Norbar Torque Tools,from Banbury, has been named Best UK Family Business in the £5-25m turnover category of the Coutts Prize for Family Business 2008/9. They were in competition with knitwear manufacturer John Smedley and specialist pharmaceutical and medical supplies distributor Durbin Plc at the national finals held at the Coutts headquarters on the Strand in London.
Established in 1942, Norbar as a third generation family business became the first company in Britain to commercially manufacture a torque wrench. Norbar now employs 200 people in Banbury, with a further 90 staff within its sales companies overseas.
The Coutts Prize recognises firms in three categories (£1m-5m, £5m-£25m, £25m+) that demonstrate a combination of high standards of family governance and corporate governance, a competitive market position, consistent financial growth, and a track record of charitable giving or involvement in local community.