source/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

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Adapted from the Wikipedia article [Richer Sounds](https://en.wikipedia.org/wiki/Richer_Sounds) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Richer_Sounds?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.