Electronics retailer Richer Sounds defied High Street gloom to notch up sales and profits growth ahead of staff being handed a majority stake in the business this year, new accounts show.
The chain, which was founded in London Bridge in 1978 and today has over 50 shops, said turnover rose to £171.2 million in the 53 weeks to May 4. That was up from £157.5 million in the 52 weeks to April 28.
Pre-tax profits increased 18.6% to £8.3 million.
The results cover the 12 months period just before Richer Sounds’ founder Julian Richer gave 520 staff over £3.5 million in cash bonuses to share and transferred 60% of his shares into an employee ownership trust.
Founder Richer, who turned 60 in March, said at the time he wanted to create an employee-owned company similar to the John Lewis Partnership.
He said in May: “I felt the time was right, rather than leaving it until I’m not around, to ensure that the transition goes smoothly and I can be part of it.”
