STAFF at the York branch of Richer Sounds say they are delighted with the announcement they will become part-owners of the company.

Nationally, more than 520 staff at the hi-fi and TV retail chain will share bonuses totalling £3.5 million.

It comes after founder Julian Richer, who lives near York, transferred 60 per cent of his holding in the business into an employee ownership trust, similar to a set-up created by the John Lewis Partnership.

Each of the company’s 522 employees will pick up £1,000 for every year worked at the firm, meaning an average payout of £8,000.

Joe Sellers, 26, field sales manager at the York shop in St Sampson's Square, said staff were excited by the news - although it was not a complete surprise.

He said: “It’s not out of the blue. Julian Richer lives just outside York and we see him on a semi-regular basis, he made us aware of his intention a while ago. A couple of weeks ago he visited us and said he was planning on doing it sooner rather than later, but we still thought it was years down the line.”

Mr Richer said the “time was right” to hand over the ownership of the business to staff as he stepped down from the day-to-day running of the firm.

He 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.”

There are 53 Richer Sounds shops across the UK, set up by Mr Richer in 1978 at the age of 19. He said he had long planned to hand control of the firm to staff and had already written the plan into his will, but has been working on the employee ownership trust plans for the last 18 months.

While he will receive £9.2 million for his stake in the company, £3.5 million of that will go to employees.

Mr Richer said he would continue to be involved in the business, while handing over daily running to the management board, along with a newly set up colleagues’ advisory council and trustees.

Joe, who has worked at the York shop for almost three years, said: “It’s a couple of thousand pounds in the bank I wasn’t expecting. I’ve just got to try not to put it straight back through the till - but I can’t make any promises.

“It’s nice knowing going forward there’s an additional profitability to come, just for working for the company when it goes to a profit-share scheme.

“You feel incredibly valued working for Richer Sounds, they really look out for their staff, so I’m chuffed.”