Julian Richer is 60 years old now, so he's decided to pack away his loud toys and become a man. Or go on more cruises perhaps, as he's handed over control of his business – the eponymous Richer Sounds tech empire – to each and every one of the company's 531 staff.
Richer Sounds is therefore to become a staff-owned and operated trust akin to John Lewis once the change has kicked in, plus there's good news for any staff members in need of a new TV or an unfeasibly large amplifier and at least 11 speakers in order to bring them closer to the action than ever before; each employee is to get a £1,000 bonus for every year they've worked for the business. Richer indeed, especially Alan from Brighton, who's been there shifting amps for 22 bloody years.
Julian Richer is parting with his 60 per cent share of the business in return for £9.2m, a third of which is to go back to staff immediately in the form of the loyalty bonus. Richer said: "I think it's the adult thing to do and, psychologically, passing control is important because I've been on this gold-plated treadmill for 40 years." [Guardian]