IT took six months for Metflex's directors to thrash out the deal to acquire the Great Harwood company.

But it was time well spent as delighted co-director Lawrence Irving picked up the 2003 Deal of the Year award.

The management buy-in for Metflex Precision Mouldings has enabled the company to realise its full and exciting potential - after more than half a century.

Lawrence and fellow director Phil Tempest pulled off the management buy-in after six months of talks which took them from May to November last year.

They acquired Metflex from their former employers, the French-based gas meter maker Schlumberger group.

Phil and Lawrence spotted Metflex's potential and, following the deal, have not looked back since.

Lawrence, speaking after he had picked up the coveted award and the £1,000 prize money, said: "We are delighted for the company and the workforce.

"We really didn't expect to win. It's a great unexpected boost to us and recognition of the workforce's hard work.

"Now we hope we will be able to build on the strengths of the company's past and and open up new market opportunities for the future."

Metflex, established in 1929, supplies the gas meter industry with diaphragms, which are crucial to the accurate reading of gas meters. Metflex is the only UK supplier of diaphragms and employs 89 people.

Until this year the company had always been owned by large industrial groups who had not used the skills to make anything other than gas diaphragms.

But this changed when Phil and Lawrence bought it.

The first new market the company addressed was making hi-fi speaker surrounds.

However, the surrounds Metflex made were not for ordinary speakers. They are of such high quality that they are used on speakers which cost £35,000 a pair and are used in recording studios.

Other areas Metflex are expanding into, led by the company's material specialist Steve Parry, include making rubber shock absorbers for the workings of steel mills and higher pressure seals

Lawrence added: "I hope the workforce will be very proud of this award.

"I hope they will see it as recognition of their achievements and it will help us progress for the future."