jetivia sa v bilta ( uk ) limited ( in liquidation ) [ 2015 ] uksc 23 ( sometimes referred to as bilta ( uk ) limited v nazir ) is a uk company and insolvency law decision of the supreme court of the united kingdom in relation to ( i ) the attribution of unlawful acts of a director to the company where the company is the victim of the unlawful act , and ( ii ) the extent to which liability for fraudulent trading under section 213 of the insolvency act 1986 has extraterritorial effect .

the supreme court held that : the defence of ex turpi causa could not operate to prevent a claim brought by the liquidators on behalf of a company against its former directors on the basis that , where the company was essentially the victim of a fraud by the directors , the conduct of the directors would not be attributed to the company and thereby treat the company as a party to the illegality ; and liability for fraudulent trading under the insolvency act 1986 had extraterritorial effect .

jetivia sa & another v . bilta uk limited ( in liquidation ) & others [ 2015 ] uksc 23
frances coulson , partner at moon beever , gives her reaction to the supreme court’s decision in jetivia sa and another v bilta ( uk ) ltd ( in liquidation ) and others [ 2015 ] uksc 23 .
as with the phones , bilta bought ex uk from suppliers including jetivia ( vat free trade within the eu ) then sold to uk traders at a price lower than that they paid , and then the uk traders paid jetivia rather than bilta anyway .
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has your company been served liquidation proceedings ? then you have a limited time to act .
notable cases include the supreme court decision of jetivia sa & another v . bilta uk limited ( in liquidation ) & others [ 2015 ] uksc 23 , a leading authority for the application of the illegality defence . the supreme court ' s decision is of particular significance to insolvency practitioners considering claims against the directors of insolvent companies and brings welcome clarity to the scope of the house of lords ' decision in stone & rolls limited v . moore stephens [ 2009 ] 1 a . c . 1391 .
bilta would buy the euas from a number of traders based outside the uk , including jetivia , whose sole director was one mr brunschweiler . bilta paid no vat when it acquired the euas from jetivia but then sold these euas on to a number of uk based traders who were registered for vat . the sales of these euas were taxable supplies and bilta thereby incurred substantial liabilities in respect of vat . however , as part of the fraudulent scheme , when the euas were sold to the uk based traders they were sold at a price below the price paid to jetivia plus the vat due . further , the payments made by the uk based traders were either made directly to jetivia or to various offshore bank accounts .
accordingly , bilta did not receive the proceeds of the sales of the euas , which left it unable to meet its vat liabilities , in the sum of gbp 38 , 733 , 444 . in the meantime , both jetivia and the uk based traders were able to make significant profits at the expense of bilta .
bilta had two directors , mr nazir and mr chopra , with mr chopra as the sole shareholder . between 22 april and 21 july 2009 bilta purchased carbon credits from traders ( including jetivia ) located outside the uk , which were zero rated for vat purposes , and sold these at no profit ( and frequently at a loss ) to vat registered suppliers within the uk , charging vat . proceeds from these sales , including the vat element , were diverted offshore to jetivia and other third parties . this so - called “third party payment” structure is a common feature of missing trader intra - community ( “mtic” ) vat fraud . bilta was unable to pay the vat when it fell due and in september 2009 it entered provisional liquidation on the petition of hmrc .
“in common with all members of the court , i consider that this appeal should be dismissed because the court of appeal were right to hold that ( i ) illegality cannot be raised by jetivia or mr brunschweiler as a defence against bilta’s claim because the wrongful activity of bilta’s directors and shareholder cannot be attributed to bilta in these proceedings , and ( ii ) section 213 of the insolvency act 1986 has extra - territorial effect . ”
bilta ( uk ) limited ( “bilta” ) had been in liquidation since 29 september 2009 . at all material times prior to the liquidation , the company had only two directors - messrs . nazir and chopra - and a sole shareholder , mr chopra . between april and july 2009 , the company was engaged in an elaborate vat fraud , based on the purchase and resale of european emissions trading scheme allowances ( euas ) . euas were , at this time , treated as taxable supplies under the vat act 1994 and were therefore liable for vat at the standard rate ( 15 % ) .
the court of appeal recently handed down its much - anticipated judgment in ( 1 ) jetivia s . a . ( 2 ) urs brunschweiler v bilta ( uk ) limited ( in liquidation ) ( 2013 ) . in doing so , it revisited the decision of the house of lords in the auditors’ liability case of stone & rolls ltd ( in liquidation ) v moore stephens ( a firm ) ( 2009 ) , where it was held by a majority that a claim by a “one - man” company defrauded by its director , against auditors who were said to have failed , negligently , to alert the company to the fraud , was barred by the principle of ex turpi causa as that director was the company’s sole mind , will and beneficial owner and his dishonesty was therefore to be attributed to the company .
this left bilta with vat liabilities of £38 , 733 , 444 which it had no means of paying .
in october , the court heard applications by a swiss company jetivia and its director appealing against decisions to reject its application to strike out claims made against it for conspiracy , dishonest assistance and fraudulent trading . the claims arose from the appellants’ alleged participation with bilta’s directors and others in a vat fraud involving carbon credit trading which left bilta unable to pay debts of over £38m to hmrc .
at first instance ( 1 ) – bilta ( uk ) ltd ( in liquidation ) v nazir and others chd ( [ 2010 ] bus lr 1634 , [ 2010 ] 2 lloyd’s rep 29 , bailii , [ 2010 ] ewhc 1086 ( ch ) ) the sixth defendant resisted a claim against it saying that matters between them were governed by a framework agreement which provided for matters to be resolved by arbitration . the claimant resisted , denying the arbitration agreement and saying . .
the supreme court held that s 213 has extra - territorial effect at least to the extent of applying to individuals and corporations resident outside the uk .
appeal from – jetivia sa and another v bilta ( uk ) ltd and others ca ( bailii , [ 2013 ] ewca civ 968 , [ 2013 ] wlr ( d ) 333 , [ 2014 ] 1 all er ( comm ) 176 , [ 2013 ] 3 wlr 1167 , [ 2014 ] 1 all er 168 , [ 2014 ] ch 52 , [ 2013 ] sti 2677 , [ 2013 ] bcc 655 , [ 2014 ] 1 bclc 302 , [ 2014 ] 1 lloyd’s rep 113 , [ 2013 ] lloyd’s rep fc 620 , [ 2013 ] stc 2298 ) defendants appealed against refusal of their request for a summary striking out for lack of jurisdiction , of the claims against them arising from their management of the insolvency of the first defendant . . .
the subject company went into compulsory liquidation on 30 november 2005 , the creditors ' petition having been presented on 28 september 2005 .
when the very significant scam was discovered and the company wound up , the liquidators sued various parties they alleged had been involved in a conspiracy to defraud bilta , including jetivia . the causes of action pleaded were conspiracy and dishonest assistance by the company , and by the liquidators for fraudulent trading under s . 213 of the insolvency act 1986 .
team y & r holdings hong kong limited ( the “ company ” ) was incorporated in hong kong in 2007 . the shareholding of the company is as follows
thus in bilta of course the company was the victim of its officers , and the damage was the deficit , the liabilities it could not pay to hmrc .
at first instance ( 2 ) – bilta ( uk ) ltd v nazir and others chd ( bailii , [ 2010 ] ewhc 3227 ( ch ) ) the company had been wound up by the revenue on the basis that it had been used for a substantial vat fraud . the liquidators now sued those said to have participated . a defendant denied the jurisdiction because of a disputed arbitration agreement . . .
when the scheme unravelled , liquidators were appointed and the company was wound up . subsequently , the liquidators issued proceedings against a number of parties it alleged to have been involved in a conspiracy to defraud bilta , including jetivia and mr brunschweiler ( who subsequently became the appellants ) . the proceedings involved both a claim by the liquidators on behalf of bilta against the appellants and others for conspiracy and dishonest assistance , and parallel claims by the liquidators for fraudulent trading under s . 213 of the insolvency act 1986 .
bilta ( uk ) limited ( “bilta” ) went into liquidation on 29 september 2009 on an hmrc petition . it had only ever had two directors – messrs . nazir and chopra , though mr chopra was the sole shareholder . for a period of 3 - 4 months to july 2009 , the company was engaged in a substantial vat fraud , based on the purchase and resale of european emissions trading scheme allowances ( euas ) . euas were , at this time , treated as taxable supplies under the vat act 1994 and were therefore liable for vat at the standard rate ( 15 % ) . similar to the traditional mtic fraud where mobile phones or cpu’s were supposedly traded back to back , carbon credits had the advantage of requiring no physical transportation or storage .
cited – burnden holdings ( uk ) ltd v fielding and another ca ( bailii , [ 2016 ] ewca civ 557 , [ 2016 ] wlr ( d ) 313 , wlrd ) the company , now in liquidation sought to claim for the alledged misapplication by former directors of its funds in 2007 . it now appealed against a summary rejection of its claim as time barred . held : the appeal succeeded . section 21 ( 1 ) ( b ) . .
applying these principles to this case , patten lj held that bilta was unquestionably the victim : it had suffered the primary damage and the principle in hampshire land would therefore apply .
bilta and its liquidators commenced proceedings against bilta’s directors , the appellants and other alleged co - conspirators in the fraud . the appellants applied for the claims against them to be struck out or summarily dismissed on the grounds that they were either a ) ( with respect to bilta’s claims ) precluded by the ex turpi causa doctrine ( relying for these purposes on the decision in stone and rolls ) , or b ) ( with respect to the liquidators’ claim ) bound to fail because section 213 does not have extra territorial effect .
an extension of the exception was arguably open to the court on the basis that there was still , in bilta , no human embodiment of the company who was unaware of the conspiracy .
wood & another v . kirankumar mistry [ 2013 ] 1 b . c . l . c . 389
re opti - medix ltd ( in liquidation ) and another matter [ 2016 ] sghc 108 the primary issue before the court was whether liquidation in a jurisdiction other than that of the place of incorporation should be recognized . the court agreed that japan was essentially the sole place where actual business was carried on . singapore was primarily a center for managing funds received in the first instance in japan . further , there was no competing jurisdiction interested in the winding - up of the companies . on the other hand , japan had moved in favor of liquidation . to hinder the orderly dissolution of the companies in this situation would serve no purpose .
region / country . . . worldwide latin america europe asia pacific africa caribbean australasia asia european union australia u . k . canada cayman islands china costa rica cyprus ireland italy japan netherlands south africa uk united states guernsey
cited – lennard’s carrying company limited v asiatic petroleum company limited hl ( [ 1915 ] ac 705 , [ 1914 - 15 ] all er 280 ) the house was asked as to when the acts of an individual became those of his employer under section 502 ( ‘any loss or damage happening without ( the ship owner’s ) actual fault or privity’ ) . held : viscount haldane lc said : ‘it must be upon the . .
the justices were required to consider whether the decision in moore stephens v stone & rolls ltd [ 2009 ] ukhl 39 applied to the facts of bilta . stone & rolls ltd has been a debated and much criticised authority , not least because of the significant differences between the reasoning of the majority who argued it .
medical trend limited and opti - medix limited ( collectively , the “ companies ” ) were incorporated in the bvi . their main business was in japan . the proceeds of the business were however transferred to their bank accounts in singapore . in late 2015 , bankruptcy orders were granted by the tokyo district court , and the applicant was appointed as their bankruptcy trustee . the applicant sought the recognition in singapore of the foreign insolvency proceedings in respect of the companies .
the provisional liquidators ( “ liquidators ” ) of sunlink international holdings limited ( “ sunlink ” ) issued a writ against deloitte touche tohmatsu ( “ defendant ” ) on 14 april 2011 . the writ was subsequently amended to reflect the assignment of sunlink’s claims to enrich future limited as 1 st plaintiff , and the addition of other plaintiffs in the action .
medical trend limited and opti - medix limited ( collectively , the “ companies ” ) were incorporated in the bvi . their main business was in japan . the proceeds of the business were however transferred to their bank accounts in singapore . late 2015 , bankruptcy orders were granted by the tokyo district court , and the applicant was appointed as their bankruptcy trustee . the applicant sought the recognition in singapore of the foreign insolvency proceedings in respect of the companies .
this case represents an opportunity for the court to clarify the scope of the ex turpi causa non oritur actio doctrine – the principle that the court will not assist a company to recover damages for its own wrong . the appellants assert that the house of lords decision in stone and rolls ltd v moore stephens [ 1 ] ( in which the liquidators of stone and rolls were unable to pursue a claim against the company’s auditors for failure to detect a fraud perpetrated by stone and rolls’ sole director and shareholder ) applies to the facts in this case thereby preventing bilta ( itself now in liquidation ) from making any claim .
appeal from – bilta ( uk ) ltd and others v nazir and others chd ( [ 2012 ] stc 2424 , bailii , [ 2012 ] ewhc 2163 ( ch ) , [ 2012 ] wlr ( d ) 236 , [ 2013 ] 2 wlr 825 , [ 2013 ] 1 all er 375 , [ 2013 ] bcc 235 , [ 2012 ] sti 2554 ) the company was said to have engaged in a fraud based on false european trading scheme allowances , and had been wound up by the revenue . the liquidators , in the company name , now sought recovery from former directors and associates . held : the . .
medical trend limited and opti - medix limited were incorporated in the british virgin islands while their main businesses are conducted in japan with sale proceeds transferred to their singapore bank accounts . in late 2015 , bankruptcy orders were granted by the tokyo district court , and the applicant was appointed as the bankruptcy trustee of the two companies . the applicant sought to exercise his powers under the japanese bankruptcy orders to ascertain , administer , and dispose of the companies’ assets and hence he applied for the recognition of the singapore court of his appointment as the bankruptcy trustee . the primary issue is whether liquidation in a jurisdiction other than that of the place of incorporation should be recognized .
in the case of re opti - medix ltd ( in liquidation ) and another matter [ 2016 ] sghc , the singaporean court has handed down the first written judgment which recognizes foreign liquidators from jurisdictions other than the place of incorporation of the company .
re opti - medix ltd ( in liquidation ) and another matter [ 2016 ] sghc 108 the primary issue before the court was whether liquidation in a jurisdiction other than that of the place of incorporation should be recognized . the court agreed that japan was essentially the sole place where actual business was carried on . singapore was primarily a center for managing funds received in the first instance in japan . further , there was no competing jurisdiction interested in the winding - up of the companies . on the other hand , japan had moved in favor of liquidation . to hinder the orderly dissolution of the companies in this situation would serve no purpose . where winding up is on the ground of insolvency , the applicant has to show that the company has returned to solvency in order to successfully stay the winding up proceedings
patten lj held that the circumstances in which the ‘sole actor’ exception should apply are extremely limited , saying that the decision in stone & rolls “should be confined in my view to the claim and facts in that case” and that “in the context of a claim by the company against its fraudulent directors , the rule has no place in english law” .
the court found that as a general rule , a litigant cannot recover expenses which he incurs in connection with the litigation other than by way of an order for costs : avrahami v biran [ 2013 ] ewhc 1776 ( ch ) ; cockburn v edwards ( 1881 ) 18 ch d 449 . further , the time costs and expenses of insolvency office - holders in respect of litigation are generally not recoverable as costs in the litigation : sisu capital fund v tucker [ 2006 ] bcc 463 .
cited – bowman v secular society limited hl ( [ 1917 ] ac 406 , [ 1916 - 17 ] all er 1 ) the plantiff argued that the the objects of the secular society ltd , which had been registered under the companies acts , were unlawful . held : the house referred to ‘the last persons to go to the stake in this country pro salute animae’ in 1612 . .
cited – the citizens life assurance company limited v brown pc ( bailii , [ 1904 ] ukpc 20 , [ 1904 ] ac 423 ) ( new south wales ) a malicious libel was alleged . the life assurance company was vicariously liable in respect of a libel contained in a circular sent out by a person who was employed by the company under a written agreement as its ‘superintendent of . .
on 1 st april , the court of final appeal handed down its judgment in cheng wai tao and others v poon ka man jason ( suing on behalf of himself and all other shareholders in smart wave limited except the 1st appellant ) and another facv17 / 2015 . the judgment marked an end of the protracted battle over litigation between two partners of the successful chain of sushi restaurants , itamae .
fieldfisher llp ( “ ff ” ) , a firm of solicitors , brought an application for an administration order in relation to pennyfeathers limited ( the “ company ” ) based on a disputed debt in the parties’ conditional fee agreement ( “ cfa ” ) .
the case is important as it shows the liberal approach of the singaporean court in recognizing foreign liquidation in a jurisdiction other than that of the place of incorporation . while the judgment is not binding on hong kong courts , it is a good support for future litigants to argue for the same in hong kong .
on 28 july 2016 , the english court of appeal delivered its decision in express electrical distributors ltd v beavis and others [ 2016 ] ewca civ 765 , which considered whether a validation order should be granted in respect of a payment that had been made for pre - liquidation supplies at a time when neither party was aware of the winding - up petition . the judgment is important as it clarifies the principles of granting a validation order .
subject to limited exceptions , all property belonging to or vested in the bankrupt forms part of the bankrupt’s estate , and thus vests in his trustee . however , property which is “peculiarly personal” to the bankrupt does not form part of the bankrupt’s estate . in haig v aitken [ 2001 ] ch 110 , rattee j held that a bankrupt’s estate does not include the bankrupt’s personal correspondence which is of nature peculiarly personal to him and his life as a human being .
re ardent harmony fund inc ( in official liquidation ) ( fsd 54 of 2016 ) the chief justice of the grand court of cayman islands held that the court has jurisdiction to restrain a creditor over whom it has personal jurisdiction from the institution or continuance of proceedings in a foreign court , where the effect of those proceedings would be to subvert the universal collective process of the liquidation . the chief justice went on to say that there was in fact public interest in the ability of a court exercising insolvency jurisdiction in the place of the company’s incorporation to conduct an orderly winding up of its affairs on a worldwide basis .
while there was no exact factual match between bilta and stone & rolls ( which was a “one - man” company ; in bilta there were two directors , one of whom was the only shareholder , and both of whom were involved in the conspiracy ) , an opportunity presented itself to the court of appeal to extend the operation of the “sole actor” exception . for example , the decision in stone & rolls had left open the question of whether the exception applied to such factual scenarios ( rather than a simple “oneman” company ) and / or to a claim by a company against its directors .
cited – ashmore , benson , pease and co v a v dawson ltd ca ( [ 1973 ] 1 wlr 828 ) by acquiescing in the overloading of the hauliers’ lorries , the consignors’ assistant transport manager and his assistant made the haulage contract unenforceable at the instance of the consignors , who were unable to recover when a lorry toppled over . .
s 213 is one of a number of discretionary powers conferred by statute on the english court to require persons to contribute to the deficiency who have dealt with a company now in liquidation in a manner which has depleted its assets , with no express limits on their territorial application . it provides as follows :
it was alleged that in february 1998 , leung yat tung ( the “ bankrupt ” ) transferred to harbour front limited ( “ harbour front ” ) certain shares owned by him at a gross undervalue . in march 2001 , the bankrupt was adjudicated bankrupt and official receiver ( “ or ” ) was appointed as trustee in bankruptcy .
to begin with , the fact that a company is in liquidation in a particular country does not by itself give rise to a basis to recognize that liquidation in singapore . something more has to be shown . the court acknowledges that there has been a general trend towards recognition that universal cooperation between jurisdictions is a necessary part of the contemporary world in the context of cross - border insolvency . in line with such a universalist approach , there is a greater readiness to go beyond traditional bases for recognizing foreign insolvency proceedings . the place of incorporation of a company may be an accident of many factors , and may be far removed from the actual place of business .
cited – salomon v a salomon and company ltd hl ( [ 1897 ] ac 22 , 66 ljch 35 , [ 1895 - 99 ] all er 33 ) mr salomon had incorporated his long standing personal business of shoe manufacture into a limited company . he held nearly all the shares , and had received debentures on the transfer into the company of his former business . the business failed , and . .
unlike their counterparts in the uk , consumers in hong kong seem to be in a worse position . in the absence of a statutory regime , consumers can only rely on the voluntary “chargeback” arrangements offered by credit card issuers in limited circumstances . a simple google search will reveal that not all credit card issuers offer chargeback arrangements and even they do , card issuers do not always do enough to inform consumers about how to raise a chargeback claim and what documentation needs to be provided to the bank . the bank regulator’s executive director of the monetary authority , carmen chu , also warned that in some situations , where the banks paid the business in full first , before later on collecting the sum from credit card users in instalments , the customer is still obliged to make monthly repayments to the bank , even if the business has closed down .
the decision in bilta serves to illustrate the uncertainty that had existed , following stone & rolls , as to the potential availability of the “sole actor” exception . the court of appeal’s judgment goes some way in clarifying the position , in that it held that the “sole actor” exception was of limited application , and in particular does not apply to claims by a company against its fraudulent director ( s ) . patten lj does not , however , provide a great deal of explanation for circumscribing the extent of the “sole actor” exception in this way . this was also a court of appeal rather than a supreme court decision and it remains to be seen whether the legal position will be tested further .
at common law , liquidation of a foreign company has no automatic consequences in relation to the property of such company in a local jurisdiction . the common law maintains that the court has power to recognise foreign liquidators and assist the courts of the place of incorporation of an insolvent company operating a similar insolvency regime in ensuring that the affairs of the company are properly investigated .
the court held that in order for the plaintiff to defend the counterclaim successfully , the plaintiff must establish that she has a beneficial interest in the property : cheung wing kwan tommy v hong kong export credit insurance corp [ 2012 ] 2 hklrd 1255 ; health v tang [ 1993 ] 1 wlr 1421 . but she cannot establish such an interest because any such interest she may have had is vested in the tib . hence , she has no defence .
the supreme court’s decision in jetivia will be one of the most important decisions in insolvency for many years . if the supreme court upholds the appeal , the impact on proceedings brought by administrators and liquidators against fraudulent directors will be significant . additionally , any decision which denies the extra - territorial reach of the insolvency act will have serious implications for office holders who are ever more frequently trying to make recoveries for the benefit of creditors in relation to businesses which have a global reach .
the court was satisfied that it had jurisdiction over itto , as it was a shareholder of the fund and had submitted a proof of debt . noting that the appointment of bankruptcy trustee in barbados would definitely interfere with the conduct of the cayman islands liquidation , the court granted the anti - suit injunction .
an application for recognition and assistance was made by the joint and several official liquidators ( the “ liquidators ” ) of rennie produce ( aust ) pty ltd which was in liquidation in australia . such application was made pursuant to a letter of request issued by the federal court of australia . a separate application was made for production of documents by two banks in hong kong .
the english high court referred to the court of appeal decision in salford estates ( no . 2 ) ltd v altomart ltd [ 2014 ] ewca civ 1575 , in which it was held that the court should , save in wholly exceptional circumstances , exercise its discretion in an application for winding up consistently with the legislative policy embodied in the arbitration act 1996 .
as noted above , jetivia and mr brunschweiler were said by the liquidators to have dishonestly assisted the directors in the conspiracy to defraud the company . at first instance , and on appeal , the appellants sought to have this claim struck out , relying on the principle of ex turpi causa non oritur actio , on the basis that the company itself was part of a conspiracy to defraud hmrc . the principle of ex turpi causa was originally defined by lord mansfield cj in holman v johnson ( 1775 ) as the rule that “ no court will lend its aid to a man who founds his cause of action upon an immoral or illegal act ” .
back in mid - 1990s , there was discussion in hong kong regarding the introduction of an insolvent trading provision , which closely mirrors the wrongful trading provision of the uk insolvency act 1986 . the purpose of the introduction of the insolvent trading provision is to encourage better corporate governance . it was designed to raise the awareness of company directors of their duty to creditors , rather than just having regard to the interests of themselves or the shareholders .
the law commission believes that an additional category of preferential creditor would not add much complexity , delays and costs , since the limited preference is not designed to protect consumers in all circumstances . rather , it would cover only the most serious cases , where businesses take new ( and substantial ) cash payments from consumers in the run - up to insolvency .
at trial the defendants relied on the house of lords decision in stone & rolls ltd ( in liquidation ) v moore stephens ( a firm ) ( 2009 ) , where it was held by a majority that a claim by a ‘one - man’ company defrauded by its director , against auditors who were said to have failed , negligently , to alert the company to the fraud , was prevented by the principle of ‘ex turpi causa’ ( see above ) as that director was the company’s sole mind , will and beneficial owner and his dishonesty was therefore to be attributed to the company .
the appellants’ application was dismissed at first instance and on appeal . at first instance and in the court of appeal , the appellants submitted that in respect of bilta’s claims , the court was bound by the decision of the house of lords in stone and rolls – in which the house of lords attributed knowledge of a director’s fraud to a one - person company , creating an exception to the rule in re hampshire land co ( no . 2 ) [ 2 ] and allowing the company’s auditors to resist the company’s claim in negligence on the basis of ex turpi causa .
mr . innhaug , being the founding shareholder of nordic international limited ( the “ company ” ) entered into a shareholders’ agreement with sinwa ss ( hong kong ) co ltd ( “ sinwa ” ) , which took up 50 % stake in the company . not long after , disputes surfaced between the parties and the parties have since been involved in multiple litigation and arbitration proceedings .
disputes arose over the allotment of shares in the subsequent itamae restaurants . as a result , the ajisen shareholders entered into a shareholders’ agreement known as the hero elegant agreement at the end of 2015 , under which it was agreed that jason and daisy would be allotted shares in the itamae sushi business through their corporate vehicle , fine elite group limited ( “ fine elite ” ) .
not to be followed – moore stephens ( a firm ) v stone rolls ltd ( in liquidation ) hl ( bailii , [ 2009 ] ukhl 39 , times 11 - aug - 09 , [ 2009 ] 1 ac 1391 , [ 2009 ] bus lr 1356 , [ 2009 ] pnlr 36 , [ 2009 ] 3 wlr 455 ) the appellants had audited the books of the respondent company , but had failed to identify substantial frauds by an employee of the respondent . the auditors appealed a finding of professional negligence , relying on the maxim ex turpi causa non . .
at the same time , the report of the law reform commission of hong kong on corporate rescue and insolvent trading ( 1996 ) recognized that the insolvent trading provision should not be so harsh as to discourage responsible persons from taking the time to consider , and to seek advice , as to whether a company could be saved or go into liquidation . nor should the provision make the responsible persons more inclined to push companies into voluntary liquidation or receivership unnecessarily , for fear of being made liable for trading while insolvent . the report also recognized that responsible persons who paid attention to their business , and who took appropriate action when faced with insolvency , should never face an application in respect of insolvent trading .
in the last issue of our “onc corporate disputes and insolvency quarterly” , we discussed the decision in aabar block s . a . r . l , edgeworth capital ( luxembourg ) s . a . r . l v glenn maud [ 2016 ] ewhc 1016 ( ch ) . there has been a further development in relation to this case .
months of waiting are over as today the supreme court handed down its decision in the bilta case . seven justices ( including lord mance a minority judge in the stone & rolls case ) considered this vitally important case in the fraud arena , albeit of wider application . the supreme court has not however decided to deal fully with the question of illegality , saying that this case was not going to be determinative of the questions and thus those questions would wait for another day .
pursuant to section 150fa of the predecessor companies ordinance ( cap 32 ) , masterwise was ordered to produce various classes of documents under an inspection order , which include records of shenzhen fifu company limited , a wholly owned subsidiary of masterwise , and huizhou fifu electronics co ltd , which is in turn a wholly owned subsidiary of shenzhen fifu . both shenzhen fifu and huizhou fifu are incorporated in prc .
when a company goes into liquidation , the liquidator must distribute the remaining assets of the company to creditors in accordance with a strict statutory hierarchy . consumers , alongside many others , including suppliers , landlords and utility companies , are unsecured creditors . most of the money will go to secured lenders and preferred creditors , such as employees , leaving very little , often negligible to unsecured creditors .
the joint liquidators ( the “ liquidators ” ) of ralls builders limited ( the “ company ” ) brought a claim against three former directors ( the “ directors ” ) of the company for wrongful trading under section 214 of the insolvency act 1986 . the court found that the directors ought to have concluded that there was no reasonable prospect of the company avoiding liquidation by 31 august 2010 . however , the court refused to make a declaration that the directors should make a contribution to the assets of the company in respect of any losses caused to the company during the period after 31 august 2010 , because the court did not find it proven that the net deficiency of the company increased during that period .
further , in the matter of moulin global eyecare holdings limited ( in liquidation ) & ors v olivia lee sin mei [ 2012 ] 4 hklrd 263 , ( 2014 ) 17 hkcfar 466 , barma j , remarkably , allowed the liquidator to add a claim based on increase in net deficiency . in essence , the liquidator claimed that at material time , the defendant , acting as a non - executive director of the company , knew or ought to have known , that the company was insolvent and there was no hope to trade out of insolvency . she should have procured the appointment of provisional liquidators , or otherwise blown the whistle . but she did not . instead , she left the company to trade on and as a result , there was an increased net deficiency of hk $ 1 . 23 billion by the time the company was wound up . on appeal , barma j’s order was set aside , but restored by the court of final appeal . while the final outcome is still pending , the moulin case demonstrates the possibility of a claim based on insolvent trading .
the case was appealed to the supreme court , the court of appeal not having gone into huge detail about the circumstances where the ex turpi causa defence might apply or be defeated . however the supreme court has decided this is not the case in which to expand the discussion . it did say that stone & rolls was limited to its facts . lord neuberger said that
however , the court decided that the “sole actor” exception did not apply to a case like bilta , where the claim was against the fraudulent directors themselves ( and / or those dishonestly assisting them ) . amongst other things , patten lj agreed with the court below that the reasoning in stone & rolls is not applicable to a case in which the claim is based on breach of a duty which ( unlike the duty owed by the auditors in stone & rolls , which the majority of the house of lords accepted was a duty owed to the company alone ) extends beyond the interests of the fraudsters as shareholders , to creditors . stone & rolls did not , therefore , apply in bilta , where ( as patten lj noted ) the directors’ duties had always included a duty to consider the interests of creditors under s . 172 of the companies act 2006 ( and it should be noted that there were also parallel proceedings under s . 213 of the insolvency act 1986 ) . patten lj said that this would be the position even in a case where a true “one - man” company sued its sole director and owner for a breach of duty against the company . indeed , patten lj held that the circumstances in which the “ sole actor” exception should apply are extremely limited , saying that the decision in stone & rolls “should be confined in my view to the claim and facts in that case ” and that “ in the context of a claim by the company against its fraudulent directors , the rule has no place in english law ” .
in the recent decision of shlosberg v avonwick holdings ltd and others [ 2016 ] ewhc 1001 ( ch ) , the english high court considered the nature and devolution of legal professional privilege in the context of bankruptcy . it was held that the trustee in bankruptcy might be unable to waive privilege even when entitled to possession of privileged documents to administer the bankrupt’s estate .
the court agreed with the english court of appeal’s decision in liquidator of west mercia safetywear ltd v dodd and another ( 1988 ) bcc 30 , in which a director was made personally liable for procuring an undue preference . the court found that holding a director who procures an undue preference directly responsible for restoring the company to the position it would otherwise have been in is not only just , but also in line with the clear direction of the singapore court of appeal in liquidators of progen engineering pte ltd v progen holdings ltd [ 2010 ] 4 slr 1089 that a director has a fiduciary duty to take into account the interests of the company’s creditors when a company is insolvent , or near insolvency .
another such provision , s 238 ( which empowers the court to make orders against any person to reverse transactions at an undervalue ) , was held by the court of appeal to apply without territorial limitations in in re paramount airways ltd [ 1993 ] ch 223 . in this case , sir donald nicholls v - c observed : ( i ) that current patterns of cross - border business weaken the conducting the liquidation of a united kingdom company ; ( ii ) that the absence in the statute of any test for what would constitute presence in the united kingdom makes it unlikely that presence there was intended to be a condition of the exercise of the power ; and ( iii ) that the absence of a connection with the united kingdom would be a factor in the exercise of the discretion to permit service out of the proceedings as well in the discretion whether to grant the relief , which was enough to prevent injustice ( para . 110 ) .
ian robert ( trustee in bankruptcy of mr . elichaoff deceased ) v sarah jane duncanson woodall [ 2016 ] ewhc 538 ( ch ) the tib contended that causes in action , as property of the bankrupt estate , vest in a trustee in bankruptcy upon his appointment unless the claims are of an entirely personal nature : section 283 of the insolvency act and heath v tang [ 1993 ] 1 wlr 1421 . the tib observed that claims for financial provisions will not be entirely personal because they may include sums which will be paid to creditors . the court concluded that the right to seek financial provision does not vest in the tib . hence , the court granted the application to strike out the relief claimed within the tib’s application .
the court in bilta , a case involving the different situation of a claim by a company against parties said to have dishonestly assisted the company’s directors in defrauding the company , circumscribed the ambit of this “sole actor” exception and decided that it did not apply in this case . a question remains , however , as to the implications of this for third party professionals such as solicitors or accountants who might be sued by an insolvent company on the basis that those professionals have failed to spot or alert the company to a fraud perpetrated by its directors .
the first restaurant was opened by smart wave limited ( “ smart wave ” ) , using the trade name “itamae” ( 板長壽司 ) . apart from ajisen shareholders , smart wave also had five minority shareholders , who were suppliers and key staff . ricky was the sole director of smart wave . three additional itamae restaurants were opened within two years of the first .
fieldfisher llp v pennyfeathers limited [ 2016 ] ewhc 566 ( ch ) the evidence disclosed that there is a good arguable case that ff is owed large sums and is therefore a creditor with sufficient status to apply for an administration order : hammonds v pro - fit usa ltd [ 2007 ] ewhc 1998 ( ch ) . however , the cfa contains an arbitration clause , whereby the parties agree to refer any dispute arising out of or in connection with the cfa to arbitration . the court noted that exercise of the discretion otherwise than consistently with the policy underlying the arbitration act 1996 would inevitably encourage parties to an arbitration agreement to bypass the arbitration agreement by invoking insolvency procedures in the companies court . parties should not be allowed to do so , since it would be entirely contrary to the parties’ agreement as to the proper forum for the resolution of such an issue and to the legislative policy of the arbitration act 1996 : salford estates . the application was accordingly dismissed .
stephen paul grant and james richard tickell ( joint liquidators of ralls builders limited ) v william ralph ralls , nicholas lee ralls and gary christopher hailstones [ 2016 ] ewhc 243 ( ch ) the liquidators then applied to the court for an order that the additional costs and expenses incurred by them in dealing with the wrongful trading claim , which amounted to £256 , 160 . 75 , be contributed by the directors to the assets of the company . moreover , the court pointed out that it had found that the continued trading did not result in any increase in the net deficiency of the company . it would be illogical if the court , despite such findings , nevertheless ordered the directors to pay for the additional fees and costs incurred by the liquidators in investigating and unsuccessfully trying to prove that some loss was sustained .
the position in new york is in fact consistent with the position in hong kong . in east asia satellite television ( holdings ) ltd v new cotai llc & ors [ 2011 ] 3 hklrd 734 , the hong kong court of appel held that whether a derivative action can be brought on behalf of a foreign company is a matter of substantive law , determined by the law of the place of incorporation . similarly , in wong ming bun v wang ming fan [ 2014 ] 1 hklrd 1108 , peter ng j quoted the following passage from graeme johnston , the conflict of law in hong kong , at p . 592 : “the ability to bring a derivative action in hong kong is a matter for the law of the place of incorporation of the company , though it is also necessary to comply with hong kong procedural requirements for the bringing of such actions . ”
interestingly , in bilta , as is commonly the case in a claim brought by an insolvent company , the main beneficiary of a successful claim would be the revenue and , ultimately , the taxpayer . as such , in some ways , the decision facing the court of appeal was a simple one . either the court allowed a claim to progress that could result in substantial recovery for the taxpayer or it allowed alleged fraudsters ( the appellants ) to defeat the claim and avoid liability . it is easy to identify the public policy in play , although it would be interesting to see how the court might respond in circumstances where the claim , if successful , would not ultimately benefit the taxpayer but some other third party , such as a litigation funder .
express electrical distributors ltd ( “ express ” ) is a company which trades in the wholesale supply of electrical goods . edge electrical limited ( “ edge ” ) was in the business of installing electrical equipment in high value properties . in about 2011 , edge became a customer of express and purchased significant quantities of goods from express every month or so . in order to utilize the maximum credit to which edge was entitled , edge generally paid for the supplies on the last available payment date allowed under express’s terms and conditions . however , from november 2012 , edge started to pay late . on 29 may 2013 , in response to a number of attempts by express to contact edge , edge made a payment of £30 , 000 to express in respect of goods already supplied .
© 2018 enyo law llp | privacy | terms of business enyo law llp is authorised and regulated by the solicitors regulation authority ( 548866 ) and is a limited liability partnership registered in england and wales with registered number oc356313 . a list of members is open to inspection at the registered office , 11 pilgrim street , london ec4v 6rn , and any reference to a partner of enyo law llp means a member of enyo law llp . our professional rules can be found in the sra code of conduct 2011 and the sra handbook : urltoken
cited – abrath v north eastern railway co hl ( ( 1886 ) 11 app cas 247 ) the plaintiff had brought an action against the company of malicious prosecution . it was rejected by the jury and again on appeal . held : the appeal failed . in an action for damages for the tort of malicious prosecution one of the elements of . .


richer sounds is a british home entertainment retailer that operates online and through a chain of 53 stores distributed across the united kingdom .

the business is 100 % owned by julian richer , the founder and managing director of the company .

richer sounds

richer sounds is delighted to hold a royal warrant from the prince of wales .
glassdoor gives you an inside look at what it ' s like to work at richer sounds , including salaries , reviews , office photos , and more . this is the richer sounds company profile . all content is posted anonymously by employees working at richer sounds .
richer sounds plc . free business summary taken from official companies house information . free alerts . registered as 01402643
by appointment to his royal highness the prince of wales supplier of consumer electronic products richer sounds plc london .
daniel from the exeter richer sounds store takes a look at the jbl flip 4 bluetooth speaker . for more information please click urltoken
for over 25 years , richer sounds has been accredited with the highest sales per sq ft of any retailer in the world .
richer sounds’ chairman , david robinson , said its long - running success was down to a mantra that put “people before profits” .
mr richer , who rejoined the business full time as managing director a decade ago , told the financial times that richer sounds was his “life’s work” and he was reluctant to sell it to an outsider .
. or , please feel free to write to julian richer , our founder and managing director , at richer sounds plc , freepost se5508 , london , se1 4br and he will do his best to help .
the words “experience better” sit under our logo . these are words everyone at richer sounds lives and breathes . we want to provide you with better :
paddy from richer sounds bristol takes a look at the aria 906 bookshelves and 926 floorstanders from focal . for more information please visit : urltoken . . .
michael from richer sounds bath takes a look at the jbl xtreme , splashproof bluetooth speaker . for more information please visit urltoken www . richersounds . . .
jon p . from the richer sounds cardiff store takes a look at the pioneer n30ae network music player / streamer . for more info please visit : urltoken
richer sounds is taking part in this year ' s cyber monday bonanza . bargains include budget headphones , soundbars , sonos speakers , amps and 55in oled tvs .
prior to the release of the 2015 uk customer experience excellence analysis we spoke with richer sounds ceo and founder about his company’s success and unrelenting focus on the customer experience .
that said , for what he lacks in verbosity , robinson is making up for it in generosity in standing by empire direct’s customer warranties and giving richer sounds credit vouchers to any poor unfortunates with un - expired ‘edxtra’ membership fees . in addition , former empire direct customers will be entitled to offers normally only available to richer sounds vip club members .
richer sounds is a company which has been built on a solid culture under the guidance of ceo and founder , julian richer . posting its highest operating profit in its 37 year history in 2014 , richer sounds has held true to its values and continued to grow its cult following within a highly competitive market . as a result , the brand has moved up 18 places in the customer experience excellence rankings in 2015 , into 4th place .
michael from richer sounds bath takes a look at the yamaha yas207 , dts virtual : x tv soundbar . for more information please visit urltoken store finder : https : . . .
michael from the richer sounds bath store takes a look at lg ' s super uhd tv technology . for more info please visit : urltoken ; store finder : htt . . .
richer sounds is an unlisted plc 100 % owned by julian richer , our founder and md . we are a retailer of hi - fi , home cinema and tv equipment and are committed to giving you the best value for money and customer service that we possibly can .
kat from the richer sounds solihull store takes a look at teac tn350 usb turntable . for more info please visit : urltoken https : / / www . richersounds . c . . .
“richer sounds , the slightly maverick hi - fi retailer , donates a higher percentage of its profits ( currently 15 % ) than any other privately - owned company . ” - the guardian
while richer sounds’ customers raved about customer service and their “trust” in the brand , diy enthusiasts said toolstation’s argos - style stores were cheaper than big shed rivals such as b & q .
josh from richer sounds in exeter shows you how yamaha’s intuitive musiccast wireless multiroom system easily delivers fantastic sound all around your home . click here to see our full range of musi . . .
richer sounds stands behind its name . founded by then - 19 - year - old julian richer , the company today is britain ' s biggest hi - fi and electronics retailer , selling audio and video electronics gear from more than 40 stores throughout the uk . stores sell such products . . .
ben from the richer sounds bristol store takes a look at the oppo udp205 uhd blu - ray player . for more info please visit : urltoken store finder : https : / / www . ric . . .
we have also expanded our install facility , so we can now offer customers a complete home entertainment solution – we can now advise , demonstrate , sell and install equipment , all at richer sounds’ legendary low prices .
richer sounds now has 52 shops , ten of which are in london , and its original shop consistently appears in the guinness book of records for the highest sales per square foot of any retail outlet in the world .
josh from richer sounds exeter takes a look at the dali rubicon speaker range , including the rubicon 2 bookshelves ; rubicon 5 , 6 and 8 floorstanders ; a centre speaker and a set of dipole speakers . . . .
•
the bald fact remains that richer sounds , the slightly maverick hi - fi retailer , generally donates a higher percentage of its profits ( currently 15 % ) than any other privately owned company .
- the guardian
“we are sure this will be an exciting new chapter for the company and look forward to expanding our commitment to value and customer service through our stores and online , ” said richer sounds chairman david robinson in a remarkably brief statement .
they are not exactly household names , unless you spend your weekends in the shed or fiddling with your surround - sound speakers , but an influential shopper survey has named toolstation and richer sounds as the uk’s most highly - rated shops .
richer sounds are happy to offer free delivery on all our products to blind , partially sighted and disable customers . please place orders online , then contact webaftersales @ urltoken who will advise on how to arrange the refund of your delivery charge .
richer sounds recognises that the provision of all services and products generates an impact on the environment and we are fully committed to minimising any potential negative impact by continually striving to improve our environmental performance . click here to download our environmental policy .
his parents wanted him to become an accountant , but that was never a realistic option : at 19 , he opened his first richer sounds shop at london bridge . it was tiny , but it was passed by 70 , 000 commuters a day .
“the best retailers , richer sounds and toolstation , continue to strike the right balance by selling quality products at reasonable prices , ” said richard headland , editor of which ? . “i t’s a simple formula but that’s why they consistently score well with shoppers . ”
at richer sounds we love music . that’s a large part of why julian started our company back in 1978 . over the years , many a band has been started in the back rooms of our stores as many of our team are musicians , including julian himself .
rosie from the reigate richer sounds store takes a look at the lg oled b7 4k hdr smart tv . the b7 tv range is available in 55” ( oled55b7v ) and 65” ( oled65b7v ) . for more info go to https : / / www . riche . . .
julian richer , 54 , who still holds 100 per cent of the shares in richer sounds , the chain he founded 35 years ago , has devised a “trust” model akin to firms such as john lewis . under the scheme , which will come into effect when he dies , all staff will receive an equal share in the business , while the firm’s it director julie abrahams will assume the role of managing director .
to be fair this all makes a reasonable amount of sense . the empire direct brand is pretty well known ( arguably as well known as richer sounds ) and with few other companies looking to spend any kind of money during these dark economic days i suspect quite the bargain was had .
for over 35 years richer sounds have been true advocates for hi - fi separates and the pleasure they bring . as the uk ' s favourite audio visual retailer we offer unbeatable prices and extensive premium ranges that help many enjoy the upgrade path towards musical nirvana and the thrill that it brings .
strictly not for profit , it’s our way of giving something back : using the richer sounds brand and contacts to help musicians get a foot in the door and , of course , bringing new music to your ears . thousands of songs are available to listen to and enjoy , completely free .
julian richer founded acts435 , a charity that provides direct giving to those in need with 100 % of donations going to the recipient . urltoken
as for the plans richer sounds has for empire direct , little was given away other than a loose line talking up the “opportunity to deliver their low - price business model and buying power to a greater number of customers . ” in essence , i suspect this means capitalising on its supply chain .
black friday and cyber monday are the biggest shopping days of the year , so naturally richer sounds is taking part . the av specialist always has some great deals , whether you ' re looking to shell out thousands of pounds on a big - screen tv or just tens on a pair of headphones .
mike from richer sounds in bath takes a look at the acclaimed mu - so and mu - so qb from naim . * limited - time trial of of tidal hi - fi for mu - so / mu - so qb buyers , click here for more details : https : / / ww . . .
high fidelity : julian richer rewards staff loyalty with holiday homes and trips on the company jet . next ? he ' s planning their inheritance . . .
we’re so passionate about music , we’ve set up richer unsigned to promote musicians who don’t have a label deal or are finding it tough to get noticed .
carpet - friendly profilethis super - flexible cable is flat in profile and so ideal for hiding under carpet . thanks to its high purity copper content the symphony 300 also sounds natural and detailed .
high fidelity : julian richer rewards staff loyalty with holiday homes and trips on the company jet . next ? he ' s planning their inheritance . . . | the independent
•
because mr richer ' s practices have been so influential in the development of suggestion schemes , the basic features are found in many firms .
- the independent
• “online shoppers receive misleading information about their rights to return items , leading to widespread confusion , a consumer group has said . which ? studied the websites of 46 retailers and supermarkets . it found that all but one had errors . the only retailer to pass the test was hi - fi seller richer sounds . ” – bbc news , 16 . 03 . 2018
take an award - winning speaker , make it smaller , and you have the immensely flexible mission lx1 . winning genesbased on the award - winning lx2 , the mission lx1 sounds like a true mission speaker .
when you step into a richer sounds store , you’ll be greeted by someone who not only knows all about audio and visual entertainment , but also knows how to make it work beautifully in real homes . as well as having a team that love what they do , we train , train and train constantly so we can be confident in saying we have the knowledge on audio and visual entertainment .
others have taken note . richer is in huge demand as a consultant ( asda , baa and halifax are just three , much bigger firms to benefit from his wisdom ) and motivational speaker .
why can ' t all bosses be like julian richer ? i ' m not going to beat about the bush here : i think julian is great . if i had to hold up someone as a role model for other wannabe tycoons to follow , the founder of the richer sounds hi - fi chain would be that person . let me be clear : for all i know , he could be another rev paul flowers , formerly of the co - op bank , and spend his dosh on crystal meth and crack . but if there are such horrors in his cupboard , i don ' t know what they are .
that ' s how he is . he ' s often talked of the business surviving after he ' s gone , of putting a structure in place to ensure his methods continue . he calls them the richer way ( he ' s pulled them together in what must rank as one of the best business books in history , now in its fifth edition , called , not surprisingly , the richer way ) .
for over 30 years we at richer sounds have had music in our blood and have been true advocates for hi - fi separates and the pleasure they can bring . as the uk ' s favourite audio visual retailer we have introduced millions of customers to the world of real hi - fi and over the years with our expert advice , unbeatable prices and expanded premium ranges have helped many enjoy the upgrade path towards musical nirvana and the thrill that goes with it .
mr richer has a reputation for treating his staff well . the company , which has 52 stores around the country , is known for rewarding employees with perks including trips in the company jet and free use of holiday homes in europe .
he is devoted to what he calls
the biz
( another favourite term is
the buzz
– to succeed , the biz must have the buzz ) , and has been all his life . richer grew up in bristol , the son of parents who worked for marks & spencer ( it was from their tales of m & s , which also famously treated its staff well with perks such as a good canteen and hairdresser , that he developed the notion of the richer way ) .
at richer sounds , we pride ourselves on being able to offer our customers a bargain . if you ' re on the hunt for top brand equipment at the lowest possible prices , look out for our in - store and online clearance products , all of which have had their prices slashed to show genuine reductions . how can we afford it ? good question ! the simple answer is : because we have to . our stock turns over so fast and models change so quickly in our industry that we are continuously finishing lines and making way for new products .
richer sounds recognises that slavery and human trafficking is a crime and a violation of fundamental human rights and remains a hidden blight on our global society . we hold a zero - tolerance approach to slavery and human trafficking and are committed to acting ethically and with integrity in all our business dealings . we expect our colleagues , suppliers , contractors and all other stakeholders to commit to the same , including implementing and enforcing effective systems and controls to prevent and detect modern slavery . we would never knowingly conduct business with suppliers or employees engaged in such practices . our colleagues are expected to report concerns and management are expected to act upon them .
it was no surprise to hear richer , 54 , who still holds 100 per cent of the company he started 35 years ago , explain this week how he has formed a trust for when he dies so that the business becomes a mutual , similar to john lewis , under which every staff member receives an equal share , with the it director , julie abraham , stepping up to managing director .
married to rosie since 1982 , richer has many parallel and philanthropic interests . he was the first patron of the big issue foundation , an early director of the prince of wales ' s duchy originals , and he ' s the founder of acts 435 , a charity launched by archbishop john sentamu to help those in need , and asb help , a charity to help the victims of antisocial behaviour .
so why shop at richer ? well , it ' s an accredited living wage employer - none of its staff are on zero - hours contracts - and it donates 15 % of its profits to a range of charities ( more than 400 last year ) . and , of course , it ' s a long - established retailer with an equally long list of kit in stock . so let ' s see what ' s among the offers . . .
the hi - fi and tv specialist was founded by influential business guru julian richer , who has promised to hand his business to his employees through a trust model similar to that of john lewis when he dies . it has 53 stores and made an operating profit of £9m on sales of £186m last year . it donates 15 % of its profits to charity while shopfloor staff enjoy john lewis - style perks such as subsidised holiday homes in the uk and european cities paris and venice .
the company , which was founded in 1978 with its first shop at london bridge , has been awarded a royal warrant of appointment to hrh the prince of wales as a supplier of consumer electronics products .
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the founder of britain’s largest independent chain of hi - fi shops has made plans to hand his entire business to his employees when he dies , saying he lacks a “spoilt child to run the business” .
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fantastic bundle offers also available hererich , detailed hdr uhd picture quality meets the smartest tech , with the samsung ue40mu6120 . certified ultra hdsee the benefit of certified ultra hd for true colour and clarity .
fabulous 4k on a 49 inch screen is now available at a bargain price - with the toshiba 49u6763 . 4k ultra hd tv - ultimate detailwith 4k uhd screen resolution , the toshiba 49u6763 gives a stunning picture quality .
enjoy the benefits of dolby vision and hdr on a smaller screen , with the stunning value toshiba 43u6863 . get the most from your viewing , with hdrthis toshiba 43” tv is compatible with hdr10 and hlg for the best colour realism possible .
* save £100 on the panasonic dpub320 4k blu - ray player when bought with this tv . click here for the bundle offer .
enjoy the next level of picture quality and smart tech , with the top value hisense 43a6200 . get the best colour possible , with hdr10 and hlgtaking 4k uhd to the next level , the 43a6200 boasts hdr10 ( high dynamic range ) compatibility .
move up and see the bigger picture , with this fantastic value hisense 55 inch smart tv – giving you a bigger 4k screen for less . generous screen for immersive viewingat a price where many competitors offer 49 inch screens , this hisense 55 inch tv up - sizes you to a generous 55 inch screen .
enhanced picture quality and connectivity make the hisense 50n6800 a strong contender in its class . edge led with local dimming for enhanced picture qualitymoving up from the more basic models’ direct backlighting , the 50n6800 uses edge backlighting .
designed to make the most of the latest uhd sources , the hdr - equipped lg 49uj630v is the perfect way into a world of stunning detail . hdr now with hlg and hdr10 compatibilitythis 49
lg tv is compatible with hdr10 and hlg for greater hdr playback potential .
a step - up from the award - winning 220 , the wharfedale diamond 230 brings added bass into the mix . strong bass with styleideal for medium - sized rooms , the wharfedale diamond 230 offers the deep , powerful sound you ' d expect from floorstanding speakers whilst keeping the overall dimensions relatively compact .
fantastic bundle offers also available here“the d - m41dab is impressive proof that great pound - for - pound hi - fi sound need not always mean several separate components” what hi - fi award winner 2017bluetooth now standardfor the first time , denon’s best - selling hi - fi mini system comes with bluetooth connectivity . this lets you wirelessly connect your smartphone or tablet and stream your stored music or favourite streaming services such as spotify , apple music and deezer .
famous brand speakers with a deep , powerful bass - the tannoy eclipse two gives you more for less . room - filling soundwith their larger , floorstanding cabinets , the tannoy eclipse two speakers are perfectly suited to medium and larger rooms .
fantastic bundle offers also available here“delivers a full dose of power , scale and drive” what hi - fi award winner 2017 . product of the year .
this package includes the cambridge cxa60 ( silver ) and cambridge audio bt100 dac + dongle . cambridge cxa60 ( silver ) a fresh new style and impressive digital connectivity make the cambridge cxa60 a class - leading contender .
the marantz tt5005 is the perfect plug and play turntableready to go , straight out of the boxif you ' re looking for a quality brand of turntable that ' s easy to set - up and use , then the marantz tt5005 is ideal . with a preset tone - arm and attached mm cartridge , the tt5005 is ready to go .
yet another top class budget standmount from q acoustics . it delivers a fabulous sound for the money .
fantastic bundle offers also available herestream via bluetooth , airplay or dlna . play cds or listen dab / fm radio - the marantz mcr611 simply does it all .
want to know what the best sounding budget speakers on the market are ? easy , its wharfedales brand - new diamond 220s .
what hi - fi sound & vision magazine , 5 - star review .
* save 10 % on speakers on standmount or floorstanding speakers when bought with any hi - fi amplifier using code spk10 * not in conjunction with any other offer / promotions . terms & conditions apply .
if you are making a special journey please call your local store so we can check stock levels .
remember , we ' ll also pay your parking . just show us your ticket and we ' ll refund the fee .
if you are making a special journey please call your local store so we can check stock levels and reserve your chosen product for you .
applicable for all genuine customers for the duration of your visit . ( up to £5 in london , £3 elsewhere )
we can deliver free to uk mainland . find out about our other delivery options available at checkout . ( ireland customers should contact our belfast store )
home cinema is a catch - all term that describes a number of exciting elements – from simple tv sound solutions , such as soundbars and sound bases , to more advance multi speaker setups , 5 . 1 surround sound , dolby atmos and dts : x and more . also included are the all - important source components . 4k blu - ray and digital set top boxes , for example , are just two ways to get the very best out of your tv or home projector system .
the platinum series hdmi 1 . 5m gives you top quality picture and sound from all your digital sources , including 1080p , at a superb price .
cambridge audio lifetime guarantee with this cable ! a quality link between the wall socket and your av set up , plus cambridge audio ' s lifetime guarantee . oxygen - free copper cableif you ' ve got a quality av system then it ' s all too easy to forget about the rf lead .
the cambridge ca600d is specifically designed for the minx min10 , min11 or min12 satellite speaker . made from aluminium , it complements the quality and style of the speakers and adds flexibility of placement .
speaker not includedgive your sonos play : 1 a lift , with the flexson desk stand . the flexson desk stand for the sonos play : 1 speaker is a compact , clever design that angles sound to your ear , minimises vibration and adds a stylish flair .
clean up your vinyl records , cds , dvds and blu - ray discs with the milty permaclean . keep up the good work by getting a refill kit .
a high performance cable with none of the bulk , the qed slim high speed hdmi 0 . 6m lives up to its name .
cambridge audio lifetime guarantee with this cable ! a quality lead for your optical connections , with cambridge audio ' s lifetime guarantee . polished ends ! if you ' ve a good quality hi - fi or av system that relies upon optical digital connections , then good quality leads are vital .
cambridge audio lifetime guarantee with this cable ! the cambridge audio dig300 coaxial makes a durable , quality connection between your digital sources . the ideal cable for many digital sourcesthis quality coaxial cable is suitable for a wide range of applications including connecting a cd player , network streamer or other digital hi - fi source to a dac ( digital to analogue convertor ) .
the profile optical cable delivers great sound from a tv , cd , dvd , blu - ray player and games console to your dac , amplifier or receiver in a discreet and flexible design . compact designfeaturing a miniature 4mm outside diameter , the qed profile is very flexible and easy to around tight spaces .
the cyp hdmp - 050m 0 . 5m is a certified premium hdmi cable , fully supporting 4k uhd and hdr ( high dynamic range ) av content .
all clearance items are fully guaranteed for 12 months , no matter if you buy in - store or online . please note that extended guarantees are not available on these products .
these will be ex - display , refurbished items or returns for the most part . some may even be ' end of line ' , which means that they will be brand new and factory sealed ! use the drop down menu above to see what ' s available , or contact your local branch , where a sales colleague will be able to advise you on anything else you may need to know .
a small selection of products are delivered directly from our warehouse . these products are described as refurbished . this means an item has been repaired following a customer return .
all items are in good working condition , but may have visible minor marks such as light surface scratching or signs of handling and cleaning . all essential accessories are included , although alternative packaging may be used .
we have one of the widest ranges of hifi available in northern ireland and the republic of ireland from excellent integrated amplifiers to the latest stereo micro systems . we focus on sound quality and value for money .
from the latest 3d , smart and oled tv ' s to a huge range of home cinema receivers and speakers , we have a huge range of home cinema products available . we specialise in this type of product so if you have any questions or are unsure about what to go for , please drop us an email to sales @ urltoken or call us on the number at the top of the website .
we have a range of speakers to suit all tastes . in this category you will find small wall mounted speakers to large floor standing speakers and everything in between . we also stock a wide range of installation speakers which can be in - ceiling , in - wall or speakers that look like rocks or picture frames . if you don ' t see anything in this section to suit , please let us know as i ' m sure we can source a speaker to suit your needs .
want to keep up with the latest way of listening to music or maybe you want to view photos , stream movies , try music streaming services or internet radio ? we have the answer ! we have a wide range of streaming and multiroom equipment that will do all of this for you and your family . ask our experts for info and we will endeavour to get the best solution .
we have put together some of the systems that we would suggest as great combinations and when buying these together , we ' ve applied a system price . we have a great range of mini systems , stereo systems and home cinema system , at various different price levels .
want bring your music with you on holiday or the garden or anywhere for that matter ? connect your smart phone or tablet to our range of portable bluetooth speakers and you have all your songs in great quality .
we also have portable internet & dab radios so you never miss a thing . our experts can offer you the best advice to full fill your requirements .
headphones have become one of the most popular ways to listen to your music or radio .
our range covers traditional on ear headphones from basic models to high end headphones and we also carry a range of discreet in ear models for portable devices and wireless models to allow freedom in your house . we have headphones to suit all tastes .
prices valid in store ( all including vat ) until close of business on the date below . ( some of these web prices are cheaper than in - store , so please mention that you ' ve seen these offers online )
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samsung ue55mu7000 55 inch smart 4k ultra hd hdr led tv tvplus us . . .
lg 43uj670v 43 inch smart 4k ultra hd hdr led tv freeview play us . . .
samsung qe65q7camt 65 inch curved smart 4k ultra hd hdr qled tv t . . .
panasonic dmr - hwt250eb smart freeview play recorder 1tb hdd pvr b . . .
sony kd55xe7002 55 inch smart 4k ultra hd hdr led tv freeview hd . . .
sony kd49xe8004bu 49 inch smart 4k ultra hd hdr led tv freeview h . . .
sony kd65a1bu 65 inch smart 4k ultra hd hdr oled tv freeview hd u . . .
lg oled65c7v 65 inch smart 4k ultra hd hdr oled tv freeview play . . .
sony kd - 55a1 55 inch smart 4k ultra hd hdr oled tv freeview hd us . . .
sony kd49xe7002 49 inch smart 4k ultra hd hdr led tv freeview hd . . .
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so what earns him this accolade ? the way he treats his staff , the fact that in surveys 95 per cent of them say they love working for him . and then the way his approach translates into tangible results : 52 stores that produced profits of £6 . 9m from sales of £144 . 3m last year in an austerity - hit economy , and helped him to build a personal fortune estimated at £115m .
based in what property agents refer to as the
secondary
shopping streets – the tattier end – his shops , full of in - your - face day - glo posters , have won awards galore for their levels of service , and achieved sales unheard - of in the electronics industry . for years , his london bridge branch could claim to have the highest sales density of any shop in the world .
these include : providing free access to holiday homes in the uk and abroad ( regardless of sales performance ) ; trips aboard the company jet for those who suggest the best ideas ; cash handouts for staff so they can go to the pub and brainstorm ; the use of a bentley for the store which does the best each month . his reasoning is simple : a happy workforce supplies good customer service , boosts sales , decreases complaints , and eradicates theft and absenteeism .
at 14 , during the energy crisis and while at school at clifton college , he bought a case of candles for £3 and sold it for £15 . that was followed by second - hand hi - fi equipment – he would do up turntables and flog them . aged 17 , he had three people working for him .
already , he was treating staff well – thanks to m & s and also , he says , his socialist housemaster at fee - paying clifton . later , there was a third influence : tom peters ' s seminal us management work in search of excellence .
a committed christian , he ' s never seriously thought of selling his business , of floating it on the stock market .
the biz
is his life ' s work and he sees it as only natural that those who have contributed to his company ' s success , the staff , should inherit it .
jr : i think a key factor is that we recruit colleagues who love music and movies as well as for their natural friendliness . we don’t employ people for their high - pressure sales skills ; we choose team members who are friendly , enthusiastic and genuinely passionate about home entertainment . that means that our sales teams have something in common with our customers straight away , which makes it easier to build a rapport .
your brand particularly stands out within the industry for personalisation and time and effort . what do you think drives your customers to rate the business so highly for these pillars in particular ?
jr : we treat customers like we would do our friends and family , with the aim of building a long - term relationship . we ask for feedback at every step of the customer journey and we listen to what they have to say , no matter whether the comments are good or bad . i personally respond to all correspondence , and ensure that all colleagues are accountable , from store colleagues wearing name badges to directors responding to specific issues raised . because of this , we’re constantly evolving based on customers’ needs .
has the business made any investments over the last year to improve your customer experience ? ( eg . investments in employees / infrastructure / technology / new products ) ?
jr : our colleagues spend many hundreds of hours a week learning about new products , which has ramped up considerably over the last year .
we have also recently worked hard at developing relationships with , and visiting , customers at their homes or places of business in order to offer a much more comprehensive and bespoke service .
jr : customer service is at the heart of everything we do , and influences pretty much every business decision . as such , we work hard to maintain standards with a rigorous quality control program . we empower our colleagues to build relationships with customers and work hard to ensure our in - store teams treat our customers as real people with individual needs , rather than reading from a ‘one size fits all’ sales script .
jr : we’re a diverse team , united by a passion for music and movies . our stores contain a remarkable number of budding musicians , djs , scriptwriters and film critics . each of our stores has a lot of autonomy – they are encouraged to support local events and respond to local demographics , on the basis that someone in cardiff ( for example ) has a better feel for the immediate community than someone in london or stockport , where our two central support offices are based . we encourage colleagues at all levels to innovate and improve the business by submitting their ideas , and have one of the most successful suggestion schemes in the uk .
jr : we believe in constant improvement , so it’s very satisfying to have risen from position 22 to number 4 on this survey . getting recognised for customer service excellence is very gratifying , but we know we can’t rest on our laurels . we’re constantly appraising what we do , and looking to enhance our customer service offering . i’m not sure where the next innovation will come from , but i’m fairly certain it will be from a colleague or customer suggestion .
one of the best events i ' ve attended for years . inspiring , thought provoking speakers who were really happy to share their experience and expertise . i loved the format ! head of engagement , the co - operative group case studies were fantastic and the industry reports are extremely useful for that wider view of insight we ' re not so exposed to within our every - day roles . customer experience manager europe , hsbc one of the best events i have been to , great speakers , atmosphere , content / mind share - really enjoyed it and will be there next year . keep me informed of future events . retail specialist , at & t ;
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47430 retail sale of audio and video equipment in specialised stores - retailers of hi - fi , home cinema , flat panel tv and related equipment .
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who are we ? we’re a diverse team , united by a passion for music and movies . our stores contain a remarkable number of budding musicians , djs , and film buffs , fanatical about great sound and vision . we recruit based on natural friendliness , rather than high - pressure sales skills . all our teams are audio - visual enthusiasts and experts ( seriously – they train themselves on new products continuously ) . they’re here to find a perfect match to your needs and budget , big or small , and to think of the things you may have missed , enhancing your overall home entertainment experience .