Richer Sounds

staff are in the money and will typically pocket £8,000 each after their boss put them in charge of the group.

Julian Richer, founder of the hi-fi and TV retail chain, is transferring 60% of his holding in the business into an employee ownership trust.

He will earn £9.2million from the stake of which he will give £3.5million back to staff as loyalty bonuses.

Each of the 552 employees will pick up £1,000 for every year worked at the firm, meaning an average payout of £8,000.

Richer, 60, who revealed he was stepping down from the day-to-day running of the firm, said the “time was right to leave my company in trust for the benefit of colleagues”.