'Richer Sounds business to be bequeathed to employees' - according to the FT

[Guest]

http://www.ft.com/cms/s/0/a2c7bbc6-5114-11e3-b499-00144feabdc0.html?siteedition=uk#axzz2lDyMnMJ7

Not sure if you need a log-in to read this, here's a snippet:

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Julian Richer, the founder of Richer 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 similar to that of John Lewis .

Mr Richer, 54, who still holds 100 per cent of the shares in the business he started in 1978, has written the plan into his will, to be enacted on his death, he said.

Always had a soft spot for Richer Sounds.

Scary that he's only 54 though seems like the shops have been around forever.

 

[greygoose]

classy bloke, rare to see an employer look out for the staff in such way.

 

[Frizzy brizzy]

If true, as you say classy!

good to see a employer trusting his workforce with his creation.

many student and early hi fi years were courtesy of richer, thousands of teenagers started a love affair with good music.

 

[Jazid]

If true, as you say classy!good to see a employer trusting his workforce with his creation.

many student and early hi fi years were courtesy of richer, thousands of teenagers started a love affair with good music.

And countless thousands blew one as well.... but had a 'significant' time trying...

All power to the chap, kind thoughtful man if this is true

 

[68rednose]

:shock: So he started a retailing business at the age of 19? Wow. :^

 

[htm_1968]

http://www.independent.co.uk/news/business/analysis-and-features/high-fidelity-julian-richer-rewards-staff-loyalty-with-holiday-homes-and-trips-on-the-company-jet-next-hes-planning-their-inheritance-8952760.html

Interesting write up about Richer and his methods. Seems like his business model in general, its HR policy in particular, is the opposite of that used by Wall-Mart if the stories in the paper are to be believed.....

 

[Rodney Gold]

It's a great policy if your immediate family are looked after .. giving employees an interest keeps them loyal and productive and you dont find some unqualified relative buggering up what is a household name..

 

[peterh]

Much of his approach to business might appear tongue in cheek or flippant or altruistic but he has a very shrewd head. I recall he used to give employees the use of his Bentley for the day if they won the most productive outlet of the month. Stuff like that. And he still "sells" the best warranty in that sector - f years for 10% retail price and if you don't use it, get a refund.

I think people have a lot of "trust" in Richer Sounds and I certainly still buy from them. I am looking at a Freesat Humax box and guess where I will be going. Likewise, for a half decent one-box system for my daughter.

 

[Seenmyspecs?]

After all the crap thats being unearthed around the running of the Coop Bank, its refreshing to read a story about a genuinely altruistic and successful businessman . I suspect that, like me, the vast majority of wammers have used RS at some time or other.

More power to him!

 

[nat8808]

Not sure if you need a log-in to read this, here's a snippet:

I've not worked out the FT website - sometimes it's free sometimes it's not. Thought you got a few articles for free a month but only remember looking at one this month and I'm being asked to susbscribe. You used to be able to reset it by simply appearing as a new visitor - open a fresh new windows user account (so all cookies, flash cookies etc are brand new and seperate) and reset your IP address normally by switching your router on and off.

 

[da22222]

Superb. When I was a student I wandered into the Edinburgh branch on a cold November evening to buy a blank tape and came out with a CD player. A sweet shop for fledgling hifi obsessives. It all began there..

 

[RobHolt]

Not surprising but very nice to see this.

They always offer good deals, don't rip off customers and don't do the hard sell.

The stores feel different to other outlets selling budget audio and tech products on the high street and that feeling exists in all stores I've visited, so it clearly comes from the top.

 

[Scarlet Pimpernel]

Encouraging and inspiring actions. What a top bloke!

Let's hope he doesn't fulfill the usual travesty of life in as much as he dies young - as all the best people usually do.

SP

 

[hifinutt]

:shock: So he started a retailing business at the age of 19? Wow. :^

yes I remember with pleasure going to the shop at London bridge in 78 used to live down the road in Bermondsey when it was not quite so salubrious and smelt of vinegar all the time !

 

[hixy]

I bought my first HiFi system from there,had an issue with one of the speakers replaced it straight away with no questions.great company and would use again

 

[ClassikFan]

Used to buy my C90 cassettes from the London Wall branch when i was a student. Have used them on & off ever since, indeed it was buying a presonal MD player from them in the early 2000's that re-kindled my interest in having a half decent HiFi and kicking out the music centre to reinstate the NAD amp and old TT I had in the loft. Thanks RS.

 

[Tel]

yes I remember with pleasure going to the shop at London bridge in 78 used to live down the road in Bermondsey when it was not quite so salubrious and smelt of vinegar all the time !

Likewise, I didn't know it at the time but I must have met him, the London Bridge shop was his first.

 

[Steveh]

Success based(IMHO) on brilliant marketing and location of shops.Original philosophy I guess was to attract many students on a tight budget who aspire to own hi-fi (not the best, but kit that they could happily show off to their friends?), and then upgrade as their income increased as they gained employment. Over the years there have been some stunning bargains. Their extended warranty deal is the best in the business, and I have several times got my money back when warranty expired. They don't sell much kit that interests me in hi-fi now, but it's where I started my journey.....top guys/top boss...

 

[martinclemas]

Used to go to the London Bridge store with my Dad for a day out in the early 80's. I can still remember spending hours looking through the brochure. No photos, just line drawings of all the products! Definatley got me into hifi from a young age. They had stacks of separates piled up about 10 feet high all around and people were queing out the door!