Julian Richer, the founder of hi-fi retailer, Richer Sounds, is breaking new records again. For more than 20 years, Richer’s first shop on London Bridge was ranked by the Guinness Book of Records as having the highest sales per square feet of any retailer in the world.

Now Richer is setting another record by becoming one of the UK’s most generous philanthropists and promoting industrial democracy in a way not seen since John Spedan Lewis gave his business to his staff in 1929.

With £200m of annual sales, Richer’s move to turn his company into an employee-owned trust is one of the biggest in the UK. The plan is to transfer 60% of his shares into a John Lewis-style trust for the company’s 531 employees.