and a retail entrepreneur who handed control of his company to his employees, said the UK government should collect on the loans it made to support Covid-stricken businesses.
The Federation of Small Businesses and the Ownership at Work research group have suggested Sunak allow them to write off debt built up through “bounce back” loans from the Treasury in exchange for following Richer’s example of establishing employee ownership trusts, designed to incentive business leaders and empower workers.
The electronics chain did not escape unscathed from the coronavirus recession. It was forced to close its 51 stores during three national lockdowns, including one permanently. Two-thirds of staff were furloughed, while the rest worked from home. Richer Sounds now makes 30% of its sales online or by phone, double the previous portion.
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