Ian Johnston, the 79-year-old former managing director and later chairman of Terrys of York, was visibly moved when he received his Lifetime Achievement Award from DE Ford Insurance Brokers.

Mr Johnston, who headed up the former York chocolate factory in its heyday under Forte, increasing profits 12-fold in 14 years, was appointed chairman after the plant was taken over by American conglomerate Colgate Palmolive.

But when he became disillusioned with the way his hard-earned profits were draining away he conspired with six other directors at regular meetings at his home in Brandsby to take over.

However, their management buyout bid was put into open tender by the US owners and was trumped - only just - by United Biscuits whose £24.5 million bid was accepted.

Another large international corporation took over in the shape of Kraft, which ultimately decided to pull Terrys out of York altogether.

Announcing the award, broadcaster Colin Hazelden said: "All of us, along with him, must now ask 'What if Ian had succeeded? Would Terrys, as an independent, locally-owned organisation still be alive today?'

"Beyond the thousands of people who down the years worked and prospered at Terrys under Ian's leadership, we all owe him a debt of gratitude for his vision and his action."

Updated: 11:12 Friday, November 18, 2005