Richer Sounds founder to bequeath company to staff in his will
The founder of hi-fi retailer Richer Sounds has said that he will leave the business to the companys employees in his will.
Julian Richer, who founded Richer Sounds 35 years ago and still owns 100% of the company, told the Financial Times that he did not have a "spoilt child to run the business" and that it was his life’s work.
The businessman said he planned to give each employee an equal share of the business in his will and revealed that he would like IT director Julie Abrahams to succeed him as managing director.
He told the newspaper: “If I could find someone I felt would keep it going, I’d be more inclined to sell it.
“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.”
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