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Ipeco
Web Address: www.ipeco.co.uk

“Rickard Keen provides an extremely competent, affordable audit service coupled with the support and advice that you would expect from a local family-friendly company.”

Steve Johnson Managing Director, Ipeco Worldwide

When heading up a 100% family run company with a global span, you can understand the value of a company that balances a personal service with quality of an international standard.

Steve Johnson is the chief executive of worldwide aerospace company Ipeco. Ipeco specialises in the design and supply of aircraft crew seats and executive passenger seats, as well as galley insert equipment such as ovens and refrigerators. Ipeco was established in 1960 by Steve’s grandfather.


The company now has an annual turnover of £50million and an employee base of 650 people. For an 11-year period Ipeco was a public company, listed on the stock exchange until 1996.

“There is a lot of unnecessary cost associated with running a public company,” says Steve. “We used a Big 6 audit firm and paid a considerable sum for the service we received. When we returned to private company status, the Big 6 brand name was no longer important to the shareholders. It was at this point we decided to invite firms to tender for the audit contract.”

Steve invited two of the Big 6 firms to tender, as well as Rickard Keen, who were the largest local independent accountancy firm, and also happened to be the Johnson family’s accountants. The quote provided by Rickard Keen for the audit service was substantially less than the quotes provided by the larger firms.

Despite the significant drop in price, Steve was not concerned that there would be a drop in the quality of the service provided. “You will always have some concerns when switching supplier of any commodity,” he says. “We see audit as an off-the-shelf commodity and to this extent had no real concerns about Rickard Keen’s ability.

“They very quickly learnt our financial and manufacturing systems. We value the continuity of staff they have provided and they have developed a good relationship and understanding of the business. There isn’t the same high turnover of staff we’ve experienced with the larger firms, and we still see the same faces in Rickard Keen’s audit team as when they began.”

As well as the audit, Rickard Keen continue to do the family accounts and advise on the pension schemes. They also offer specialised advice on an ad hoc basis. With their MGI membership, Rickard Keen has grown since Ipeco first engaged them and can now offer the global assurance that they need. In fact, Rickard Keen put Ipeco in touch with their US audit firm and so have been able to support the firm on an international basis as well as providing the personal services of a local practice.

“Rickard Keen provides an extremely competent, affordable audit service coupled with the support and advice that you would expect from a local family-friendly company,” says Steve. “The work for the community that they do should also not be underestimated. They do huge amounts of work and fundraising for charity, which says a lot about the type of company that they are.”