The Hull-based company, which provides workwear and workplace safety equipment, opened its doors to representatives from the bank and IFB, a support organisation, who were given unlimited access to the business.

They commended Arco for its "relentless pursuit of innovation and for a demonstrable commitment to its employees and the community at large", and gave the company the JP Morgan Family Business Award.

Thomas Martin, joint managing director, told the Yorkshire Post: "We are really delighted with this award. It is an honour."

Mr Martin, who is the fourth generation of his family to work in the firm, added: "Family businesses make an often understated contribution to the UK economy.

"Well-run family firms can take responsible, long-term business decisions and those, like Arco, that are determined to remain competitive, are already planning for how their organisations will look once the current economic recession is over."

He added: "It is an award for our people."

Kate Murphy, head of family business at JP Morgan's Private Bank, said: "Family businesses make a tremendous contribution to the social fabric of the UK business community.

"Our winners are testament to the resilience of family firms in a recessionary climate and inspirational to others."

Meanwhile, the company has won another award for its work with its supply chain. The Business in the Community organisation recognised Arco for its commitment to social responsibility around its Chinese operation.

Joan Irving, a director at Arco, said: "We have worked hard to ensure our products are ethically sourced as well as ensuring a safe working environment for all employees."

Arco is 125 years old this year. It has a turnover of more than £200m with 100,000-plus customers.