The London-based electronics retailer Richer Sounds recently made headlines when its owner, Julian Richer, announced that he was selling a 60% stake in the company to its approximately 500 employees through an employee ownership trust similar to the one that owns the John Lewis Partnership retail conglomerate.
As part of the deal, £3.5 million—more than a third of the sale price—will be given as a one-time bonus to each worker equating to £1,000 per year served.
The workers at Richer Sounds are understandably delighted with their good fortune. But why should the benefits of worker ownership be limited merely to those lucky enough to work for a businessman whose commitment to social justice extends to funding campaigns against tax avoidance and precarious contracts? We should instead recognise the virtues of employee ownership and use the model to inform how we restructure the wider economy to be more equal and democratic.
