Vapormatt one of the 1,000 companies to inspire Britain

At its peak around the turn of the millennium, Vapormatt was employing more than 40 people in the island.

In 2003, it ceased manufacturing locally and relocated much of its activities to Taunton in England, but has continued to be registered in the island and to maintain a small operation in designing, testing and marketing locally.

It employs six staff from offices and a test lab in Garenne Park and works with other local firms in engineering and marketing.

Vapormatt has bounced back to employ more than 40 people in the UK and record annual turnover of more than £6m., with annual growth targets of between 10 and 15% and plans to grow the workforce to 80, of which a quarter are likely to be engineering graduates.

The company's progress has been recognised in the report produced by the London Stock Exchange, listing it as one of Britain's fastest-growing and most dynamic SME businesses.

In the report UK Chancellor George Osborne says: 'This is a remarkable list of outstanding companies. These businesses have been built by the drive, commitment and vision of Britain's entrepreneurs and business leaders.'

Managing director Robin Ashworth said that he was shocked to discover that the company had been included in the list.

'We have a new non-executive director with the business from London who described us as "the best little engineering company you've never heard of",' said Mr Ashworth.

'It's quite nice to be recognised but we were completely surprised that something we've been doing for years was picked up on by an organisation as prestigious as the London Stock Exchange.'