Stockport-based Gorvins Solicitors were proud to support high-street retailer Richer Sounds in assessing their existing employee contracts and drafting new ones in relation to their recent move to employee ownership.
Richer Sounds, the hi-fi and television high-street retailer, recently made headlines with the move to an employee-ownership model for the business meaning that while Founder and MD, Julian Richer retains 40% ownership of the business, 60% is now in an employee trust as part of Mr Richer’s succession plans.
As part of this change to employee-ownership, senior management and directors were required to sign new employment contracts.
Head of Employment services for Gorvins Solicitors, David Walton said “The new contracts show Mr Richer’s commitment to the employee-owner model he has introduced and by having robust employee contracts in place, it protects everyone’s interest in the business”.
Entrepreneur, author and philanthropist, Julian Richer, has often taken a unique approach to running his business. Richer said, “I have always planned to leave my company in trust on my death for the benefit of the colleagues in the business. Having hit the ripe old age of 60 in March, 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. The company’s banks, suppliers and customers should feel that the move is (hopefully) seamless and Richer Sounds carries on as normal.”
Gorvins Solicitors have supported client Richer Sounds for a number of years and look forward to continuing to do so in this new and exciting chapter in the business’s history.