Published on November 20th, 2013 | by The GC Team0
Richer Sounds founder bequeaths business to employees
Julian Richer, founder and managing director of the Richer Sounds chain of stores, has bequeathed the business to his employees in his will.
Richer Sounds is an unlisted PLC 100% owned by Julian Richer. The business trades from 53 outlets, 10 of which are in London, and has a strong online presence.
Julian told the Financial Times the firm was his life’s work and said he did not have “a spoilt child to run the business.” He named IT director Julie Abrahams to succeed him as managing director.
“If I could find someone I felt would keep it going, I’d be more inclined to sell it,” he told the FT.
“But then the worry is that I’d sell it and then someone might sell off all the freeholds or do something terrible to it that it would go bust in six months, and that’s my life’s work. So I’d rather leave a team in place.”
Julian began buying and selling hi-fi separates at the age of 14, while still at school. At 17, he had three people working for him and in 1978, aged 19, the business formally started trading with its first shop at London Bridge. According to the company, 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 for the past 20-plus years.