Rickitt Mitchell, founded 23 years ago by Peter Rickitt, father of former Coronation Street star Adam, was the only Manchester firm to be recognised in the prestigious awards.

Judges of the Acquisitions Monthly National Awards said the Clarence Street firm had achieved "an outstanding performance" amid tough competition during 1998.

They said: "The firm completed more deals than any other boutique in the UK. The most striking thing about this performance is the competitive environment in which they were executed. Over the past five years, this has become a strong-hold for corporate finance practices of leading accountancy firms.

"The fact that Rickitt Mitchell has continued to prosper against competitors with economies of scale and burgeoning global networks is testament to the strengths of its client relationships."

Paul Mitchell, managing director of the firm, said he was "delighted" with the honour and stated that Rickitt Mitchell would preserve its small, but beautiful status.

"I think that it is a credit to us and to the region as a whole."

Mr Mitchell believes one of the reasons for the firm's success is its reputation and the experience of its directors.

Despite recent market conditions slowing down corporate finance deals, particularly flotations, Mr Mitchell says: "We are still pretty buoyant, everybody will say that they are taking slightly longer to complete, but they are still happening.

"We are still seeing a strong flow of private company sales and some interesting deals involving venture capitalists."

He adds: "We work on deals from £1m start-up to major deals like Target Worldwide Express, which was £180m, this helps us to keep up the deal flow in the market."

But the firm has no plans for major expansion.

"We have four senior fee earning directors in Manchester, that's as many as you need. We will keep recruiting at qualified accountant level to feed into the company.

"We are a great team as we stand."