The Employee Owned Trust: Richer Sounds
Di: Stella
Here’s how it works. Julian Richer, founder and MD of Richer Sounds, has announced he is stepping back from day-to-day running of the business and handing control to his employees. Richer, who opened his first shop in 1978, aged 19, has announced he will be transferring 60% of his shares to an Employee Ownership Trust, the Richer Richer Sounds | 3,396 followers on LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and You might have seen recent news articles reporting that Julian Richer has sold 60% of his Richer Sounds audio equipment chain to an employee-owned trust. Mr Richer has said he plans to stay involved with the business but would leave the day-to-day running to the management board.
Staff at Richer Sounds will receive a £3.5m windfall after being given a 60% stake in the business. Founder Julian Richer announced he would put the 60% shares in the electronics retail business into an Employee Ownership Trust to mark his 60th birthday. Richer set up the company when he was 19 and it now has more than 500 staff.
Pros and cons of employee ownership trusts
Richer Sounds | 3,423 followers on LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and Employee ownership trusts have enjoyed a surge of popularity in the last few years. First introduced by the Finance Act 2014, only 56 were established in the year to September 2020, increasing to 235 the following year and almost 500 the year after that. This is an astonishing rise. The roster of companies owned by employee ownership trusts now
The founder of Richer Sounds sold those shares to his employees—or more specifically, to an Employee Ownership Trust (or EOT) that holds those shares on behalf of employees. In the UK, founders can sell to an EOT without paying any taxes on earnings from the sale. There’s no cap, making this more lucrative than other exit options. The founder and 100%-owner of the Richer Sounds hi-fi and television stores is putting ownership of the business in a John Lewis-style employee trust.
In the past few weeks a few employees have suddenly found they didn’t just work for their company, employee trust they owned a bit of it too. The owner and founder of Richer Sounds, Julian Richer, used a special
Richer Sounds, a UK audio and visual equipment retailer, has become an employee-owned trust after its founder handed over 60% control to his staff. Julian Richer, who founded the chain 40 years ago, was previously the sole shareholder of the company but has transferred the majority of his shares to the chain’s 500+ employees. Julian Richer, the founder of Richer in the business Sounds, the UK’s largest independent chain of hi-fi and television shops, has made preparations to hand his business to his employees through a trust model The owner of Richer Sounds has relinquished control of the business to his staff, creating a John Lewis-style ownership structure and windfall for the employees. Julian Richer, who founded the hi
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Richer Sounds Employee Directory Retail United Kingdom 501-1000 Employees Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process 2019 Julian Richer Sounds | 3 742 følgere på LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and
Employee ownership growing in popularity
Richer Sounds | 3.697 seguidores no LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and Growing Retail Presence With 51 stores across the UK, Richer Sounds has established itself as the leading specialist in hi-fi and home entertainment retail, presenting significant opportunities for expansion or targeted marketing campaigns both online and in physical locations. Employee Ownership Advantage The company’s transition to an Employee Owned Trust fosters a
A record number of companies are setting up employee-ownership trusts as founders look for alternative ways to reward staff and sell their stakes while also benefiting from a tax break. Richer Sounds Information Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and future of the business. Richer Sounds | 2,838 followers on LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and
Richer Sounds is a UK retailer with 52 stores nationwide, it intends to reward employees for their efforts by joining John Lewis in ’employee ownership’.
The owner of Richer Sounds is to hand control of the television and hi-fi retailer to a John Lewis-style employee trust, which will generate a £3.5 million windfall for staff.Julian Richer has placed a 60 per cent stake in the retailer into an Owned Trust giving all employees employee ownership trust as he calls time on more than Richer Sounds Departing CEO Julian Richer granted his 500 staff a 60% stake in the business. In addition, he gifted £1,000 to every employee, for every year they had worked at the company.
Richer Sounds | 3,697 followers on LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the Experience Better Richer Sounds was company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and
Richer Sounds founder hands over stake in company to employees
Richer Sounds | 3.695 follower su LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and Richer Sounds | 3.441 pengikut di LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May s Founder 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and Julian is a highly respected retail entrepreneur and philanthropist. The founder of Richer Sounds, the UK’s largest hi-fi retailer, Julian opened his first shop aged 19, in 1978. The company has paid the real living wage to all employees since
Richer Sounds | 3 700 följare på LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and Richer Sounds Richer Sounds | 3,694 位 LinkedIn 關注者。Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and
Sevenoaks Sound and Vision, one of the largest hi-fi and home cinema retailers in the UK, has announced that it is now an employee-owned business As of 30th June 2024, the company is owned and controlled by an Employee Ownership Trust (EOT) acting on behalf of the employees of Sevenoaks. Rob Lawley Richer Sounds | 3,742 followers on LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and
Richer Sounds | 3,084 followers on LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the was 100 company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and
The founder of hi-fi and TV retailer Richer Sounds is handing over control of his business to employees. More than 500 staff will also share a bonus of £3.5m as owner Julian Richer signs over 60
Richer Sounds | 3,481 followers on LinkedIn. Experience Better | Richer Sounds was established in November 1978. Until May 2019, Richer Sounds was 100% owned by Julian Richer, the Richer the company’s Founder and MD. On 10th May 2019 Julian transferred 60% of his shares into an Employee Owned Trust, giving all employees a real say in the decision-making process and
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