A multi-millionaire former Tory donor has traded for a bus pass with his brilliant life of private jets and helicopter rides and is now supporting over 400 charities. Due to his electronics firm Richer Sounds, which he launched in the 1970s, entrepreneur Julian Richer, 60, is thought to be worth an estimated £160million.
But the Londoner have turned his attention to social injustices and is on a mission to bring down shady bosses that ruin the company world. He blasted company owners for underpaid employees, trapping employees on zero-hour agreements, and stashing earnings in offshore accounts. Mr Richer even relinquished control of his hi-fi-to-TV company Richer Sounds to his employees, handing over 60% of his shares, £3.5 million, to the workers.
It means each of his 531 employees will receive an extra £1,000 for each year spent with the retailer, meaning an average payout of £8,000. Mr Richer has set up Tax Watch to highlight tax-dodging firms in the UK, and is also separately funding a legal test case to try and stop the use of zero-hours contracts. ‘There are so many things wrong with society at the moment – 1.7 million on zero-hour contracts who can’t get access to private housing because landlords won’t give them the time of day,’ Mr Richer told The Mirror.
‘Fourteen million below the poverty line, including four million children, and four million of those in work – that’s a disgrace. ‘One and half million in destitution, who cannot even afford the basics. We should be ashamed.’
At the age of 14, Mr Richer began wheeler-dealing at Bristol’s private school. He had opened his first Richer Sounds store on London Bridge Walk by the moment he was 23 years old and was riding a Rolls-Royce. He now has some 53 national, internet shops, as well as telemarketing and service to departments of company.
But the businessman proudly boasts: ‘Since I turned 60, I’ve been cycling and getting the Tube and I have a bus pass. I get to take the free bus. Fantastic!’ Mr Richer claims he is proud to pay his taxes in complete and intends to follow suit with’ gigantic internet retailers, landlords and celebrities using offshore tax havens. He estimates that the taxman in Britain is loosing at least £100 billion.
The businessman, who has been married to the former Rosie model since 1982, claims that the template for accountable capitalism is his business model at Richer Sounds. Richer Sounds owns 12 vacation homes worldwide, including Venice, Amsterdam, Barcelona and Paris. Staff can use the homes for free holidays at least once a year. Mr Richer suggests that this keeps employees motivated and decreases shrinking-a retail word meaning theft by employees.