Richer Sounds founder hands over control of hi-fi and TV firm to staff

Discussion in 'UK politics, current affairs and news' started by editor, May 14, 2019.

  1. editor

    editor hiraethified

    Good man...


    And I like him even more:
    Richer Sounds founder hands over control of hi-fi and TV firm to staff
  2. Dan U

    Dan U Boompty

    yes, i saw and like this.

    i looked up my local richer sounds branch for a TV I was looking for the other day and was struck by how long some of the staff had been at the same branch (they have a page on the staff). Some people there 8 years plus which feels like a long time in retail.

    hopefully they are booking some nice holidays etc. shortly.
    muscovyduck, ddraig, D'wards and 4 others like this.
  3. editor

    editor hiraethified

    While not in the same league, I was impressed by this gesture by Pret where all staff got a grand - even the ones who had just joined!

    All 12,000 Pret a Manger staff to get £1,000 each as chain is sold for £1.5bn
  4. Celyn

    Celyn Well-Known Member

    I had no idea it was owned by a person actually named "Richer". I always just sort of supposed it was a company name invented to carry the meaning of "our machines will make really good sounds".

    I haz learned a thing!
    Last edited: May 14, 2019
  5. Poi E

    Poi E shameless

    Never regretted buying anything from RS. Their extended guarantees have saved me thousands over the years. Never a hard sell, either.
    Almor, Nivag, Sprocket. and 4 others like this.
  6. Orang Utan

    Orang Utan razzed up on scrumpy and injustice

    Cosy capitalism yay
  7. billy_bob

    billy_bob contents may have settled during transit

    Such is the modern business world that I kept expecting to see a list of horrific downsides to this at the end of the article. But so far it seems to be a very positive story.
    William of Walworth and Enviro like this.
  8. editor

    editor hiraethified

    Nylock, D'wards, Sasaferrato and 3 others like this.
  9. shakespearegirl

    shakespearegirl just worked out taglines

    Sounds like he treats his staff pretty well to me!
  10. 8ball

    8ball Bar Bore Silver Medallist

    Me too!
    Celyn likes this.
  11. billy_bob

    billy_bob contents may have settled during transit

    Just because the global economic model is fucked, doesn't mean there are no shades of grey to people's behaviour within it. What should he have done instead?
    Nylock, Mr Moose, Winot and 6 others like this.
  12. 8ball

    8ball Bar Bore Silver Medallist

    Oh, come on - bet you were expecting that before post 5. ;)
  13. dessiato

    dessiato Life is a lemon, and I want my money back

    I think I'll look there for my next purchases. I thought they were a bit strange from my previous interactions with them. But I'll support them in future.
    kalidarkone, Judelo and editor like this.
  14. Serge Forward

    Serge Forward Well-Known Member

    Had to like this as "cosy capitalism" ultimately needs wiping out with the more common nastier capitalism... still, in the here and now, it's always preferable to work for a cosy capitalist than a ruthless robber baron.
    muscovyduck, Nylock, Almor and 12 others like this.
  15. Fez909

    Fez909 toilet expert

    Richer Sounds have always been ranked highly on "best places to work".

    They allow you to bring your pets into work if you want, and have luxury company cars and holiday homes that employees can use. And you get your birthday off.

    Obviously still capitalism, etc, but it sounds like the best of a bad bunch.
    muscovyduck, Nylock, Almor and 14 others like this.
  16. editor

    editor hiraethified

    The evil capitalist system isn't going to be overturned any time soon, but it seems particularly churlish to pick holes with an employer who has clearly done the best he can to make his employee's lot miles better than almost all other bosses.
    muscovyduck, Chz, Smangus and 19 others like this.
  17. littleseb

    littleseb littleseb

    A company (social care) I used to work for had us employed on minimum wages with shit conditions and no rights whatsoever. The main boss took home 110 grand, middle management was on 50.
    They won a few awards (best care provider etc) and a few tenders one year and as a thank you gave all staff a Christmas bonus of £250. Most staff were dead chuffed, not only because they felt rewarded / appreciated, but also because they could really do with the money for Christmas, having worked for minimum wages all year.
    I was beyond pissed off and gave mine to charity (as did a few of my colleagues).
  18. littleseb

    littleseb littleseb

    pret sold their company for 1.5bn and gave 12000000 to staff. It's an insult.
    muscovyduck and Bahnhof Strasse like this.
  19. mx wcfc

    mx wcfc Well-Known Member

    The John Lewis model is probably as good as it gets in the current environment. Of course if the staff all sell the shares, they will end up owned like everyone else.
    likesfish likes this.
  20. editor

    editor hiraethified

    How much do you think brand new employees usually get when their company is taken over?
    I'll give you a clue. It's less than 1p.
  21. littlebabyjesus

    littlebabyjesus one of Maxwell's demons

    Mondragon model is better.
    William of Walworth likes this.
  22. littleseb

    littleseb littleseb

    That's not my point though, I wasn't comparing Pret to other companies.
    A quick google suggests that Pret pays its sales personal 7.65 / hour, which is barely enough to survive in London. This makes for a workforce that is happy for the odd £1000 handout and costs Pret practically nothing.
    They didn't up their workforces wages as a thank you for making the company worth 1.5bn, no, they presented them with a modest handout and used it for publicity.
    I don't even want to know what the main bosses are on annually.
    That's what pissed me off so much about my Christmas bonus I received a few years back. The less a company pays the more its workers are gonna appreciate 'bonuses'.
    muscovyduck, yield, Edie and 2 others like this.
  23. editor

    editor hiraethified

    Why would a worker who has just started work for the company expect "a thank you for making the company worth 1.5bn"?

    Yes, it's all fucking shit because of capitalism is evil blah blah blah, but I'd wager that all of those workers who got a thousand quid more than if they worked for any other High St coffee shop weren't complaining.
  24. littleseb

    littleseb littleseb

    because Pret should pay its workers more in the first place. past and future workers make a company worth what it is.

    and I'm sure a lot of workers were grateful for the 1000 quid. why wouldn't they be? they are on very shit wages.
    muscovyduck, Nylock and NoXion like this.
  25. littleseb

    littleseb littleseb

    pret use this for publicity. more people will be applying for future vacancies - even less of a reason for pret to sort out their shit basic wages.
    NoXion likes this.
  26. weltweit

    weltweit Well-Known Member

    Richer was for a long time looked up to in business circles, and this sounds characteristic of him.

    Good. Well done him!
    Throbbing Angel likes this.
  27. editor

    editor hiraethified

  28. editor

    editor hiraethified

    Where? Show me the adverts.

    And what kind of fool starts working for a particular firm in the hope that they'll soon have another multi-million takeover with another once-in-a-lifetime big staff handout following in its wake?
  29. maomao

    maomao 四月她爹

    But it's already been sold to some hedge fund or something so a) offer unlikely to be repeated and b) run by not so cuddly people now anyway.
    NoXion likes this.
  30. editor

    editor hiraethified

    I wouldn't choose them in the wild hope of another big handout. That would be very silly.

    I'd join them because their working conditions are miles better than most - certainly better than the sandwich bars I worked in.

    *not that I want to work in a sandwich bar again, thanks

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