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{{Short description|British home entertainment retailer}}
{{Infobox Company
{{Infobox company
|company_logo = [[Image:Richersounds_newlogo.jpg|200px|logo 2006-Present]]
| logo = File:Richersounds currentlogo.jpg
|company_name = Richer Sounds plc
| name = Richer Sounds ltd
|company_type = Unlisted [[Public limited company|plc]]
| type = Unlisted [[Private company limited by shares|ltd]]
⚫
|foundation = [[London Bridge]], [[England]] (1978)
|location = [[London]], [[England]]
| foundation = [[London Bridge]], [[England]] (1978)
⚫
| location = [[London]], [[England]]
|key_people = [[Julian Richer]], Founder<br />David Robinson, Chairman<br />Claudia Vernon, Marketing Director<br/>Sam Walters, Sales Legend
| key_people = [[Julian Richer]], Founder and MD<br/> Julie Abraham, CEO<br/> David Robinson, Chairman<br/> Claudia Vernon, Marketing Director
|industry = [[Retailer]]
| industry = [[Retailer]]
|products = [[Hi-fi]], [[home cinema]], [[LCD]] & [[plasma display|plasma]] TV
| products = [[Hi-fi]], [[home cinema]] & [[TV]]
|num_employees = 403 (2009)
| num_employees = 492 (2018)
|company_slogan= The UK’s Hi-Fi, Home Cinema & Flat Panel TV Specialists!
|homepage = [http://www.richersounds.com/ www.richersounds.com]
| homepage = [http://www.richersounds.com/ www.richersounds.com]
}}
}}


[[Image:Junction of Carlton Crescent and London Road, Southampton (geograph 2073770).jpg|thumb|right|Richer Sounds store in Southampton]]


[[Image:Richersounds tvsection.jpg|thumb|right|A typical shop layout in 2009]]
Richer Sounds is a retailer and e-tailer of [[hi-fi]], [[home cinema]] and flat screen TV equipment based in the UK. The chain is 100% owned by [[Julian Richer]], the founder and managing director of the company.


⚫
[[Image:Richersounds oldlogo.jpg|thumb|right|150px|Richer Sounds original logo, 1978-2006]]
He began at the age of 14 by buying and selling hi-fi separates, while still at school. By the age of 17 he had three people working for him and in 1978, aged 19, Richer Sounds formally began trading when Julian opened his first shop at London Bridge, with the help of the late Vic Odden, the photography retailer. For the past 20+ years this store has been featured in the [[Guinness Book of Records]] for the highest sales per square foot of any retail outlet in the world.


'''Richer Sounds''' is a British home entertainment retailer that operates through a chain of 50 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|employee ownership trust]].<ref>{{cite web| url=https://www.thetimes.co.uk/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>
The company now trades from 48 stores in 39 towns/cities nationwide, with 10 in London alone, and is the biggest hi-fi retailer in the country.


==History of the business==
⚫
[[Image:Richersounds_oldlogo.jpg|thumb|left|200px|Richer Sounds original logo, 1978-2006]]
Historically, Richer Sounds has been known for selling budget audio equipment in a ‘pile it high and sell it cheap’ fashion, but in recent years it has responded to a shift in the electronics retail market and expanded its range from the purely audio to encompass [[plasma display|plasma]] and [[LCD]] TVs. In a similar vein, 2007/8 saw the company launch ranges of [[audiophile]] hi-fi, multi-room and high-end home cinema separates, with some stores adding home-styled demonstration rooms where customers can experience the quality of sound and vision in comfort. An installation service has also been developed, covering home quotations, wall-mounting TVs and building complete home theatre rooms for customers. As part of this process the company had a corporate rebrand, which involved not only redesigning their logo and literature, but also a huge ongoing programme of facelifts (both inside and out) to expansions and relocations of their stores.
[[Image:Richersounds_city.jpg|thumb|right|Richer Sounds store in the City of London]]


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 in the world in 1994, a record still current in 2023 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>
The core philosophy of the company can be summed up by the motto “Biggest Brands, Best Prices, Expert Advice & Take It Home Today”, which is emblazoned on every shop front and featured in all ads and in-store literature. Their sales colleagues, many of whom are by nature hi-fi enthusiasts, are trained to know their products thoroughly but not to ‘hard sell’ - and to deal with any problems quickly and efficiently rather than referring customers to impersonal call centers. Richer Sounds shops tend to be on the edge of main shopping areas in order to keep costs down and pass savings on to their customers, and they also guarantee to beat any competitor’s price, including internet prices.


In November 2013, [[Julian Richer]] announced to the press that, upon his death, he would [[bequest|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=http://www.ft.com/cms/s/0/a2c7bbc6-5114-11e3-b499-00144feabdc0.html |archive-url=https://ghostarchive.org/archive/5s1Fy |archive-date=2022-12-11 |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.co.uk/article/a-capitalism-that-makes-everyone-richer-by-giving-it-all-away-tf5cwsdsp|title= A capitslism 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.co.uk/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/jFYRX |archive-date=2022-12-11 |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.co.uk/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/LMCRk |archive-date=2022-12-11 |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}}
[[Image:Richersounds_tvsection.jpg|thumb|left|A friendly shopping environment]]
Customer service lies at the very heart of their business. Julian Richer encourages customers (browsers and buyers) to shape the shopping experience by asking for their feedback, both positive and negative. Each store provides freepost cards that get sent directly to him. Shoppers get to rate their visit via a questionnaire attached to every receipt, and Julian responds personally to any negative feedback.


== Awards and recognition ==
[[Image:Richersounds_demoroom.jpg|thumb|right|Demonstration facilities available in most stores]]
Richer Sounds is known for empowering employees to make a difference to the company. Its suggestion scheme is widely acknowledged as one of the most successful in terms of the number of suggestions received per employee and has gone on to become the model for many other businesses, including the [[Halifax (United Kingdom bank)|Halifax bank]] and [[Asda]] supermarkets. It has also been cited by academics as an example of a good idea system, most notably Dr Alan G Robinson of the [[Isenberg School of Management]], [[University of Massachusetts Amherst]], in his paper ‘How the Best Managers and Organisations Tap the Ideas of their Front Line People.’ Julian and Richer Sounds have also been mentioned in many business books.


In January 2011, Richer Sounds received a [[Royal warrant of appointment (United Kingdom)|Royal Warrant]].<ref>{{Cite news|url=https://www.whathifi.com/news/richer-royal-appointment|title=Richer by Royal Appointment|work=What Hi-Fi?|access-date=2017-04-10|language=en}}</ref>
The company has also received recognition from [[Business in the Community]] for its contributions to charity. Richer Sounds currently funnels 15% of its profits into charitable organisations, making it one of the most generous donators (in percentage terms) of any company in the UK.


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, and 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>
In 2002, Richer Sounds was judged as the best British-owned company to work for by the [[Sunday Times]]. It has also been recognised by the government-backed [[Investors in People]] scheme.


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 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]]|date= 12 June 2019|access-date= 12 June 2019}}</ref>
== See also ==
[[Julian Richer]]


== Notes ==
==References==
{{Reflist}}
⚫
#[http://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]
⚫
#[http://www.ecustomerserviceworld.com/earticlesstore_articles.asp?type=article&id=515 CustomerServiceWorld.com: Julian Richer talks about employee suggestion schemes]
⚫
#[http://www.managementtoday.co.uk/search/article/411425/uk-ninety-five-per-cent-mans-staff-say-love-working-him-whats-secret/ 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]
⚫
#[http://www.guardian.co.uk/society/2001/nov/05/11 The Guardian: Richer Sounds' charitable donations]
#[http://www.trainingmag.com/msg/content_display/resources/book_store/e3i50e90e3361925e283d84603234208d05 Trainingmag.com: Richer Sounds' suggestion scheme]


==External links==


*[http://www.richersounds.com Official website]
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[[Category:Retailers of the United Kingdom]]
⚫
*[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]
⚫
[[Category:Companies established in 1978]]
⚫
*[http://www.ecustomerserviceworld.com/earticlesstore_articles.asp?type=article&id=515 CustomerServiceWorld.com: Julian Richer talks about employee suggestion schemes]
⚫
*[http://www.managementtoday.co.uk/news/411425/UK-Ninety-five-per-cent-mans-staff-say-love-working-himWhats-secret/ 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]
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*[https://www.theguardian.com/society/2001/nov/05/11 ''The Guardian'': Richer Sounds' charitable donations]
*[https://www.bbc.co.uk/news/business-13482956 BBC reports on Richer Sounds being named as winner of the Which? High Street Shop Survey, 2011]

{{Authority control}}

[[Category:British royal warrant holders]]
[[Category:Consumer electronics retailers of the United Kingdom]]
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[[Category:Employee-owned companies of the United Kingdom]]
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[[Category:Retail companies established in 1978]]
[[Category:1978 establishments in the United Kingdom]]

Latest revision as of 02:21, 1 August 2024

Richer Sounds ltd
Company typeUnlisted ltd
IndustryRetailer
FoundedLondon Bridge, England (1978)
HeadquartersLondon, England
Key people
Julian Richer, Founder and MD
Julie Abraham, CEO
David Robinson, Chairman
Claudia Vernon, Marketing Director
ProductsHi-fi, home cinema & TV
Number of employees
492 (2018)
Websitewww.richersounds.com
Richer Sounds store in Southampton
A typical shop layout in 2009
Richer Sounds original logo, 1978-2006

Richer Sounds is a British home entertainment retailer that operates through a chain of 50 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.[1]

History of the business

[edit]

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 in the world in 1994, a record still current in 2023 according to the Guinness Book of Records.[2]

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.[3][4] In May 2019, Richer, then aged 60, announced that he had transferred ownership to employees by passing 60% of his shares to a trust,[5] as well as separately paying each of his over 500 employees, excluding directors,[6] a thank you bonus of £1,000[7] for every year of work, a total of about £4 million, as the employees had worked for an average of 8 years each.[8][9][10][11][12][13][14][15][excessive citations]

Awards and recognition

[edit]

In January 2011, Richer Sounds received a Royal Warrant.[16]

Richer Sounds won several Which? 'Retailer of the Year' or 'Best Retailer' awards, including for 2010, 2011, 2015,[17] 2018[18] 2019,[19] 2021, and 2022.[20]

Richer Sounds is an accredited holder of the Fair Tax Mark[21] for transparency over tax disclosures and the amount it pays, and a part of the Living Wage Scheme,[22] set up by the Living Wage Foundation. Founder Julian Richer backed the Living Hours campaign, which seeks to curb zero-hour contracts.[23]

References

[edit]
  1. ^ "Ethical Capitalist Julian Richer gave staff richer pickings". The Times. 18 May 2019. Retrieved 18 May 2019.
  2. ^ "Greatest sales per unit area annually". London: Guinness World Records. Retrieved 2023-02-13.
  3. ^ Kunal, Dutta (19 November 2013). "'I lack a spoilt child to run the business': Hi-fi tycoon Julian Richer to leave company to his staff". The Independent. Retrieved 19 February 2014.
  4. ^ Jonathan, Moules (19 November 2014). "Richer Sounds business to be bequeathed to employees". The Financial Times. Archived from the original on 2022-12-11. Retrieved 19 February 2014.
  5. ^ "A capitslism that makes everyone Richer – by giving it all away". The Times. 19 May 2019. Retrieved 19 May 2019.
  6. ^ "Richer Sounds boss wants to 'do the right thing'". BBC News online. 15 May 2019. Retrieved 15 May 2019.
  7. ^ "Music to their ears: Richer Sounds boss's move is warmly welcomed". The Times. 16 May 2019. Retrieved 16 May 2019.
  8. ^ Wood, Zoe (14 May 2019). "Richer Sounds founder hands over control of hi-fi and TV firm to staff". The Guardian. Retrieved 14 May 2019.
  9. ^ "Richer Sounds founder hands business to staff". Financial Times. 14 May 2019. Archived from the original on 2022-12-11. Retrieved 14 May 2019.
  10. ^ "Richer Sounds owner hands over control of TV and hi-fi retailer to staff". The Independent. 14 May 2019. Retrieved 14 May 2019.
  11. ^ "Vodafone dividend cut is a cautious move, not cause for panic". The Guardian. 14 May 2019. Retrieved 14 May 2019.
  12. ^ "Richer Sounds founder hands control to staff". The Times. 15 May 2019. Retrieved 15 May 2019.
  13. ^ "Why Julian Richer Gave His Multimillion-Dollar Firm To Employees". Forbes. 15 May 2019. Retrieved 15 May 2019.
  14. ^ "Forget Uber, it's Julian Richer who has shown us how to save capitalism – by giving away his business". The Independent. 15 May 2019. Retrieved 15 May 2019.
  15. ^ "Employee ownership can make societies richer". Financial Times. 17 May 2019. Archived from the original on 2022-12-11. Retrieved 17 May 2019.
  16. ^ "Richer by Royal Appointment". What Hi-Fi?. Retrieved 2017-04-10.
  17. ^ "Which? Crowns best of business". Which? (Press release). 17 June 2015.
  18. ^ "Jet2 becomes first airline to win Which? Travel Brand of the Year". Which? (Press release). 23 May 2018. Retrieved 23 May 2018.
  19. ^ "Octopus Energy revealed as winner at Which? Awards". Which? (Press release). 20 June 2019. Retrieved 20 June 2019.
  20. ^ Turner, Natalie (24 May 2022). "Which? Awards 2022: full list of winning brands revealed". Which? News.
  21. ^ "Why Richer Sounds cares about fair tax". Fair Tax Mark. 23 February 2017. Retrieved 23 February 2017.
  22. ^ "New Director of the Living Wage Foundation Announced". Living Wage Foundation. 13 January 2016. Retrieved 13 January 2016.
  23. ^ "Firms face pressure to improve zero-hours contracts". BBC News. 12 June 2019. Retrieved 12 June 2019.
[edit]
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