In the past few weeks a few employees have suddenly found they didn't just work for their company, they owned a bit of it too. The owner and founder of Richer Sounds, Julian Richer, used a special trust to give his 500 staff a 60% stake in the business and a £3.5m handout. Julian Richer, who founded the business in 1978 when he was 19, said the "time was right" to give employees the stake as he had turned 60. Each of the 522 employees will pick up £1,000 for every year at the firm, giving an average payout of £8,000. Some longer serving staff will receive more: 39 have worked for the Hi-fi and TV retailer for more than 20 years, including one who has 40 years' service. Richer Sounds, which has 53 stores, donates 15% of profits to a number of charities and says it is founded on "the ethical principles of being decent, honest and truthful and hopefully [this] runs through everything we do".
