Three UK family businesses have had their achievements recognised and been awarded prizes for performance excellence. Arco, Specsavers and Vitabiotics were winners of the Family Business Honours programme, held by JP Morgan Private Bank and the Institute for Family Business.
The businesses were chosen for business success, social responsibility and family governance. Each business was commended for its persistent pursuit of innovation and for a demonstrable commitment to its employees and the community at large.
"Family businesses make a tremendous contribution to the economic and social fabric of the UK business community. Our three winners are testament to the resilience of family firms in a recessionary climate and an inspiration to others," commented Kate Murphy, head of family business at JP Morgan.
Arco Ltd, the UK's leading suppliers of personal protective equipment, work wear and workplace safety products, has a turnover of £200 million and is in its 125th year. Specsavers operates 1,000 stores globally and enjoys an annual turnover of £1 billion and has recently branched into Australia. Vitabiotics Group, responsible for some of the UK's best-known health products including the Wellmam and Jointace brands, has built a reputation for producing effective treatments for a range of medical conditions.
"In the face of the current harsh economic environment these family businesses are showing the way as leaders in their chosen markets. Their values demonstrate entrepreneurship, long-term stewardship and social responsibility which are hallmarks of the family business sector," said Grant Gordon, direct general of the IFB.