G Payday for l staff at Richer Sounds

More than 520 staff at hi-fi and TV retail chain Rich er Sounds will share £3.5 million in cash bonuses after the firm’s founder handed control of the business to employees.

Julian Rich er has transferred 60 per cent of his holding in the business into an employee ownership trust, following in the footsteps of retail giant John Lewis Partnership. Rich er Sounds has 53 stores in the UK, with two in Scotland.